If you have never heard of Tencent Holdings Limited, one of the top companies around the world in terms of market capitalization, you soon will. They've got their fingers in a lot of pies, including a building a platform for blockchain services. Founded in 1998, Tencent is a dominant player in the Chinese online and mobile market. Over the years, its “user-oriented operating strategies” have ensured that it remains on a healthy growth trajectory. Tencent Holdings Limited went public on the main board of the Hong Kong Stock Exchange in June 2004, and is listed over-the-counter in the U.S., trading under the ticker TCEHY. Its stock price is up 27.89% year-to-date and it currently has a market capitalization of HK$ 2.312 trillion. (Read: What is Tencent?)
The new platform by Tencent – TrustSQL - is committed to providing enterprise-class block chain infrastructure, industry solutions, and secure, reliable and flexible blockchain cloud services; it highlights features such as efficient consensus algorithm, transaction confirmation in seconds, low-cost fast access, security and efficient operation. Tencent has simultaneously released a white paper which talks about the history of Internet starting from ARPANET in 1969 to the World Wide Web almost twenty years later while discussing the blockchain technology and the TrustSQL platform. Tencent believes that the third big change is brewing with Bitcoin and its underlying technology – the blockchain entering the scene.
The rough translation of Tencent’s white paper in Chinese read, “It is found that the meaning of the blockchain is that it can build a more reliable Internet system, fundamentally solve the value exchange and transfer in the existence of fraud and rent-seeking phenomenon. More and more people believe that with the popularity of blockchain technology, the digital economy will be more authentic and credible, and the economy and society will become more fair and transparent.”
TrustSQL Platform has three layered system; core chain layer, a product service layer, and an application layer. The platform provides a rich framework for application development and includes basic application models such as digital assets, shared books, proof certificates, stock swaps and proprietary transactions, as per the white paper.
The TrustSQL platform comes at a time when some of the biggest technology giants and banks are actively working to tap its potential (such as cost reduction, secure and faster tamper-proof transactions) and build solutions for enterprises. Tencent first showed interest in the technology when it joined the Financial Blockchain Consortium (Shenzhen) in 2016. (Related reading, see: What Is Tencent?)
Market Capitalization and YTD returns as on April 26, 2017.