In just over a month after they announced their plan to start providing cryptocurrency services to digital asset exchanges (DAXs) users, MY E.G. Services Bhd (MyEG) has partnered China’s Bubi Technologies Co Ltd to develop blockchain supernodes around the world. The joint venture seeks to build a strong performing blockchain system that is also data-compatible with China’s national blockchain infrastructure that was launched recently, which would facilitate financing and complete product traceability in the supply chain between China and the world.
MyEG holds 51% stake in this partnership which is exclusive for the first three years. The commitment to develop supernodes in various countries is promising, given that Bubi Technologies is one of China’s leading blockchain technology providers with a 30,000-strong developer network working on a wide range of decentralised applications. Bubi Technologies plays an instrumental role in China’s ongoing national blockchain infrastructure as it focuses on deployment of industrial sector applications.
The supernodes will offer private and public blockchain networks. The private blockchain network, which will be exclusively accessed by predominantly B2B entities, aims to elevate confidence, transparency and liability to produce a supply chain financing that is quicker, more effective and more cost-efficient. On the other hand, the public blockchain network will serve as a medium for developers to initiate decentralised applications based on the ‘delegate proof of stake’ consensus concept. Tokens will be issued as currency for performing transactions on the network.
The final quarter of the year is much anticipated, as the inaugural commercial applications are expected to be launched. MyEG’s joint venture with Bubi Technologies indicates an aggressive start to MyEG’s forage into cryptocurrency. The progressive introduction of innovations on the blockchain platforms planned in Q4’21 cements MyEG’s aspiration to deliver more blockchain-based products and services in line with the country’s digitalisation agenda.