The Chinese FISCO, run by the multinational company Huawei and tech venture Tencent, will soon launch its coinless blockchain platform FISCO BCOS, as mentioned in the press release on October.
FISCO in-house has more than 100 financial firms involved which include well-known market leaders slike WeBank, a digital online bank platform established Tencent, and Shenzhen Securities Communication. The entity is planning to introduce the new coinless blockchain platform at the Singapore Fintech Festival, which is going to take place between 12-14 November.
The platform’s name FISCO BCOS is defined with the different applications proposed to deliver to the users. According to the report, the major advantage of the new platform is the super fast transaction speed per second (TPS), which is likely to go above 1000. FISCO further adds that its blockchain will make use of the Byzantine fault tolerance protocol and be in favour of Zero-knowledge proof.
The blockchain network used on the platform will consist of observatory nodes which will enable auditors and regulators to access and monitor the data.
In the past Huawei has jointly worked on decentralized projects with Hyperledger — an open source blockchain platform established in 2015 by the Linux Foundation.
Earlier this year in March, the open source platform Hyperledger and Huawei and kickstarted its Caliper service — a benchmarking took for blockchain which helps assess the performance and speed of a specific blockchain.
Also during this spring, Huawei officially announced that its mobile phone users will be permitted to download Bitcoin(BTC) wallets apps on, and all these wallets pre-installed on all new models.
The tech giant Tencent has also contributed in the blockchain space, it collaborated with Chinese officials to develop and establish the China Blockchain Security.