Launched in 2018, Concordium is a public, permissionless Layer 1 blockchain that incorporates encrypted identification for every transaction on its network, allowing for identity verification at a fundamental level. It seeks to strike a balance between privacy and accountability with its ID layer. From the beginning, the team, which includes leaders from companies like Volvo, IKEA, and Credit Suisse, aimed to facilitate seamless integration of blockchain technology for both current and future businesses, focusing heavily on meeting regulatory standards.
Although the idea of real-world identity might be off-putting to some crypto enthusiasts, the company asserts that it provides complete privacy for users through the use of zero-knowledge proofs.
So far, Concordium has secured 52 million EUR in funding and has partnered with Geely, a global automotive company co-owning Volvo Cars, Volvo AB, and Daimler.
Concordium features its own native cryptocurrency, CCD. This currency is utilized for transaction fees, staking, node operator rewards, and serves as collateral/settlement for Concordium's DeFi ecosystem.
Who Are the Founders of Concordium?
Concordium was established by Lars Seier Christensen, who co-founded Saxo Bank and served as its CEO. Currently the Chairman of the Foundation Board, Christensen expanded Saxo to 1,500 employees across 150 locations. Concordium's team comprises over 30 experts, including members of the Foundation Board, Science Team, Technical Team, Operations Team, and an Advisory Board.
Notable figures on the team include Professor Ueli Maurer from the Swiss Federal Institute of Technology in Zurich, known for his cryptographic research, and Professor Ivan Damgård, co-creator of the Merkle-Damgård cryptographic hash.
Other key team members at the executive level include Group CPO/CTO Kåre Kjelstrøm, an entrepreneur with a rich background in Silicon Valley startups, including Uber.
What Makes Concordium Unique?
What sets Concordium apart is its integrated identity layer. This ID layer uses trusted identity issuers to equip users with self-sovereign identities while balancing privacy needs and the requirement for identification in legitimate legal cases.
Regarding transactions, cryptographic methods ensure that all parties involved are verified without revealing their identities.
Apart from its identity and privacy capabilities, Concordium boasts a robust execution environment for smart contracts and digital financial frameworks tailored for enterprise users. Notable features include high throughput with rapid finality, low, stable transaction costs, and a regulated DeFi Lab.
The network employs a dual consensus approach. On one side, operators, known as bakers, handle transactions using a Nakamoto-style Proof-of-Stake system, while a Byzantine fault-tolerant (BFT) consensus among specialized bakers, called finalizers, confirms transactions.
Anyone staking over 14,000 CCD can become a baker, with finalizers needing to stake at least 0.1% of the total CCDs.
What Is the Circulating Supply of CCD Tokens?
The total supply of CCD tokens is 11,568,824,325, with 6,836,607,809 CCD currently in circulation.
Where Can You Buy Concordium?
Concordium (CCD) tokens are available on various exchanges, including Kucoin, Bitfinex, AscendEX, and MEXC.
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