Tencent and Huawei to Launch FISCO BCOS to Compete with Ethereum

An important consortium backed by recognized Chinese companies will be debuting as an open source blockchain ecosystem known as FISCO BCOS. The consortium is backed by Tencent and Huawei and will present this blockchain ecosystem at the Singapore Fintech Festival in November.

BCOS will be providing new enterprise-grade blockchain solutions. This is something similar to what Ethereum is doing with Hyperledger Fabric. However, there is a very important difference: it is completely coinless.

The BCOS system is different than a traditional blockchain network. Since it is completely coinless it looks like a set of application templates that focuses on companies.

In order to create this system, the Chinese Financial Blockchain Shenzhen Consortium (FISCO) has been working for a very long period of time. FISCO has more than 100 members including WeBank, Tencent Cloud, and Shenzen Securities Communication, among others.

The official press release provides very specific information about how the system works. Additionally, it says that it is possible to process over 1,000 transactions per second, much more than using Bitcoin or even Ethereum. At the same time, it is possible to make a comparison with “Byzantine fault tolerance” and “zero-knowledge proofs.”

At the same time, the intention is to remain compliant with the regulations that the country imposes. Back in 2017, China decided to ban cryptocurrencies and crypto-trading activities in the country. Clearly, the decentralization idea related to blockchain technology is not in line with the ‘centralized’ thought the government has about the country.

For example, BCOS will allow a specific kind of nodes that are known as ‘observatory nodes.’ These will allow regulators to control transactions at all time and monitor in real-time how data flows on the network.

The release explains that FISCO BCOS is the first blockchain platform that has been specifically designed to meet all the regulatory requirements and demands of the financial industry in the country.

Furthermore, the release says that several applications have already been launched on the platform. It became open source some time ago and some apps related to supply chains, finance, tourism and more are already working on the platform.

At the moment, there are several blockchain platforms and ecosystems that are being used all over the world. However, not all of them are open source. For example, R3’s Corda is being used by Thailand in order to create a digital currency used for banks. IBM is also working with the Hyperledger Fabric and has been used by several banks and financial institutions.

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