KUALA LUMPUR (April 12): MY EG Services Bhd (MYEG)’s Zetrix blockchain has completed the foundational development for its Layer-1 blockchain functionalities and will launch its mainnet on Friday (April 15).

In a statement, MYEG said the 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.

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.

MYEG’s recently launched non-fungible token (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 collectables.

MYEG said that 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.

“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 utilisation and hopefully to initiate its use for ownership of real-world products,” said MYEG group managing director TS Wong.

“Our aspiration is to be the bridge to enable NFTs or digital collectables to move freely between China and the rest of the world,” said Wong.

MYEG said the NFTs are complimentary with the purchase of insurance through the platform, and owners of the NFTs will also be eligible for future benefits.

Additionally, it also allows its owners to personalise a caption of their choice on the NFTs to make each of them one-of-a-kind.

Shares in MYEG closed one sen or 1% lower at 99 sen on Tuesday, valuing the e-government service provider at RM7.33 billion.