Chinese Tehgigat launch a universal blockchain platform with a throughput of 1000 transactions per second

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Association of Chinese financial institutions and technology companies is preparing to introduce its own blockchain ecosystem, having a vast scope of application and excluding the use of tokens. The network will have high bandwidth, as well as the ability to access data from regulators through “observation” node.

Chinese consortium Financial Consortium Blockchain Shenzhen (FISCO), controlled by Telecom Corporation Huawei technology giant Tencent, will soon introduce blockchain network FISCO BCOS, which will not be used tokens.

FISCO, uniting more than 100 financial institutions, plans to present a new platform at the festival Singapore Fintech Festival, which will take place November 12-14.

In the official press release FISCO BCOS described as a network of open source and a set of applications for a wide range of applications. Initially, it will have a high bandwidth — more than 1000 transactions per second. FISCO also claims that the blockchain will use the Protocol of the so-called Byzantine consensus. Moreover, the platform will include a “Supervisory” node for monitoring data from regulators and auditors.

FISCO BCOS positioned as an alternative ecosystems Hyperledger Fabric and R3 Corda.

In March, Huawei have announced the development of its own “blockchain-smartphone”, and in may said it will on mobile devices for sale in China will be pre-loaded app bitcoin wallet. For the development of the purse meets the company BTC.com which also controls the world’s largest bitcoin mining pool.

Corporation Tencent also several projects in the blockchain industry. In may, the company together with the administration of the Chinese province of Shenzhen opened a research center, which develops the solution based on a distributed registry to combat tax fraud.

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