rewrite this content using a minimum of 1000 words and keep HTML tags
Google Cloud has confirmed that its in-house blockchain project, called the Google Cloud Universal Ledger (GCUL), is a Layer-1 blockchain designed to support digital payments and asset tokenization.
Rich Widmann, Google Cloud’s head of Web3 strategy, described GCUL in a post on LinkedIn as the result of long-term internal research.
He emphasized that the blockchain will allow developers to write smart contracts using Python, which differs from common crypto chains that typically use Solidity or Rust. This makes it more accessible to engineers already familiar with enterprise programming tools.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Crypto Mining Explained: How to Earn From Mining Bitcoin? (Animated)
Widmann explained that GCUL is an infrastructure layer that can be used by financial institutions seeking a neutral platform.
The announcement comes after CME Group finished the first phase of its integration and testing of the Universal Ledger. At the time, it was unclear whether this system would operate as a public blockchain or what its role would be.
According to Widmann, more technical information about GCUL will be shared in the near future. That could include how the network processes transactions, maintains consensus, and supports applications at scale.
Additionally, he argued that companies like Tether
$0.9934
or Adyen might be reluctant to rely on networks built by competitors.
Circle, the company behind USDC
$0.9938
, recently announced plans to roll out its own blockchain called Arc before the end of 2025. What does it do? Read the full story.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
