Chinese internet tech giant Baidu has officially launched its own cryptocurrency, called Xuperchain, ahead of the country’s efforts to create a central bank digital currency. 

According to local reports, Baidu’s Xuperchain officially launched its “open network” on Jan. 6. The open network is a blockchain network built upon Baidu’s self-developed technology, which consists of super alliance nodes that will be distributed throughout the country. 

The report claims the blockchain will be used for a number of applications and payments, 

[Xuperchain] provides users with an environment for rapid deployment and operation of blockchain applications, and computing. The flexible payment capabilities of resources such as storage and storage directly reduce user deployment and operation and maintenance costs, and make trust links more convenient.

The report says that Xuperchain has several major advantages over competitors, including autonomous security with low-cost payments. According to the whitepaper, Baidu’s network is capable of 10,000 transactions per second. It already has its own blockchain explorer.

However, it’s unclear how decentralized the blockchain will be. Initial reports say the blockchain is in full compliance with Chinese regulators and uses distributed masternodes, which will likely contribute to some level of centralization. 

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