The R3 blockchain consortium is a very innovative project. It also receives a fair bit of competition, which is only to be expected. Hydrogen aims to launch the Financial Industry Decentralization Initiative. It is a new consortium, powered by public blockchains.
Competition always brings out the best in teams of developers and researchers. That is especially true in the blockchain world. Private and public ledgers are all competing for mainstream traction. In the financial sector, there have been numerous successes for Corda, the blockchain created by R3. It is not the only viable solution in this regard, though.
Hydrogen Openly Challenges R3
Hydrogen, known as the FIntech Startup of the Year, is looking for ways to disrupt the position of R3. Its latest venture will undoubtedly raise a lot of eyebrows. Their Financial Decentralization Initiative is a non-partisan consortium aiming to build a decentralized global financial ecosystem. It will also be powered by public blockchain first and foremost.
Hydrogen Co-founder Mike Kane adds:
“Financial institutions want to implement public blockchain technology, but have been scared by an aggressive campaign from private blockchain consortiums like R3, causing $500 Mil in private blockchain spending already in 2018. Financial services institutions are fast approaching the point of no return. Billions around the globe risk losing access to the blockchain revolution without FINDI.”
Some of the selling points of this venture may not be overlooked. Unlike R3, FINDI charges no membership dues. It is also focused on public blockchains rather than proprietary and permissioned solutions. It already has the backing of various industry leaders. With this new version, building the global financial platform oft he Web 30 will be an exciting race to keep an eye on.