MYEG which is looking at its next revenue stream has confirmed its blockchain asset, Zetrix has completed the foundational development for its Layer-1 blockchain functionalities and it will launch its mainnet on 15th April 2022.
This marks the completion of phase 1 of the blockchain and is on its way towards being a leading platform for decentralized applications, where industrial use cases like supply chain traceability and financing co-exist with the metaverse.
Zetrix is the international extension of Xinghuo BIF, China’s largest national-level blockchain network supported by all levels of the Chinese government and running both governmental and commercial applications. It is a collaboration between MYEG and Beijing-based Bubi Technologies which provides the backbone infrastructure and supernodes outside China that integrates with Xinghuo BIF. Zetrix’s Layer-1 infrastructure will host applications, protocols and networks to be deployed on top of its proprietary smart contracts and Proof-of-Stake (PoS) consensus mechanisms across a network of validator nodes.
MYEG’s recently launched NFT marketplace, NFT Pangolin, will be one of the first applications to be hosted on the platform and will introduce Zetrix-minted NFTs on the platform. Compared to the expensive costs associated with Ethereum, Zetrix MYEG says it will provide lower minting charges and gas fees to reduce the financial barriers to entry for participants which will encourage more artists, traditional and digital alike, to explore the potential of blockchain and a new platform as a means of showcasing and trading their work.
To commemorate the launch, the group is giving users of the ‘Compare by MYEG’ service free, limited-edition commemorative NFTs to kickstart their digital assets journey.
Compare by MYEG is an online platform in Malaysia that allows users to compare and purchase car insurance and takaful renewal services conveniently to get the best prices.
Mr. TS Wong, Group Managing Director of MYEG commented: “This can further educate existing customers and potential users on not only the application of NFTs beyond the creator scene but also its potential real-world utilization and hopefully to initiate its use for ownership of real-world products..”
