Concordium is a regulatory-compliant blockchain with an identity built into the protocol. It protects the privacy and allows for accountability to take place when necessary.
The Concordium community comprises of innovators, engineers, developers, investors, researchers, and other industry advisors.
What is Concordium?
The vision of Concordium is to be the steering global regulatory-compliant blockchain. To have a transparent, consolidated universal computer and established identity at the protocol level. It delivers secure and affordable services for trades, Internet of Things (IoT) data sharing, storage, and much more. While doing so, it also solves the weaknesses of classic blockchains and their related non-compliant cryptocurrencies.
To deal with real-world investment demands, Concordium has layered, flexible, and scalable software packages. The packages have been formulated through using many rigid commercial and academic software standards. The combined layers enable digital apps to be created that can be programmed for the transfer of value and data in a safe and scalable way.
The Concordium platform is maintained by The Concordium Foundation, which is a non-profit entity established in Switzerland. It was formulated and brought into existence by Concordium AG, a software firm in Switzerland.
Concordium is being developed with the help of a team of the best cryptographers, computer scientists and researchers.
To ensure that their project is able to reach its true potential, Concordium has an advisory board with different developers, investors, merchants, privacy advocates and industry governors coming from all over the world.
What is GTU?
With the Global Transaction Unit (GTU) token, Concordium ensures that network parties are rewarded for their hard work. GTU can be used to pay for the performance of smart contracts, user transactions, and as a store of value.
Concordium allows its users to have access to information regarding transaction costs in advance, it employs a creative price stability technique to ensure that trade costs are fixed despite possible volatility of GTU on the crypto market.
Governance, an update for the platform, will be rolling out soon. Protocol specifications and codebase for all elements of the platform will be made transparent and open for all participants.
The structure of the economy and incentive within the Concordium platform is straightforward and understandable. Every tool controlling each activity and action will be made available to the public. The Concordium Foundation actively oversees and regulates the state of the Concordium economy.
Concordium has a novel design for interoperability, enabling the platform to send verified information to other chains and entities without the need for recipients to operate the platform.
It is easy and cheap to build a secure blockchain on the Concordium platform. It provides a means for industries, nations, or people to develop personal blockchains via unique shards within the platform.
Benefits of the project Concordium
Security &amp; Speed
Concordium has developed a secure finality layer to run above the Nakamoto-style blockchain, thus making transaction speed desirable.
The strategy is developed to be fast in terms of transactions per second to satisfy the demands of any investment app globally.
Security is vital for any investment and that is why Concordium has developed two programming technologies — Midlang and Retlang — making smart contracts a lot easier to formulate and extra reliable to transfer.
Concordium has a credible uptime, thanks to the two-layer consensus design, which makes the platform reliable and secure even in unfavorable circumstances.
To satisfy the demands of high throughput needs, Concordium has created a novel sharding tool that operates in duo with the final layer. This, in essence, means that it can manage and coordinate many sub-blockchains at the same time.
Concordium has an inventive identity layer that allows for a compliance-centric equilibrium between anonymity and accountability. All of the user’s identities are unidentifiable on-chain, however, this can be changed and their identity disclosed if a valid request from a government agency through credible channels is made.
It’s worth noting that the Concordium platform is modeled to be secure, fast, and affordable. It has a creative identity layer that gives on-chain identity compliance-centric transactions and enhanced privacy for users while bringing to the forefront the importance of accountability for all participants.