Financial Blockchain Shenzhen Consortium (FISCO) is a consortium of different key companies in China that has forged an association with the aim of creating the first open source blockchain platform to operate without a token.
Prior to FISCO’s recent partnership, there have been arguments and discussions weighing the strengths and implications of making a consortium chain private or public; permissioned versus permission-less networks.
While previous consortia of companies have opted for private coinless blockchain platforms such as HyperLedger Fabric and R3 Corda, FISCO has made a decision to be open while operating without any token.
FISCO BCOS: The First of Its Kind
FISCO BCOS would be charting relatively uncharted waters, and would aim to be the building block for open source consortium chains. The consortium, which had a substantial number of founding members, has grown very rapidly since its inception with the association now boasting more than a 100 members. The consortium chain was an idea first developed by WeBank, a digital bank developed by Tencent and one of the consortium founding key members. Other recognizable names that began the project include Tencent, Huawei and Shenzhen Securities Communication.
The consortium chain is very much unlike conventional blockchain platforms, due to an intricate design that is not based on a single blockchain. FISCO BCOS is built on a host of different blockchain applications which forms a network or an ecosystem of some sort. BCOS has been designed to fit seamlessly into the need of the public, as user parties continue to discover more potential for the ambitious project. The consortium chain has steadily proved invaluable in increasingly different fields and applications such as finance, recruitment, arbitration, and even copyright.
FISCO BCOS has a range of important advantages ranging from incredible platform design to optimum security and regulatory support. The platform has been carefully created and structured to fulfill the nitpicky requirements and demands of the Chinese financial sector.
The platform’s impressive design sees a single chain in the blockchain network processing more than a thousand transactions per second while having split second confirmation. Security is also guaranteed with key privacy algorithms such as zero-knowledge proofs and ring signatures.
The platform is set to make its international debut at Singapore Fintech Festival next month November between the 12th and 14th.