What is Concordium (CCD)? is a public Layer 1 blockchain, developed with a scientific approach with the aim of creating a safer digital world. Concordium balances privacy and accountability by being the only blockchain with built-in identity verification at the protocol level.
Concordium also uses the technology of zero knowledge tests to ensure that personal information remains anonymous and secure at all times.
At the same time, it implements the main security, compliance, sustainability, speed and scalability standards, offering an infrastructure for individuals and companies to take advantage of the power of the blockchain in a responsible manner and to navigate the digital world with absolute security.
The combination of scientific philosophy, academic focus, software engineers, cryptography and the participation of leading researchers from the business sector, makes Concordium enable the development of transformative blockchain solutions that address real-world challenges.
Concordium has a vision of making blockchain truly global. But for this, it is necessary to establish trust; know who you are operating with and if it is reliable.
The network is specifically designed to be implemented in today's financial and business systems, which require verification of the identity of users.
What is the protocol or ID layer?
This protocol allows each wallet to be associated with a real identity, which is verified through a third-party identity service provider.
The Concordium Foundation will work with trusted companies that will issue the trusted identities. They will also be in charge of validating and issuing user identification credentials.
This protocol allows transactions between people and companies to be more reliable, without compromising privacy, since everything is developed through zero-knowledge proofs.
Main features of Concordium
Fast, large-scale transactions
The platform is designed to be fast enough, in terms of transactions per second and completion time, to meet the needs of businesses around the world.
Concordium currently runs at about 400 transactions per second.
Demonstrable and fast completion
Concordium has developed a fast and secure Nakamoto-style (NSC) blockchain. This means that each transaction is confirmed and immutable in a very short period of time.
This is a competitive advantage over other similar blockchains, which only assume the completion of a transaction when a large number of blocks have completed.
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Reliable uptime
The blockchain is designed for demanding business use cases, so you need to be very picky about uptime.
The two-layer consensus design ensures that the platform will function properly even under the most adverse conditions.
Blocks are correctly added to the longest chain when less than 50% of the entire stake is controlled by malicious parties, ensuring greater speed and efficiency.
On the other hand, completion layer security is maintained even in the event of catastrophic network failure, causing messages to be delayed much longer than under normal conditions.
Multi-language support for smart contracts
Concordium uses Rust as the main smart contract language. However, it is developed with WebAssembly (Wasm), an assembly language. It is a standard Internet language that has been very popular in recent years and is compatible with most web browsers.
Many programming languages can be compiled into Wasm, so Concordium has support for a wide range of smart contract languages.
Why do you use a top coat?
Concordium has developed the first safe completion layer, which runs on top of a Nakamoto-like consensus layer.
Transactions are entered into the blockchain very quickly, but can be reversed up to the point of completion.
This two-layer approach allows users a secure completion in a fraction of the time compared to other blockchains. This gives users the option of favoring speed or security when accepting transactions.
Users can accept transactions after a certain number of blocks or they can wait until the transaction is complete to ensure it is not reversed.
This design also ensures that the network will continue to function in the event of a hard fork, since completion layer parameters can be used to recover data; the consensus layer will continue to work and the finality layer will resume once it has been sanitized.
On the other hand, with regard to the consensus protocol, they are working on the development of ConcordiumBFT, a system based on the HotStuff consensus protocol, designed to support high availability, fast and secure distributed systems.
This system provides great benefits, as we can see in the following infographic.
Web3ID
Launching in September is Web3ID, a game-changing identity infrastructure that will help Web2 businesses implement and adopt Web3.
This infrastructure allows companies or individuals (issuers) to make claims about users (holders) and create proofs of these claims using a special cryptographic signature. Other parties (verifiers) can verify these statements by requesting a zero-knowledge proof. Holders can create this test to display the requested information about their returns. The state of the issued credential is stored on the Concordium blockchain to make it immutable and decentralized.
Tokenomics and on-chain incentives
The Concordium platform comprises a set of transactions and economic roles that coexist and interact within the protocol economy.
An economic role, such as a baker or identity provider, exists off-chain or is represented by an account on the platform. The flow of CCD between accounts through transactions creates an economy designed to encourage network participation and counter dishonest behavior.
The objective of the Concordium Foundation is to be the guide in the creation of a sustainable economy that rewards the participants for their efforts in the development of the network.
Overview of the economy in Concordium
The Concordium Governance Committee (GC) is responsible for maintaining the health of the economy by overseeing internal dynamics and scrutinizing the impact of external market conditions.
The GC takes a flexible approach to nurturing the Concordium economy as it evolves to include more complex dynamics and transactions. In the image that accompanies these lines you can see the different functions, accounts and transactions of the Concordium economy, both inside and outside the blockchain. In this image, the blue lines indicate the main stream supported at the moment, while the dotted lines indicate the streams planned for future updates.
What is CCD?
CCD is the native token of the Concordium blockchain.
Its main use cases are the payment of transaction fees, the payment for the execution of smart contracts, payments between users, payments for commercial transactions, staking and the rewards offered to node operators.
The CCD token has a total supply of 12.182.694.128 CCDs and a total of 7.562.867.686 in circulation (at the time of writing this article).
You can consult all the information related to the token in its own browser, which you can find here.
Project tokenomics:
- Total Supply Marketcap : $100,480,503
(based on price 0.008192 and under full supply) - total supply : 12,265,686,506 CCDs
(ccdscan.io on Jul 31, 2023) - marketcap On circulation: $62,304,614
(based on price 0.008192 and under circulating supply) - supply in circulation: 7,605,543,703
(ccdscan.io on Jul 31, 2023) - Daily volume: $520,485
(daily volume from June 1 to July 30, 2023) - Token Allocation: 66.7%
(based on holdings as of July 31, 2023)
Transaction costs for users
Concordium users pay a Transaction Fee (commonly known as GAS) for each transaction they make. These fees are paid with CCD, so in order to carry out transactions on the blockchain it is necessary for the user to have CCD tokens in his possession.
The transaction costs are designed to be relatively stable in terms of EUR, allowing companies and users to predict and plan the fixed costs that the use of the blockchain will have.
Concordium governance system
Concordium currently operates under the aegis of the Concordium Foundation. However, over time the goal is to create a fully decentralized platform, whose decisions and development remain in the hands of the community.
In this sense, the vision of the Foundation is to pivot towards a governance system based on staking, where the influence of each stakeholder is proportional to the number of tokens they have in staking.
The more value you have locked in the network, the more decision-making power you will have over it.
To achieve the goal of total decentralization, Concordium works with a roadmap for several years to come.
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