Blockchain Firm Concordium Raises $15 Million in Private Sale

Concordium, a privacy-centric Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, announced yesterday that the company has raised $15 million in a private sale of tokens to expand its development. Concordium is planning to use the funds for the public and permissionless compliance-ready privacy-centric blockchain. The firm recently partnered with Geely Group, a Fortune 500 company, to establish a joint venture.

According to the official announcement, Concordium has completed its MVP Testnet. The recent completion of Testnet 4 saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers and over 3,600 wallet downloads.

Concordium mentioned that the successful completion of the Testnet led to the launch of Concordium smart contracts functionality based on RustLang. The blockchain firm added that a group of selected members participated in stress-testing.

Commenting on the latest announcement, Lone Fonss Schroder, CEO of Concordium, said: “The interest of the community, from RustLang developers, VCs, system integrators, family offices, crypto service providers and private persons has been amazing. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”

Expansion

Concordium highlighted that the company is on course for a Mainnet Mainnet A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c Read this Term launch in the second quarter with a focus to solve the long-standing blockchain-for-enterprise problem. The firm will announce its post-mainnet roadmap in the coming days.

“Concordium will bring its blockchain technology for broad use, which also appeals to enterprises with protocol-level ID protected by zero-knowledge proofs and stable transaction costs to support predictable, fast and secure transactions. Its core scientific team is made up of renowned researchers Dr Torben Pedersen, creator of the Pedersen commitment, and Prof. Ivan Damgard, father of the Merkel-Damgard Construct,” the company mentioned in the press release.

The adoption of blockchain technology has increased substantially during the last few years. The Australian Border Force (ABF) recently launched a trial with Singapore authorities to simplify cross-border trade through blockchain technology.