The release of Baidu's cryptocurrency comes ahead of China's upcoming digital Yuan.
Baidu has just released its own cryptocurrency, called Xuperchain, according to local reports. The network is compliant within China and uses a series of masternodes to run the network—suggesting it isn't decentralized.
But, with masternodes in hand, it fits in the category of high-performance blockchains. According to its whitepaper, the blockchain-based network is capable of supporting more than 10,000 transactions per second. The whitepaper also states Baidu has more than 50 patents for the blockchain platform.
The underlying code for the Xuperchain blockchain was open-sourced back in May, last year. It can be seen on GitHub. Xuperchain also has its own block explorer where you can look at transactions on the network.
The Xuperchain platform is designed to support blockchain-based applications, similar to Ethereum.
The Xuperchain whitepaper says that its role is to help modernize China's capacity for governance. It wants to help China "leapfrog" other countries in the development of blockchain technology, pointing to the "13th Five-Year National Informatization Plan," written in 2016, which included blockchain.
The launch of the Xuperchain blockchain comes not long after China President Xi Jinping dedicated a speech to the development of blockchain technology and how he hopes China will be at the forefront of its development.
Baidu launches public beta for its ‘Xuperchain’ blockchain project
Baidu, the Chinese Internent giant, has launched the public beta for its "Xuperchain" open-network blockchain.
On Jan. 6, Baidu Xuperchain announced the launch of its public beta during an online press conference. Until March, users can pay as low as 1 Chinese yuan, or approximately $0.14, to deploy a blockchain application, according to the company’s website.
The Xuperchain network is run by a series of masternodes, the project's official white paper explains and makes use of parallel chain technology to simplify smart contract processing. Developers and enterprises can build applications, smart contract templates, and related functions based on their specific business needs.
According to the Monday announcement, the network was built upon Baidu’s previous blockchain-as-a- service (BaaS) offering. But the new platform does not require users to build the blockchain themselves and allow them to deploy applications at a lower cost. It also fully meets China’s regulatory requirements for blockchain enterprises, the team emphasized.
The underlying code for Xuperchain was open-sourced in May 2018. As of now, the network has seen over 3.5 million users and 450 million transactions, its website shows.
As it stands, many major Internet companies in China have gone public with details of their blockchain initiatives.
Alibaba’s Ant Financial, formerly known as Alipay, announced in Nov. 2019 that it was set to release its consortium blockchain network around Feb. 2020. Tencent and JD have also published white papers on their proposed blockchain-as-a-service (BaaS) platforms.
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