Alphabet recently revealed a new blockchain called the Google Cloud Universal Ledger (GCUL), some of which seem to place it in direct competition with Ripple Labs’ XRP Ledger (XRPL).
The $ 2.5 trillion internet giant stamped its own brand on it and has made other heavyweights on his debut, including the world’s largest options and futures exchange, CME.
Just like XRPL, GCUL will be a distributed Base Layer-Blockchain, allow API access, work 24/7 with low latency, support programmable tokenization of assets, offer financial applications, such as payment automation, cost costs for transactions, supporting worldwide batches, facilitations with third-party
This function list, not to mention the bank and payment focus of GCUL, Mirrors years of XRPL messages.
Indeed, a reader of Google’s documentation can get confused about whether certain sections describe GCUL or XRPL.
GCUL will, for example, ‘provide the management of cash accounts for commercial bank with electricity and facilitate transfers through a distributed ledger, strengthening financial institutions and intermediaries’.
An Enterprise blockchain focused on financial institutions
Although XRP is the third most valuable digital active, GCUL is created by and named after a top five company worldwide.
And while the XRP whides and his Backer Ripple are combined a few hundred billion dollars, alphabet dwarfs that have $ 2.5 trillion. Moreover, GCUL not only has the support of a larger conglomerate, GCUL is already in a pilot program with the world’s largest options and futures exchange, CME.
CME tests all the tokenization of assets – perhaps raw materials, options or futures contracts – on the GCUL blockchain. CME has never chosen anything on the XRPL.
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Many differences between Google and XRP whides
Unlike the XRPL that has its own token, GCUL has not announced any plans for a first currency supply (ICO).
In addition, XRPL is a distributed network that reaches consensus through global validation protocols, while alphabet is planning to keep gcul as a private, allowed blockchain.
The two block chains also have individual programming languages - Python for GCUL versus C ++ for Xrpl.
Finally, GCUL is currently in beta tests, while XRPL has been public for more than ten years.
Last month, Ripple-maker David Schwartz explained why his blockchain, despite more than 300 banking partnerships that have been collected for more than a decade, did not process billions of dollars in the chain bank transactions.
Ripple has also consistently sold XRP to finance various projects, including the Stablecoin initiatives.