Blockchains have been getting a lot of attention lately, and not only because of their potential to improve everything from supply chain management to voting. People also like the fact that blockchains are supported by a network of computers that are all working together to keep the system up and running, which means that they are safer than other types of digital record-keeping systems. (See our blog post “How to make a Blockchain” for more on how they work.)
In an age of increasing interest in the Blockchain, it is not surprising that some developers are creating new platforms to facilitate this technology. One of the newest entrants in the field is Concordium, a project that seeks to take the lessons learned from other digital currencies and apply them to a Blockchain built with business applications in mind. It is also not surprising that the project’s developers are making use of the popular Ethereum Virtual Machine (EVM), as Ethereum is currently the most widely used blockchain technology on the market. The EVM is a Turing complete Virtual Machine that allows for the creation of decentralized applications, and is the core software that fuels the Ethereum network. The EVM is also the reason why it makes sense for Concordium to be
There are many blockchains being worked on, but they are not all created equal. Some chains are designed to be used for a specific purpose, such as Ethereum and its ability to create autonomous DApps. Others are designed to be general purpose, such as Bitcoin and its ability to send and receive value, and its ability to be used as “programmable money”. Concordium is the first protocol that is designed specifically with business applications in mind. The Concordium blockchain is designed to handle the high transaction volumes required by enterprise level businesses, while still being able to provide a true decentralized system. Concordium is not a smart contract blockchain like Ethereum, but focuses on enterprise level business applications. Conclusion The above examples are not meant toConcordium is a decentralized proof-of-stake blockchain, based on scientific knowledge and designed for commercial applications. It is the first blockchain with embedded identity that meets regulatory requirements while providing a convenient platform for managing smart contracts. For more information on this exciting blockchain project, click here.
Concordium was designed in 2018 by Lars Seier Christensen to add an identity layer at the protocol level to create a permissionless, open-source blockchain that would be really useful for businesses. Seier, who founded Danish investment bank Saxo in 1992, was aware of the benefits of blockchain technology, such as. B. Data immutability, which promotes trust and protection. But he also acknowledged that most companies cannot operate anonymously and must identify users for practical and regulatory reasons. Concordium was developed by the Concordium Foundation, whose members in addition to Seier include renowned cryptographer Professor Ueli Maurer, lawyer Simon Monnerat, who specializes in Swiss funds and governance law, and Bjorn Krog Andersen, head of Banking Circle’s legal department. CEO Lone Fnss Schrder, who is also co-founder of fintech banking company Cash works, as well as vice president of Volvo Cars and director of IKEA, leads operations, while Torben Prades Pedersen, founder of cryptocurrency Pedersen Commitment, is in charge of Concordium’s technology division. Hans-Ole Jochumsen, former vice president of NASDAQ, Michelle Jackson, former chief operating officer of Skype, and ETH professors Hans Gersbach and Roger Wattenhoefer are part of the project’s advisory group. Professor Ivan Damgrd, perhaps one of the best known names in the blockchain industry, leads the research group Concordium.
Why choose Concordium?
There are many reasons why Concordium excels:
- Quick and safe programming
On the Concordium platform, transactions are completed and accepted without modification, with no tracking forms to complete. The unique double-layer consensus ensures that speed does not come at the expense of protection and vice versa. The Concordium platform uses the Proof of Share (PoS) protocol to provide efficient network services. A key improvement to the platform’s consensus system is the two-step consensus approach, combining blockchain with Nakamoto-style consensus (NSC) and a new finalization method to ensure rapid completion. The idea behind this approach is that NSC makes it easy to add blocks, but there is a possibility that a block will be packed. This risk gradually decreases as more blocks are added to the chain, but the rounding of Concordium allows it to be removed shortly after a block is added.
2. Identity level
Concordium’s new protocol-level identification layer protects transactions while enabling accountability. Each Concordium account can be linked to an individual or an organization, and this is the main function of the Concordium blockchain. Each Concordium account requires an identity object provided by a known third-party issuer of the identity after the identity has been verified by a trusted entity.
3. Confidential transactions
Concordium enables encrypted transfers with a zero-knowledge proof mechanism that allows both parties to verify transactions without disclosing the transfer amount.
4. Constant transaction costs
Concordium’s blockchain offers low, stable and predictable euro transaction costs for commercial applications.
5. Energy saving action certificate
The Proof of Stake (PoS) mechanism ensures an environmentally friendly and resource-efficient process, as well as increased safety for participants. GTU owners have the choice of managing their own unit or delegating the GTU to a baker. The higher the stakes, the harder it is for an attacker to affect a large portion of the stakes.
Concordium’s technological architecture can be described as complex and multi-layered.
- Log level identification primitives
- Concordium’s public, permissionless blockchain enables companies to manage counterparty risk and meet regulatory requirements.
- The identity of the consumer, whether an individual or a company, is kept out of the chain and remains confidential. Disclosure to the authorities can be made through the existing legal channels on the basis of a court order.
- Users of the Concordium platform can choose to maintain the confidentiality of transactions while retaining responsibility for credentials.
2. Establishment of two-tier consensus
For fast, stable and reliable transactions, Concordium’s two-layer consensus engine combines a Nakamoto-like blockchain with advanced finality-as-a-service. Even when difficulties arise, a two-step consensus protocol ensures a quick and stable final.
3. Scaling with sharding
Concordium’s sharding is based on a highly efficient blockchain and fast finality, allowing the supply of capacity on Concordium’s blockchain to exceed demand with high reliability. As traffic increases, additional shards are automatically launched. This avoids the effect of capacity constraints on transaction prices.
Concordium is currently working on a new interoperability architecture that will allow verified short messages to be sent to other organizations without the recipient having to use the Concordium platform.
The GTU token was introduced by Concordium to power its blockchain. GTU (Global Transaction Unit) is a payment token developed by leading macroeconomists and currency protocol specialists. The tokenomic model represents the central objective of building the ecosystem into a self-sustaining model. Concordium has one of the most interesting token distribution plans in the space: over 70% of tokens will go to developers and partner companies working on the ecosystem. The newly established GTU will be used to
- Incentives for backers and finishers, as well as a 10% platform development fee to the Concordium Foundation to ensure the further development and promotion of blockchain.
- Transaction costs will be constant against the euro, allowing companies to plan their operating costs.
A betting system will be introduced after the launch to reward GTU holders.
Financing and investments
Concordium blockchain closed its fourth round of cryptocurrency private placement GTU. on April 25 and a strategic sale on May 15. and reached $40 million in the first five months of 2021. This has provided the company with additional funding to continue growing, decentralizing and listing the new open source blockchain.
The Concordium blockchain code has just been made public, allowing developers to create applications on the platform. Concordium raised $40 million in 2021 from private and strategic sales. Concordium recently announced a joint venture with Geely Holding Group, a global Fortune 500 company, to offer blockchain technology and services in China using Concordium’s technology. Last year, Concordium launched four test networks, the latest of which provided 2,300 logins and created more than 7,000 accounts. In addition, Concordium had over 1,000 active nodes, 800 bakers and over 3,600 portfolio downloads. Concordium is the first blockchain company to join the Japan Fintech Association, which has one of the most advanced blockchain and cryptocurrency regulations in the world.
Roadmap for the future
The company is excited to announce that Mainnet and MVP will launch in June, allowing users to write smart contracts in Rust, send private and encrypted transactions, create credentials and more. MVP also offers a desktop wallet with Ledger keys, a mobile wallet, and key features such as a two-step consensus protocol and full restoration of anonymity for regulatory compliance. In Q1 2022, smart contract models will be created, with additional features such as structured tokens and exchange mechanisms, Oracle node infrastructure, pool delegation mechanism, identifier libraries, custodian portfolio integration, etc. FaaS and outbound interchangeability, private shards, public proofs, consensus sharding and other features are also in development. When it comes to building a community, Concordium’s blockchain takes an organic approach. They have had the fantastic opportunity to interact with approximately 60,000 community members around the world who share their vision and principles to provide a solution that meets Level 1 design, built for business and used from day one. Concordium has a natural and strong partnership with the RustLang Foundation and the builders of the RustLang ecosystem, as evidenced by the Concordium DevX initiative. The DevX initiative is a special project that allows RustLang programmers to be completely agnostic. For more information about Concordium, click here. . He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology. Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.
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The Concordium blockchain is designed to be a more energy-efficient and scalable version of the Ethereum network, one which “empowers people to create more democratic economies”. (In other words, without the rampant price volatility that has characterized Bitcoin and other cryptocurrencies to date.) Even better, Concordium’s unique consensus protocol—Proof of Stake—means that it can handle upwards of 2,000 transactions per second, or 30 times the capacity of Ethereum.. Read more about concordium node and let us know what you think.
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