Internet giant Baidu just launched its Xuperchain cryptocurrency. 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 master nodes to run the network—suggesting it isn’t decentralized.
But, with master nodes 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 underlying code for the Xuperchain blockchain was open-sourced back in May, last year.
On January 6, Baidu Super chain officially launched “Open Network” to empower SMEs and developers. The open network is a blockchain basic service network built on Baidu’s completely self-developed open source technology. It consists of super alliance nodes distributed throughout the country and complies with Chinese standards. It provides users with an environment for rapid deployment and operation of blockchain applications, and computing. The flexible payment capabilities of resources such as storage and storage directly reduce user deployment and operation and maintenance costs and make trust links more convenient.
In May last year, Baidu Super chain officially open-sourced the underlying blockchain technology. When providing technical support for developers, Baidu Super Chain found that blockchain research and development costs are high, barriers to entry are high, and resources are invested. Even with autonomous and controllable underlying technologies, most companies and individuals still do not have the ability to successfully build themselves. Alliance chain, private chain. In addition, in 2020, the industrial blockchain will move from “benchmarking applications” to “scale replication”. The application and popularization of blockchain technology require secure, controllable, and easy-to-use basic network facilities to undertake.
According to reports, Baidu Super Chain Open Network has four major advantages. First, autonomous security is highly reliable. Based on Baidu completely self-developed and open-source XuperChain technology, XuperChain has passed the evaluations of the first and fourth electronics institutes to meet the requirements of the Chinese blockchain standard. Second, it is flexible and convenient with a low threshold. You can use blockchain technology without building a chain while providing rich contract templates and powerful functional components, the “fool-style” operation effectively reduces the threshold for developers and SMEs. Third, the cost of flexible payments is low. With flexible payment capabilities for computing and storage resources, flexible billing can be achieved on-demand and by volume. Fourth, nodes are open and credible. It is composed of super alliance nodes distributed throughout the country. At present, 7 supernodes including Tsinghua University, iQiyi and other authoritative institutions have been introduced. At the same time, it has open access to the community and has strong credibility.
In the open network online conference, Baidu Super Chain used an example to explain the role of the open network. Compared with BaaS services, users no longer need to build a chain, they can directly use blockchain services, and the billing method is more flexible and lower cost. Open networks pay for actual storage and computing resource usage. Taking the demand of 3 nodes as an example, a medium-sized Dapp product executes 10,000 transactions per day. It costs about 7,000 yuan a year to deploy an application using an open network. If you use BaaS services, it needs at least 50,000 yuan.