Google’s GCUL Platform Sparks Debate in Crypto World
Google is stirring up controversy with its new Layer1 platform called GCUL.This system aims to streamline cross-border payments and asset settlement via a distributed ledger.
However,users on X are scrutinizing GCUL,as it is a private and permissioned system. This conflicts with the crypto community’s values, which favor decentralization and openness. Despite promising enhanced cross-border transactions and low fees, critics argue it undermines blockchain neutrality.
- Google describes GCUL as offering near-instant cross-border payments and low fees.
- Critics claim it’s fully centralized, run by a corporation with government ties.
- Industry experts like Eli Ben-Sasson doubt its success, likening it to previous unsuccessful corporate platforms.
Rich Widmann, Head of Web3 strategy at Cloud, shared insights via linkedin. The platform supports Python-based smart contracts, aiming for differentiation like Stripe and Circle. Widmann states it caters to commercial banks and will accommodate multiple assets,emphasizing stable transaction fees over the volatile gas fees of others.
Presently in a private testing phase, GCUL promises eventual access to a broad user base and institutional partners. While its public release date remains undisclosed, Google assures it will strive for openness in due course.
