In March, the American financial company CME Group announced that it was launching a tokenization pilot project based on Google Cloud Universal Ledger (GCUL), a first-level (L1) blockchain that is currently under development.
Google Cloud Universal Ledger is a universal ledger designed for finance that transfers commercial bank money to the blockchain and uses Python smart contracts. It is similar to the XRP Ledger (XRPL), which is supported by XRP tokens. Ripple, the company behind XRP Ledger, is also focused on large financial companies. Like XRP Ledger, GCUL is optimized to facilitate cross-border payments between banks and financial institutions.
At the end of August, Alphabet confirmed that Google Cloud Universal Ledger (GCUL) is in beta testing. The project is already being called the future “XRP killer,” which is likely to be launched in early 2025.
GCUL will also compete with the recently launched of the ARC blockchain by Circle, the company behind the USDC stablecoin.
Although GCUL and XRP Ledger are both blockchains, there are important differences between them. For example, the Google blockchain is a private blockchain, while the XRP Ledger is public. That is, anyone can use XRP Ledger, but not everyone will have access to the Google Cloud Universal Ledger (GCUL) blockchain.
It is possible that some kind of Google Coin will also appear in the future.
Source: Google
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