Baidu, a US-listed Chinese search engine, has officially launched its cryptocurrency ‘Xuperchain’, which aims to provide an innovative solution for small to medium-sized enterprises.
The move is part of the company’s plan to diversify its investments, and this reflects Baidu’s strong confidence in crypto technology.
Like Ethereum, the Xuperchain platform is aimed at supporting blockchain applications. The company uses some masternodes to run its new network.
The network can support over 10,000 transactions per second, Baidu said in its whitepaper, adding that it has over 50 patents for the platform.
Xuperchain is based on a higher degree of hardware, which makes it more efficient than the traditional blockchain technologies.
“The initial goal is to create a self-developed, high-performance, modular block chain system… We still want to promote domestic self-development, we hope to create a suitable blockchain development platform Chinese developers,” said Sun Junyi, Senior R&D Engineer at Baidu.
The network also aims to help China outperform other countries in the field of blockchain technology.
The search engine company will use the Xuperchain technology in different sectors such as manufacturing, food safety, retail, supply and social networking.