Google Cloud's Web3 Strategy Head Labels GCUL Platform as Layer 1
Google Cloud introduces the Universal Ledger (GCUL), a Layer-1 network designed to enhance cross-border payments and financial settlements, providing a neutral, scalable platform for institutions.
Google Cloud has launched its Universal Ledger (GCUL), a Layer-1 blockchain aimed at improving payment systems and asset tokenization for financial institutions. The network, currently in a private testnet phase, promises low-cost, near-instant transactions with features such as Python-based smart contracts. Designed as a neutral infrastructure layer, GCUL is set to support multiple currencies and digital assets while maintaining scalability and compliance. Google plans to provide further technical details in the future, with wider testing expected in 2025.
- Layer 1: The base layer of a blockchain that supports essential functions such as transaction processing and data storage.
- Smart Contract: A self-executing contract with the terms of the agreement directly written into code, automating transactions and enforcing agreements on a blockchain.
- Tokenization: The process of converting assets or rights into digital tokens on a blockchain, enabling easier transfer, ownership, and trading.