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Google Cloud is developing its own Layer 1 blockchain 'GCUL' targeting financial infrastructure
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- Google Cloud has announced that it is developing its own Layer 1 blockchain called 'GCUL'.
- GCUL aims to serve as an open infrastructure layer for financial institutions, and its neutrality is highlighted as a strength for broader market expansion.
- Companies like Circle and Stripe are also intensifying competition in the blockchain financial infrastructure market by announcing new stablecoin and Layer 1 projects respectively.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Google Cloud has announced the development of its own Layer 1 blockchain and disclosed related information.
According to Cointelegraph on the 28th (local time), Rich Widmann, Head of Web3 Strategy at Google Cloud, stated in a LinkedIn post, "Google Cloud's Layer 1 blockchain, Google Cloud Universal Ledger (GCUL), is the result of several years of research and development, and is designed as a neutral network compatible with Python-based smart contracts."
Widmann explained that GCUL aims to be an open infrastructure layer for financial institutions. He emphasized, "Tether (USDT) will not use Circle's blockchain, and Adyen will not use Stripe's blockchain," adding, "The neutrality of Google Cloud GCUL could be a strength driving broader market adoption."
Meanwhile, Circle recently unveiled an open network named Arc optimized for stablecoin finance, while Stripe is partnering with Paradigm to pursue a Layer 1 project codenamed 'Tempo'.
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