Concordium, the blockchain company, will for the first time offer the world access to a safe, transparent, regulatable and sustainable blockchain and cryptocurrency, marking the end of an era of anonymity and distrust that has undermined the development of the industry.
After three years of development, the Concordium Blockchain and its Cryptocurrency, the GTU, will make its Mainnet debut on June 9, a move that for the first time clears the way for any developer or user to access the Concordium platform.
The Concordium platform differs from other industry participants by offering previously unseen guarantees of governance and transparency, without compromising privacy.
Users are identifiable and the provenance of every transaction is trackable, creating trust for users and meeting the needs of global regulators. At the same time, identities can be made available, but only if necessary. “Privacy, but not anonymity” said Lone Fonss Schroder, Concordium’s chief executive.
The company said credible participants in the industry were being damaged by a subset of users that was undermining trust in the technology, delaying broader adoption and hindering businesses and consumers from benefiting from the potential blockchain and cryptocurrency offers.
“The time has come for the blockchain industry to respect the general rules of society. With the launch of Concordium Blockchain, the era of anonymity, opacity and lack of transparency has come to an end,” said Lars Seier Christensen, Concordium’s chairman.
This commitment to a set of modern values for the blockchain and cryptocurrency industry also applies to sustainability. Concordium uses 0.001 percent of the energy required for other leading cryptocurrencies currently available.
Concordium believes focusing on the requirements of developers and companies, taking into account future regulatory rules and doing so sustainably solves the problems that have so far prevented the widespread use of blockchain technology.
“This is the tool that global businesses have been waiting for,” said Ms Fonss Schroder. “This industry needs to realise that without trust and acceptance there is nothing.”
Concordium was founded by a non-profit Swiss foundation and is backed by a select group of respected academics and industry veterans. From its birth in 2018, it has combined the development of its own blockchain and cryptocurrency with a desire to help redefine the values upon which the industry has been associated.
“This is not just an image problem, it’s far more serious,” said Ms Fonss Schroder. “Global business is rules-based. The sooner the blockchain and crypto industry wakes up to the need to play by the rules the sooner the full potential of blockchain will be realised.” The company’s combination of cutting-edge technology and commitment to a global rules-based system has attracted the interest of investors. Earlier this year, it successfully raised over USD 41m from private and strategic sales, and the most recent sales is valuing the company at USD 4.45bn.
Learn more about Concordium Here
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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