How Does Concordium Operate?
What Is Concordium (CCD)?
Concordium, established in 2018, stands as a public-permissionless Layer 1 blockchain that integrates encrypted IDs into every on-chain transaction, introducing identification at the protocol level. Its primary focus is to strike a balance between privacy and accountability through its ID layer, aiming to facilitate easy integration of blockchain technology for businesses, both current and future, with a strong emphasis on regulatory compliance.
What are the Functions of concordium?
Despite the incorporation of real-world identity, Concordium assures users of full privacy by leveraging zero-knowledge proofs.
To date, the company has successfully raised 52 million EUR, securing partnerships with Geely, a global automaker and co-owner of prominent entities like Volvo Cars, Volvo AB, and Daimler.
Concordium operates with its native cryptocurrency, CCD, utilized for transaction fees, staking, rewarding node operators, and serving as collateral/settlement in Concordium’s DeFi ecosystem.
Who Are the Founders of Concordium?
Concordium was founded by Lars Seier Christensen, co-founder and former CEO of Saxo Bank, an online trading and investment platform. Currently serving as the Chairman of the Foundation Board, Christensen played a pivotal role in growing Saxo to 1,500 employees across 150 locations.
Key C-level team members include Group CPO/CTO Kåre Kjelstrøm, an entrepreneur and Silicon Valley startup veteran with experience from multiple ventures, including Uber.
What are the Working Principles of Concordium?
Concordium’s standout feature lies in its built-in identity layer, utilizing trusted identity issuers to provide users with self-sovereign identities. The platform aims to strike a balance between user privacy and the necessity of identification for legitimate legal concerns.
In on-chain transactions, participants are verified privately through cryptographic means without revealing their identities.
Beyond privacy and identity features, Concordium provides a robust execution environment for smart contracts and digital financial primitives tailored for enterprise users. Key features include high throughput with fast finality, low fixed transaction costs, and a regulated DeFi Lab.
Transaction-wise, the blockchain employs a dual consensus mechanism. Bakers, serving as operators, process transactions through a Nakamoto-style Proof-of-Stake mechanism. Simultaneously, a Byzantine fault-tolerant agreement among specialized bakers, known as finalizers, finalizes transactions.
To become a baker, users need to stake more than 14,000 CCD, while finalizers require a stake of at least 0.1% of all CCDs.
What Is the Circulating Supply of CCD Tokens?
The CCD token boasts a total supply of 11,568,824,325 CCD tokens, with a current circulating supply standing at 6,836,607,809 CCD.
Where Can You Buy Concordium?
Concordium (CCD) tokens are available for purchase on various exchanges, including Kucoin, Bitfinex, AscendEX, and MEXC.
