Cryptocurrency News

Identity Focused Blockchain Concordium Announces Mainnet Launch

Bitcoin was introduced to the world in 2008, and till now, it has captured the imagination of millions of crypto enthusiasts globally. From 1 cryptocurrency in 2008 to over 10,000 in 2021, the cryptocurrency industry has come a long way. Back in 2010, the market cap of bitcoin was very low. $170,000, and today, it exceeds $618 billion, while the market cap of the entire cryptocurrency industry has crossed a figure $1.51 trillion. Such astonishing growth has caught the attention of financial regulators around the world.

With the increasing demand for cryptocurrencies, there is pressure on the authorities to regulate the crypto industry. are after all 106 million cryptocurrency Users around the world, and global financial regulators would like to protect them. But is the crypto industry ready for regulations? Many crypto projects will respond in the affirmative. But the truth is that most cryptocurrencies in circulation today are immutable.

launch of concordium

There is a lack of cryptocurrency and blockchain platforms that can meet the needs of end users, developers and regulators. But finally, a blockchain platform and a cryptocurrency are arriving on the scene that meet all the checkboxes. on 9th June, concordium Blockchain and its native cryptocurrency GTU are making their mainnet debut.

The crypto industry is earning a bad rep due to some bad apples using cryptocurrencies for illegal purposes. Due to this bad reputation, many users are choosing not to join the crypto bandwagon, which is affecting crypto businesses and delaying the growth of the industry as a whole.

Thus, it was about time a crypto project met the needs of executives, developers, and end users. Concordium took advantage of the opportunity and started development only in 2018.

Speaking about the upcoming launch of the Concordium blockchain, Lars Sier Christensen, Chief Executive of Concordium, said:

“The time has come for the blockchain industry to respect the general rules of society. With the launch of the Concordium blockchain, the era of anonymity, obscurity and lack of transparency has come to an end.

What is Concordium?

Established in 2018, concordium Is a decentralized and sustainable public blockchain backed by some of the most respected industry veterans and academia. It is the brainchild of Lars Seer Christensen, also known for his tenure at Saxo Bank, which he co-founded in 1992. Earlier this year, realizing Concordium’s high upside potential, some major investors put in a combined $41 million. Concordium is a private and strategic sale valuing the company at $4.45 billion.

Leveraging a unique set of features and technology, including built-in user identification and zero-knowledge-proof, Concordium guarantees its users privacy without anonymity. To ensure privacy, Concordium supports encrypted payments. It also allows users to verify the identity of the counterparty before sending a payment. On the other hand, regulators can identify the origin of transactions within the Concordium network. This means that Concordium shoots three targets with one arrow.

Concordium’s chief executive, Lon Fons Schröder, summarized the highlights of the privacy feature on Concordium by saying, “Privacy, but not anonymity.” Concordium truly believes that the blockchain industry will soon realize its true potential by meeting the needs of regulators, end users and developers, thereby bringing blockchain technology and cryptocurrencies into the mainstream. Both developers and Concordium users will have access to a fully regulated and transparent blockchain platform starting June 9.

How is Concordium different?

Unlike other blockchain and cryptocurrency platforms, users do not have to choose between governance and transparency or privacy when using Concordium. Furthermore, every transaction in the Concordium network is identifiable and trackable, which will create trust between regulators and the crypto industry.

Concordium has also forged strategic partnerships with both industry and scientific research leaders and institutions. In the field of scientific research, Concordium has partnerships with Aarhus University, ETH Zurich, Indian Institute of Science and Concordium Blockchain Research Center Aarhus.

in totality, concordium Blockchain is leveraging cutting edge technology and a revolutionary concept to change the industry for good.

Image by ar130405 from Pixabay

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.