We often hear that Blockchain will be the alternative, the paradigm shift, the revolutionary technology that will change the way we interact. Thousands of projects offer various solutions to problems that arise in the very functioning of blockchain and most seem to think that this will be a simple switch-off / switch-on.
Concordium, however, emerges as the bridge through which to move from the "traditional" financial world to the Economy of the Future, or even through which to coexist in the event that such a change does not take place and the two options coexist for a long period of time, which, by the way, seems most likely.
What is Concordium?
By definition Concordium is: a scientific blockchain, layer 1 unique for its protocol-integrated identification system, designed to adapt to today's financial and business systems, based on Proof-of-Stake and "friendly" to regulation and privacy.*
Although this definition is only the tip of the iceberg, let's see its main features:
- Scientific: Concordium's cryptographic protocols are based on scientifically proven research. Together with its partners: Aarhus University, ETH Zurich, ITU Copenhagen and The Indian Institute of Science (IISc), the Concordium Foundation created Concordium Blockchain Research Center Aarhus which has published +50 academic papers, many of which are the basis on which Concordium's cryptographic primitives and blockchain are developed. Some of the scientists behind Concordium are Ueli Maurer, Ivan Damgaard or Torben Pedersen (Pedersen Engagement).
- Unique Layer 1: Concordium's network has an identification layer based on Zero Knowledge Proof ZKP (Zero Knowledge Proof), where digital identity and its management are the main axis on which the eternal debate between privacy and security is resolved. With this system it is possible to maintain anonymity, be identifiable if there is a legal requirement, validate your identity or the fulfillment of requirements in different applications or services without sharing your data.
One of the main objectives of the Concordium blockchain is to maintain privacy while complying with regulations and thus avoiding fraudulent use of the blockchain. In fact, a real identity verified by third-party "identity verifiers" is a requirement for any transaction on the network.
- Proof-of-Stake: An innovation in its consensus design is the two-layer consensus approach, which combines a Nakamoto-style consensus blockchain (NSC) with a novel finalization (finalization as a service) that allows blocks to be added to the network quickly and efficiently.
In addition, through the Delegated Proof-of-Stake consensus algorithm, Concordium allows participants to earn passive rewards through staking, while helping to secure the network. This can be done by delegating your coins to a node operator who participates in the creation of new blocks or even running a node yourself if you have 14,000 coins and meet minimum hardware requirements.
In Concordium, those node are called bakers, and baking refers to the action of creating blocks.
The use of Proof-of-Stake also addresses the need to reduce, from an energy point of view, energy consumption in the operation of the network.
Low and stable transaction fees: They have established a fixed amount per transaction that will decrease as the number of transactions increases, in addition to a price stability mechanism, known as energy, which will constantly adjust according to the price movements of the native token through an Oracle connected to the price feeds.
CCD: It is the native token of the blockchain, its acronym corresponds to the name of the ConCorDium project and its symbol is the "Greek capitalized dotted lunar sigma symbol", number 1022 in the Unicode list: Ͼ.
Although initially the native token of the project was called GTU, at the end of 2021 it was decided to change it and use a name more representative of the brand.
It is the payment token of the platform and is used as an incentive and means of payment of commissions, payment for the execution of smart contracts, payment of transactions between users, etc.
At token launch, the Genesis block was established with 10,000,000,000,000 CCD. This number will increase by up to 10% with the minting of new tokens and will begin to decrease as the number of transactions increases.
The team
Undoubtedly, one of the strengths of this blockchain is the quality of the technical and management team. Leading software engineers in their sector and outstanding business leaders are the organization's bet to reach the top.
Starting with its president Lars Seier Christensen, an expert in the banking and financial sector, and a pioneer in forex and derivatives trading. Or Lone Fønss Schrøder, as CEO, with a large executive experience in major companies such as Moller-Maersk or Volvo Cars. Torben Pryds Pedersen known for the "Pedersen Commitment" or Stefan Michael Hebsgaard are the technological head of the project. The list of great technicians and professionals is very extensive, without a doubt, it is worthwhile to get to know this team, it gives us a clear vision of the background in talent that supports Concordium.
Main projects and partners
About the projects already running on this blockchain we can highlight:
Wallets such as CryptoX Wallet developed by Pioneering Technology Ventures ApS in which to create and deploy privacy-centric digital identities such as Concordium, and Concordium ID Wallet.
NFT Marketplaces such as SpaceSeven, where you can find from the most popular collections in the NFT world, to a space dedicated to artists, musicians or actors, to the possibility of becoming an NFT creator yourself or Bictory NFT Marketplace, which will bring together collections of artists, celebrities and brands that want to promote their collections.
In this field, the partnership between Play Magnus Group, Must Group and Concordium for the presentation of the NFT Chess Champs at next season's Champion Chess Tour competitions is noteworthy.
In addition, projects on 3D digital fashion design with Mojomoto NFT, or a project that aims to regain confidence in the music industry through NFT technology called Hypery, are already running on the net.
Adding to the wide range of use cases that have chosen Concordium to implement their applications we find #WeToo, a platform that fights against child abuse and has chosen Concordium to implement an innovative solution to collect donations in a safe and reliable way, in addition to collaborating with other brands such as Swvl, Geely, PHI or Arivu among others.
Current status and what is to come:
Recently listed as a token on the Bitfinex and Bitglobal exchanges.
CCD is also listed on Coinmarketcap and Coingeko.
They have created a crypto news channel on YouTube, the Crypto Channel Direct.
They have created a podcast called Off The Blocks, where they keep the AMAs they are doing in audio format so they are easily accessible.
The Grants Program for developers and open source projects is still active.
Concordium, together with Verum Capital AC will launch a DeFi lab focused on the creation of regulated decentralized financial products.
A platform is being built on Play to Earn games.
They will become the first foreign Blockchain platform to join the Blockchain Association of Japan.
A project with great expectations, a particular vision and its own way of doing things. With a clear objective, to grow true to its principles while not being afraid to adapt to the environment and evolve.
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