Alphabet not too long ago unveiled a brand new blockchain known as the Google Cloud Common Ledger (GCUL), some options of which seem to place it in direct competitors with Ripple Labs’ XRP Ledger (XRPL).
The $2.5 trillion web large stamped its personal model on it and name-dropped different heavyweights on its debut, together with the world’s largest choices and futures alternate, CME.
Like XRPL, GCUL will probably be a distributed base layer blockchain, enable API entry, function 24/7 with low latency, help programmable tokenization of property, present monetary functions like cost automations, cost charges for transactions, help institutional infrastructure, facilitate international funds, and combine with third-party wallets.
This function listing, to not point out GCUL’s banking and funds focus, mirrors years of XRPL messaging.
Certainly, a reader of Google’s documentation would possibly grow to be confused about whether or not sure paragraphs are describing GCUL or XRPL.
For instance, GCUL will energy “the administration of business financial institution cash accounts and facilitate transfers by way of a distributed ledger, empowering monetary establishments and intermediaries.”
An enterprise blockchain targeted on monetary establishments
Though XRP is the third Most worthy digital asset, GCUL is created by and named after a high 5 firm globally.
And whereas the XRP Ledger and its backer Ripple are value just a few hundred billion {dollars} mixed, Alphabet dwarfs that at $2.5 trillion. Furthermore, not solely does GCUL have the backing of a bigger conglomerate, GCUL is already in a pilot program with the world’s largest choices and futures alternate, CME.
CME is already testing the tokenization of property — maybe commodities, choices, or futures contracts — on the GCUL blockchain. CME has by no means tokenized something on the XRPL.
Learn extra: Ripple’s XRPL EVM mainnet is stay — high alternate did $26 quantity in a day
Loads of variations between Google and XRP Ledger
In contrast to the XRPL which has its personal proprietary token, XRP, GCUL has not introduced any plans for an preliminary coin providing (ICO).
As well as, XRPL is a distributed community that achieves consensus by means of international validation protocols, whereas Alphabet plans to maintain GCUL as a non-public, permissioned blockchain.
The 2 blockchains even have separate programming languages — python for GCUL versus C++ for XRPL.
Lastly, GCUL is at present in beta testing, whereas XRPL has been in public operation for over a decade.
Final month, Ripple co-creator David Schwartz defined why his blockchain, regardless of greater than 300 financial institution partnerships amassed over greater than a decade, doesn’t course of billions of {dollars} value of on-chain banking transactions.
Ripple has additionally constantly offered XRP to fund numerous tasks, together with its stablecoin initiatives.
