BlockBeats reported that on August 27, Rich Widmann, the head of Google’s Web3 strategy, stated that the recent discussions about Layer 1 blockchains have put Google’s own Layer 1—referred to as Google Cloud Universal Ledger (GCUL)—in the spotlight. As the product head in the encryption field, you are aware that to create a Layer 1, it must have differentiation. GCUL consolidates years of research and development by Google and is currently in the private testnet phase, providing a new Layer 1 for financial institutions: it is high-performance, trusted, and neutral, and supports Python-based smart contracts. In addition to leveraging Google’s distribution capabilities, GCUL is also a neutral infrastructure layer. Tether will not use Circle’s blockchain, and Adyen is also unlikely to use Stripe’s blockchain. However, any financial institution can build on GCUL. More technical details will be released in the coming months!
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