Google is working on the First -Layer Cryptocurrency Network through the Google Cloud Computer Services Suite. Currently, the test phase (TestNet) is named Google Cloud Universal Ledger (GCUL).
According to the announcement, Gul is a platform oriented towards financial payments and services It has a private, regulated early approach, but utilizes decentralized accounting books (DLT).
Although no start date for the main network (MainNet) has been specified, Rich Widmann, Google Strategy and Web3 Chiefs have explained that they will release more technical details in the coming months.
In the words of the official statement, «Google Cloud Universal Ledger (GCUL) is a new platform for creating innovative financial market payments and products. Simplify the management of commercial bank accounts and facilitate transfers via distributed accounts».
The company explains that the network is designed under three pillars: simplicity, flexibility and security.
In simple terms, Google ensures that GCUL is provided as an accessible service through a single API (application programming interface). This means that developers can integrate Different cryptographic activity There is no need to maintain the underlying infrastructure.
Furthermore, the usage rate becomes “stable and transparent” and They charge monthlywhich contrasts with variable committee schemes that are paid in advance on public networks such as Ethereum and Solana.
For flexibility, please see more details about the documentation that GCC is programmable Automate payments and manage your digital assets. The network can also connect to “wallets of your choice,” which opens the door to a variety of cases in retail and business payments.
The chain enters intelligent contracts based on the Python programming language. He also works in the pilot program for tokenized assets along with CME Group, one of the leading market operators around the world.
Finally, and from a security standpoint, Google explains:
“GULC is designed with regulatory compliance in mind (e.g. accounts verified by the Trade Commission’s identification or outsourcing process in accordance with regulations). It acts as a private and permitting system (which could become more open as regulations evolve), and leverage Google’s Privacy’s last safe and reliable technology.
Google Statement.
Customer and Institution Benefits
The company ensures that the model offers benefits for both users and financial institutions.
For the ultimate customer, GUL promises “nearly instantaneous trading, low commission, and continuous availability.” This is especially appealing. Transfers and international payments.
Google emphasizes reducing operational and infrastructure costs on the part of banks and financial operators. According to the company, by eliminating processes such as simplifying mediation and regulatory compliance, and reducing fraud errors and risks.
According to the statement, this allows agencies to release resources to innovate and create the latest products while controlling their relationships with their customers.
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