Google Cloud launches L1 blockchain GCUL, currently in private testnet stage

On August 27th, Google Cloud officially launched its Layer 1 blockchain network, GCUL (Google Cloud Universal Ledger). The platform utilizes a Python-based smart contract architecture and is dedicated to building an open and neutral underlying infrastructure for the financial sector.

GCUL aims to provide a number of core capabilities, including a native commercial bank on-chain currency, 24/7 capital markets infrastructure, and efficient payment and agency services, to enhance interoperability and inclusiveness in the modern financial system.

Leveraging the extensive reach of the Google ecosystem, GCUL plans to open its capabilities to the entire Google network, reaching billions of end users and hundreds of institutional partners, providing a solid foundation for the implementation of large-scale financial applications.

This initiative is expected to deeply integrate traditional finance with distributed ledger technology and promote the widespread adoption of institutional blockchain applications. GCUL is currently in its private testnet phase and, earlier this year, announced a partnership with the Chicago Mercantile Exchange (CME), the world's largest derivatives exchange, to jointly launch a tokenized asset pilot program and explore innovative approaches to bringing compliant assets onto blockchain.

According to the official statement, more specific information about GCUL's technical architecture, consensus mechanism, and ecological incentive model will be disclosed to the community in the coming months.