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Concordium - Unlocking the potential of blockchain for the future economy

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There was a time when people considered internet as an unsuccessful technology, but time proved that it is one of the most significant technological inventions. The same is the case with blockchain technology; numerous industries embrace it; still, there are many reluctant about it. Several projects are working out there, making blockchain technology better day by day.

Both permissioned and permissionless blockchain models are playing their part very well. Among the two paradigms, permissionless is more practical and providing better use cases.

A recently launched project-Concordium has come up intending to create the world’s leading open-source, permissionless, decentralized blockchain architecture that provides built-in user identity at the protocol level to meet regulatory requirements. Concordium has deeply based on scientific research to ensure the forefront of technology.

It is created keeping the business applications in mind while handling the smart contracts. The implementation of blockchain technology can rationalize the financial sector and have the potential to support rights registration and provenance. Safety and accountability are the factors where blockchain technology still needs to work on. Concordium will provide the blockchain to the world will these improved characteristics for mainstream businesses to create actual infrastructures.

Regulatory Compliance with Design

Concordium, through protocol-level identity, helps businesses with a financial system that requires the identity of users while ensuring the benefits of privacy-focused public and permissionless blockchain. These identities are meant to facilitate the off-chain identification process.

Privacy and Verification of User’s Identity

Concordium offers a blockchain with multi-jurisdictional solutions across regulatory regimes in the blockchain space. Anonymity and accountability of users are balanced and maintained via the innovative identity layer of Concordium.

Fast Transactions at Scale

Concordium has made significant development in the time required to finalize a transaction. The speed is fast enough to meet the requirements of business applications globally.

Provable and Fast Finality

The Nakamoto-Style blockchain assumes the finality of blocks after a large number of successive blocks have been produced. Here the Concordium takes the lead, becoming the first provably secure and fast enough that a transaction is confirmed and immutable with a short time.

Reliable uptime

To deal with adverse conditions and make the platform available, Concordium has designed a two-layer consensus. Under normal conditions or when malicious parties control less than 50% of all stakes, Concordium ensures that blocks are correctly added, achieving safety and significant speedups.

High Throughput for Global Scale

To meet the real-world business application of blockchain technology, Concordium has the potential to transfer and communicate across shards by the novel design for intershard signalling.

Future-Proof via Sophisticated Interoperability

Interoperability is the requirement for the broad adoption of blockchain technology. Concordium allows sending short, authenticated messages to other chains without requiring the recipient to operate the Concordium platform.

Smart Contracts with Multi-Language Support

The On-chain language of Concordium is Wasm, which can support an extensive range of smart contract languages. Concordium uses Rust as the first high-level smart contract language that allows for low-level resource control.

Cost-effective and Fixed Priced Transactions

Concordium offers cost-effective transactions following an incentive mechanism to avoid excessive charging. Moreover, the platform uses a price stability mechanism to ensure that transaction costs are fixed despite volatility in the open market.

Apart from these, Concordium

  • Uses a single GTU native token to award the network participants for their efforts

  • Transparent token economy and incentives

  • Concordium Foundation will act as a guarantor to be delegated to the governance committee, evolving more responsibility and decentralization across network participants

Type of Transactions

Concordium offers various transactions such as account-related, plain, encrypted, anonymous, smart contract-related, consensus-related etc. Each transaction is for a specific purpose with multiple opportunities.

Concordium Design-Protocol Layers

The Concordium protocols consist of different layers such as:

  • The network layer consists of a peer-to-peer layer and catchup layer responsible for broadcasting messages to all available nodes and ensuring nodes receive relevant messages, respectively.

  • The consensus layer provides agreement on all transactions and their order in the ledger via NSC blockchain, finality layer and sharding layer.

  • The execution layer allows users to interact with the platform.

Special Accounts

Concordium offers three special accounts initially that use GTU for fees and rewards within the network.

  • Baking Reward Account: pays newly minted GTU to the bakers

  • Finalization Reward Account: pays newly minted GTU to the finalizers

  • GAS Account: paid with GTU from the GAS account to bakers, comprising 90% of all transaction fees received from users

Road map

The roadmap of Concordium is captivating, consisting of various launches and improvements to be done in each predetermined period. The ultimate goal of Concordium is consensus sharding, SW certifications, multiple options for shard consensus and updating reward mechanism etc.

The Bottomline

Concordium is an exhaustively researched and well-planned platform comprising of a highly experienced team around the world. It is following the proven methodology to ensure scientifically based protocols and software are bug-free.

The chairman of the Concordium Foundation, Lars Seier Christensen, is highly enthusiastic about the project and its broad vision. According to Mr. Lars,

“Concordium is simple platform that can be used by anyone to support their business…. We are aiming to build something that respects the true DNA of the permissionless blockchain while respecting the reasonable requirement of the society. Once both things are combined, this will open up enormous opportunity for business growth.”

This was just a part of the vast project. It would be best if you try Concordium, and we ensure that your requirements will be fulfilled while providing complete security.

We hope you enjoyed the article to join the action where we discover gems, review their potential, and share our knowledge head over to our community group on telegram!

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