Baidu expects to boost the digital commercial sector in China using its new blockchain network and its Xuperchain cryptocurrency.
The renowned online search engine Baidu recently announced that it will launch a new cryptocurrency called Xuperchain to the Chinese market. The company hopes Xuperchain will be supported by a blockchain network that has been created by the same company.
The blockchain network will operate in China with all the benefits that the company provides. Besides, the network will use master nodes to facilitate and conduct the operations.
According to media reports in China, the new blockchain system will be high performance, so Baidu managed to develop a blockchain network that will have the capacity to perform approximately 10,000 operations per second, as well as having the ability to support all the necessary applications that wish to join the platform.
In another sense, according to the documents related to the platform, the Xuperchain is an open-source blockchain network. This means that all people who wish to review all technical aspects of programming and specifications can do so through the company’s website, GitHub.
Some details of the platform’s programming reveal that it will have its block finder, which means that it will be possible to track all the activities conducted in smart contracts. It was also known that the search engine could be supported and programmed with GO or Solidity.
Another interesting detail related to the project that will soon be enabled for users in China is that several consensus mechanisms can be managed within the processing of the blocks, using PBFT and DPoS as support.
Birth of Xuperchain
The Xuperchain project is being developed after the initiative was proposed as an engine to boost the digital development of governance methods in the Chinese territory, in the middle of 2019.
This is part of a more elaborate and old plan, of public development, that was known in 2016, where the objective was to modernize the entire industry and administrative processes of the government. The 2016 plan proposed to use blockchain solutions and tools to face problems in China about new technologies in the world.
For the creation of this project, Baidu executives assured that they already have available more than 50 registered patents. They plan to use them to develop new services and products which would be designed to be used within the blockchain network.
The growth and accelerated acceptance of this technology gained strength after last year President Xi Jinping made favorable statements, as he suggested private companies and all public entities to make efforts to adopt blockchain technology in their processes; thus, improve their management and operability models.
Although the opinion on cryptocurrencies in the Asian country remains questionable and that cryptocurrencies’ free movement may be subject to strong restrictions, everything suggests that this initiative may change some paradigms willing to this technology, and open new commercial fields to one of the largest economies in the world.
By María Rodríguez