Chief scientist at Baidu’s blockchain venture, Xiao Wei, announced the company’s latest DLT venture at the “Responsibility Chaining the Future” conference. The Google of China is working on a new project called “super chain.” The new blockchain could handle 100,000 concurrent nodes at a time and is compatible with both Ethereum and Bitcoin ecosystems. Details of the project remain unknown.
Baidu Aims to Transform Its Own Business
Wei did not provide details of the project. He said that the blockchain is a “compatible developer ecosystem of Bitcoin and Ethereum [that can] not only insert and remove consensus mechanisms to solve the current energy consumption problem, but also support single-chain support of 100,000 concurrent [nodes].”
Reports suggest that the company is “currently completing a blockchain transformation of its own business based on this super chain.”
As the details of the project remain unknown, it is difficult to speculate what it could mean for the company. However, considering the size of its business, a new super chain could not only revolutionize the way it works but also provide its most successful service offering to date.
Going Farther Than Search
Being the second-largest search engine in the world and China’s go-to destination for Internet searches, the company has a market cap of $86.65 billion. The corporation is moving beyond its primary business model, just like Google, and turning into a premier technology company with a global presence. It has invested in development, manufacturing, and sale of artificial intelligence systems, including transaction devices and self-driving cars. The international business unit of the company already boasts 2 billion active users.
While it has removed all advertisements for cryptocurrencies from the platform following an order from the Chinese government, it is keen on experimenting with distributed ledger technology. Its first contact with the tech came in the form of “Totem” — a project that lets users copyright their images. It also launched a dog-breeding game “Leci Gou” on Ethereum. In November 2017, Baidu Jinkuang was launched to let users employ unused processing power for crypto mining.
Changing Tides in China
Once the home to some of the most significant crypto exchanges in the world, China is no longer a haven for traders, investors and even digital currency miners. It has launched several crackdowns on the industry since the beginning of this year. The government too is keen on using DLT and was recently announced as being the most active blockchain patent filer in 2017.