Chinese tech giant Baidu announced yesterday the release of its own digital currency, called Xuperchain, according to some. local reports.

The network operates from within China and uses a series of masternodes to operate the network, suggesting that it is decentralized.

According to the working paper, the network on which the new currency is based is capable of supporting more than 10,000 transactions per second. The working paper also states that Baidu has more than 50 patents in the blockchain field. And the Xuperchain core code went live in May of last year.

It can be found on the website githubXuperchain also has its own blockchain explorer where you can take a look at the transactions that take place on the network.

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The Xuperchain project is designed to support blockchain-based applications, similar to the work of Ethereum.

The working paper of the Xuperchain project says that its role is to help modernize China’s capacity for governance, and the project also wants to help China jump ahead and compete with other countries in the development of blockchain technology.

Through the 13th Five-Year National Informatics Plan, which was written in 2016 and included blockchain.

The launch of the Xuperchain comes shortly after Chinese President Xi Jinping gave a speech on the development of blockchain technology and how he hopes China will be at the forefront of its development.

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