Per a report from a local news platform, Chinese multinational tech giant Baidu has launched its own digital currency. The cryptocurrency, Xuperchain, has been released even as China is known to be quite averse to digital currencies.
The Xuperchain framework, probably easily scaled through authorization from Chinese authorities because the network uses masternodes. This means that it’s most likely a centralized network.
The news report advertises a few advantages Baidu’s Xuperchain has. It suggests that the network is more flexible and a lot more functional. Also, the fact that it runs on masternodes could mean that the blockchain has a higher capacity.
For speed, the blockchain boasts of high scalability. Xuperchain can handle over 10,000 transactions per second, much faster than many other offerings. The network will also be able to support many other features and even third-party applications, unlike Bitcoin.
One of the reasons Baidu developed the Xuperchain is to help with cost-effectiveness. After doing extensive research, the team felt that the cost of blockchain development and creating blockchain applications are a little too high. This means that even some of the biggest companies that are interested in the technology are unable to enter the sector because of the scary costs.
Baidu hopes that Xuperchain will help this problem. For specifics, using Xuperchain crashes the cost of deploying a blockchain app to about 7,000 yuan (roughly $1,000) annually. Other methods could cost up to 50,000 yuan (over $7,000).
The technology behind the network also boasts of high reliability, which was paramount as the team developed the open-source technology. Xuperchain also makes it a lot easier to interact with and use blockchain technology.
Xuperchain’s offerings, apart from the reduced costs, allow flexible payments. This takes a heavy financial burden off interested developers and creators, encouraging the sector.
The network is also public and anyone can view transactions on the go.
The launch of Xuperchain is interesting, considering that China is also working on issuing its own central bank digital currency (CBDC).