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.