Alphabet recently announced a new blockchain called Google Cloud Universal Ledger (GCUL), with some of its features appearing to compete directly with Ripple Labs’ XRP Ledger (XRPL).
The $2.5 trillion internet giant has been stamped on its own brand and has given its other heavyweight names in its debut, including CME, the world’s biggest options and futures exchange.
Like XRPL, GCUL becomes a decentralized base layer blockchain, allowing API access, supporting programmable tokenization of assets, providing financial applications such as payment automation, providing transaction billing fees, supporting institutional infrastructure, promoting global payments, and integrating with third-party wallets.
This feature list goes without saying that Gcul’s banking and payment focus Mirroring the year of XRPL messaging.
In fact, readers of Google Docs can be confused as to whether a particular paragraph describes GCUL or XRPL.
For example, GCUL “helps the management of commercial banks’ monetary accounts, promotes transfers through decentralized ledgers, and empowers financial institutions and intermediaries.”
Enterprise Blockchain focused on financial institutions
XRP is the third most valuable digital asset, while GCUL is created and named after the top five companies worldwide.
Additionally, the XRP ledger and its supporter Ripple are worth hundreds of billions of dollars, while the alphabet is warped at $2.5 trillion. Furthermore, not only does GCUL have the support of larger conglomerates, but GCUL is already participating in a pilot program with CME, the world’s largest option and futures exchange.
CME has already tested tokenization of assets (probably options or futures contracts) on the GCUL blockchain. CME has never been tokenized in XRPL.
Read more: Ripple’s XRPLEVM mainnet is live – Top Exchange has a volume of $26 per day
There are many differences between Google and XRP ledgers
Unlike XRPL, which has its own token, XRP, GCUL has not announced plans for its first coin product (ICO).
Furthermore, while XRPL is a distributed network that achieves consensus through global validation protocols, Alphabet plans to maintain GCUL. Private, Permitted Blockchain.
The two blockchains also have separate programming languages for Python vs. XRPL C++ for GCUL.
Finally, GCUL is currently in beta testing, while XRPL has been available for over a decade.
Last month, Ripple co-creator David Schwartz explained why he doesn’t process billions of dollars worth of chain banking transactions despite accumulating more than 300 bank partnerships over more than a decade.
Ripple also consistently sells XRP to fund a variety of projects, including the Stablecoin initiative.