Xiao Wei, the chief scientist of Baidu’s blockchain venture, has announced a new blockchain project at a recent conference.
The event was called “Responsibility Chaining the Future”, according to China News Weekly. The announcement concerned the existence of a “super chain”.
Chief scientist of Baidu (China's Google) blockchain releases X-Chain, a blockchain solution compatible with bitcoin and ethereum development ecosystem, with plug-able consensus mechanisms, supporting up to 10k TPS on a single chain. https://t.co/KPsGbTyZy4 pic.twitter.com/jsZW6xtqZ5
— cnLedger (@cnLedger) June 3, 2018
Wei reportedly said that the chain 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].”
According to the report, Baidu is “currently completing a blockchain transformation of its own business based on this super chain.”
There is not too much information available, but this is a significant development because of the size of Baidu.
Baidu can be (and is usually) described as the Chinese version of Google. It is by far the dominant search engine in China, making it second in the world, and it has a market capitalisation of approximately $86.65 billion.
Baidu is also involved with the development, promotion, manufacture, and sale of artificial intelligence, such as self-driving cars and translation devices, and its international business unit has more than two billion active users.
It was established in January 2000 and has its headquarters in Beijing.
Following the Chinese government’s crackdowns on cryptocurrency, the company removed all advertisement of the stuff from its websites in February (it also banned foreign exchange advertising around the same time). However, it has been dabbling with blockchain technology at the same time with initiatives like ‘Totem’, which allows users to copyright images, and ‘Leci Gou’, a dog-themed version of a very popular cat-breeding game on Ethereum.
(Photo: Wikimedia Commons)