MYEG's Zetrix Blockchain Launches Mainnet

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Apr 12, 2022, 05:56 ET

PETALING JAYA, Malaysia, April 12, 2022 /PRNewswire/ -- MY E.G. Services Berhad's ("MYEG") Zetrix blockchain has completed the foundational development for its Layer-1 blockchain functionalities and it will launch its mainnet on 15^th April 2022. This marks the completion of phase 1 of Zetrix's journey 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 Zetrix and will introduce Zetrix-minted NFTs on the platform. NFT Pangolin is a global marketplace for creators to issue and sell their unique crypto-secured digital collectibles. Compared to the expensive costs associated with Ethereum, Zetrix 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.

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. Our aspiration is to be the bridge to enable NFTs or digital collectibles to move freely between China and the rest of the world."

The Zetrix mainnet launch contributes significantly to MYEG's plans of digitalizing all forms of value transfer and asset ownership, and tokenization as well as for the metaverse ecosystem development. Upcoming projects on Zetrix include Zetrix decentralized finance (DeFi), Web 3.0 domain registry and support for DAO (Decentralised Autonomous Organisations).

More information on Zetrix, along with the Software Development Kit (SDK) for third-party developers, is available at zetrix.com.

About MY E.G. Services Bhd ("MYEG")

MYEG is Malaysia's premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in Malaysia and elsewhere in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others. Committed to staying firmly at the forefront of the region's digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. Beyond Malaysia, MYEG has operations in other key regional markets such as the Philippines and Indonesia.

SOURCE MY E.G. Services Berhad