MYEG inks agreement to own, operate Xinghuo BIF's international supernode

KUALA LUMPUR: My E.G. Services Bhd (MyEG) has signed an agreement with Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF), China’s national blockchain network, to own and operate the Xinghuo International Supernode.

In a joint statement, the parties said the agreement also entailed the cross-border adoption and utilisation of the latest Decentralised Identifier standard (DID) to gradually create the Web3 of China and beyond.

"The international supernode will connect to MyEG’s layer-1 permissioned public blockchain, Zetrix, which is fully compatible with Xinghuo.

"This enables the Zetrix network’s on-chain assets and transactions to cross seamlessly into Xinghuo, connecting governments, businesses and their people to a global blockchain-based economy,” the statement said.

The companies said the international supernode would connect to MyEG and assist in the development of blockchain infrastructure applications, which would increase the interconnectivity of infrastructure in countries, and enhance the capability of cross-chain operation.

"With its technologies and public service capabilities, Xinghuo BIF would provide blockchain services to Malaysia and other ASEAN countries and assist in cross-border commodity tracing, identity verification and supply-chain finance,” they added.

Xinghuo BIF and MyEG’s layer-1 public blockchain, Zetrix, had previously announced the introduction of cross-chain Blockchain Identifiers (BID), Verifiable Credentials (VC) and Chain Agreement signing.

"Xinghuo BIF is already the most advanced and heavily utilised chain for industrial and trade applications.

"Now, with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3 evolution that will promote the establishment of international communities and facilitate global trade and finance,” said MyEG group managing director and co-founder of Zetrix, Wong Thean Soon.

BIDs and VCs are critical building blocks of more interconnected Web 3, as they are the foundational tools that decentralised apps can call upon to deliver a myriad of new services.

Xinghuo BIF is a global blockchain infrastructure devoted to a trustworthy digital foundation for the world, and it resolves approximately 100 million blockchain identifiers daily, placing it as the most actively used blockchain platform globally. - Bernama