Concordium

Concordium (CCD) is a public-permissionless Layer 1 blockchain that was launched in 2018. It strives to balance privacy with accountability by embedding encrypted ID into every on-chain transaction, enabling identification at a protocol level. Concordium's primary objective is to aim to simplify the integration of blockchain technology for businesses, with a focus on regulatory compliance. The platform uses zero-knowledge proofs to provide users with full privacy. Concordium's native cryptocurrency, CCD, is used for various purposes such as compensating transaction fees, staking, and as a collateral/settlement medium for Concordium’s DeFi landscape.

Concordium operates using a dual consensus mechanism. On one end, operators, known as bakers, process transactions using a Nakamoto-style Proof-of-Stake mechanism. On the other end, a Byzantine fault tolerant (BFT) agreement among a set of specialized bakers, known as finalizers, is used to finalize transactions. One of Concordium's features is its built-in identity layer, which employs trusted identity issuers to provide users with their self-sovereign identity. The network aims to maintain a balance between user privacy and the need for identification if a legitimate legal issue arises. On-chain transactions are carried out privately using cryptographic means to prove that all participants have been verified without disclosing their identity.

Concordium aims to provide an execution environment for smart contracts and digital financial primitives that may be suited for enterprise users. Some of these features include high throughput with fast finality, low, fixed transaction costs, and a regulated DeFi Lab. Concordium's unique identity layer can be used to create self-sovereign identities, which can be useful in various sectors such as finance, healthcare, and supply chain management. The platform's ability to balance privacy with accountability makes it suitable for businesses that need to comply with regulatory requirements while also benefiting from the advantages of blockchain technology.

Concordium was founded by Lars Seier Christensen, the co-founder and former CEO of the online trading and investment platform Saxo Bank. The project was launched in 2018 with a team that includes leadership from Volvo, IKEA, Credit Suisse, and more. The team behind Concordium includes more than 30 individuals, making up the Foundation Board, the Science Team, the Technical Team, an Operations Team, and an Advisory Board. Notable team members include Professor Ueli Maurer, a senior academic at the Swiss Federal Institute of Technology in Zurich, and Professor Ivan Damgård, the co-inventor of the Merkle-Damgård cryptographic hash. The company has raised funds, partnering with Geely, a global automaker and co-owner of Volvo Cars, Volvo AB, and Daimler.