Google Cloud Unveils L1 Network GCUL: A High-Performance, Trust-Neutral Layer 1 Blockchain

Google Cloud is launching L1 Network GCUL, a high-performance and trust-neutral Layer 1 blockchain currently in private testnet phase. GCUL combines Google's years of research and development and supports Python-based smart contracts. It utilizes Google's distribution capabilities and is a neutral infrastructure layer, allowing any financial institution to build on it.

Google Cloud has announced the launch of its Level 1 blockchain, GCUL, which is currently in the private testnet phase. GCUL is designed to be a high-performance and trust-neutral infrastructure layer, supporting Python-based smart contracts and providing a "native commercial bank on-chain currency" [1]. The platform aims to offer 24/7 capital markets infrastructure and payment and agency capabilities, with plans to open it to the entire Google network, encompassing billions of users and hundreds of institutional partners [1].

The development of GCUL builds on Google's extensive research and development in the blockchain space. It leverages Google's distribution capabilities to provide a neutral infrastructure layer, enabling any financial institution to build on top of it. The platform is currently in a private testnet phase and has already conducted a pilot program for tokenized assets in partnership with the Chicago Mercantile Exchange (CME) [1].

However, there have been concerns raised about the pricing mechanisms of Google Cloud's BigQuery service, which is used for analyzing large sets of data via Structured Query Language (SQL) with built-in artificial intelligence (AI) capabilities. Some developers have reported receiving eye-watering bills for performing queries, with one developer charged $15,000 for three queries [2]. Another developer was charged $5,000 for a single query, which scanned multiple terabytes of data [2]. These incidents have led to concerns about the service's billing mechanisms and the reliability of AI algorithms relying on BigQuery services.

Despite these concerns, GCUL's potential as a neutral infrastructure layer for finance is significant. It could provide a robust foundation for various financial applications, leveraging Google's extensive resources and expertise. As the platform progresses through its testnet phase and prepares for broader adoption, it will be crucial to address any potential issues with its pricing and billing mechanisms to ensure a smooth and cost-effective user experience.

References:
[1] https://www.panewslab.com/en/articles/74bc4440-640d-4cc1-abf1-df137f2c94c6
[2] https://cointelegraph.com/news/solana-dev-billed-5k-query-google-cloud-bigquery