Concordium is a privacy-focused blockchain for enterprises and governments, and the first project to have an innovative user identity layer built-in at the protocol level. Based in Zug, Switzerland, Concordium utilizes smart contracts and the cryptographic concept of zero-knowledge proofs, wherein users can verify that something is true without physically seeing the evidence.
Designed to integrate with existing financial and business systems that must authenticate users’ identity on a day-to-day basis, Concordium has been created to meet regulatory approval. While the data about network participants is anonymized on-chain, the platform retains the ability to revoke anonymity in a decentralized process only if requests are made by a legal authority.
The platform’s native coin, CCD, is used for paying transaction fees, staking, rewards for node operators, and as a collateral/settlement medium for Concordium’s DeFi landscape. The team consists of key leadership with significant experience that have both built and worked at some of the largest companies in the banking, finance, and crypto industry, and are now scaling the chain to their extensive network of the world’s biggest enterprises.
Concordium’s mainnet is due to launch in early 2021, with its incentivized testnet having already attracted plenty of interest.To date, it has raised 52M EUR, and partnered with Geely, a global automaker and co-owner of Volvo Cars, Volvo AB, and Daimler.
According to the company’s website,
“Concordium brings together world-class cryptographic researchers, outstanding software engineers, and business leaders with global enterprise experience across multiple disciplines and industries. Thanks to this unique mix of competencies and backgrounds, the women and men of Concordium together thrive to enable the bridge between science, development, and day-to-day usage.”
Concordium vision is to end anonymity in the crypto industry.
“This industry needs to realize that without trust and acceptance, there is nothing,” said Concordium chief executive Lone Fonss Schroder. She added:
“Global business is rules-based. The sooner the blockchain and crypto industry wakes up to the need to play by the rules, the sooner the full potential of blockchain will be realized.“
“Our architecture ensures that individuals can be held accountable for their actions if the need arises, but more importantly research has proven that the knowledge that their identity can be uncovered is enough to make people act more responsibly,” says Schrøder. “Knowing that our users may be asked to comply with regulation, has prompted us to build a unique solution which ensures greater trust, responsibility and accountability – all due to our encrypted, authenticated identification framework”.
The protocol level ID, ensures that every wallet is associated with a real-world identity that has been verified through a third-party ID provider, so that people and companies can trust one another, while remaining private, with zero-knowledge-proof. With safe transactions, Concordium can unlock a global, multi-trillion-dollar economy, so bankers to regulators actually want to use blockchain.
The token: At the time of launch on June 9, 2021, the Genesis block was established with 10,000,000,000 CCD. The total number of CCD in existence will increase over time because of the minting of new CCD.
Transaction fees are paid to the validators (bakers and finalizers) who run the Concordium infrastructure and thereby provide its availability with all its features of security, fast finalization, large throughput rate, etc. These fees are to be paid by end-users in CCD tokens. They are known in advance, stable, and expressed in Euro terms.
The block rewards consist of transaction fees and newly minted tokens. They are awarded for 85% to the block bakers, for 5% to the block finalizers, and for 10% to the Concordium Foundation. The rewards serve to incentivize node runners to participate in the consensus, thereby solidifying the blockchain.
Swiss Financial Markets Regulator (FINMA) has classified Concordium’s token the CCD as a Payment-token, meaning that it is suitable to be used for on-chain settlement of transactions, as well as collateralization, and all other use-cases being used by Decentralized Finance.
Ultimately, the governance of Concordium will be in the hand of the community, who will vote to elect an executive committee. The vote will occur weighted according to the amount of tokens backing each vote.
The company leaders include:
Lars Seier Christensen, Chairman
Bjørn Krog Andersen, Banking Circle
Lone Fønss Schrøder, CEO
Jørgen Hauglund, CFO
Kåre Kjelstrøm, CTO
With leadership from Volvo, IKEA, Credit Suisse, and 52M EUR raised to date, the team are now scaling the chain to their extensive network of the world’s biggest enterprises.
It partnered with Geely, a global automaker and co-owner of Volvo Cars, Volvo AB, and Daimler.