Identity-Focused Blockchain Project, Concordium, Launches after 3 Years in Development
Concordium, a project deeply rooted in science with an in-built user identification, is launching its mainnet on June 9, as detailed in the recent press release.
Early this year, Concordium raised $41 million through strategic and private sales of its native currency, GTU.
The project also launches after three years of refinement and continuous development. It will also mark the first time where developers and global businesses can access the blockchain.
The mainnet launch will be live-streamed.
Why Concordium is Unique
Concordium distinguishes itself from other projects by offering certain guarantees specific to the blockchain.
For instance, businesses and developers planning to develop will execute all operations transparently without compromising privacy and security.
It also introduces exciting aspects relating to self-governance in an environment where all users are identifiable.
Because of their identify-focus, there is immediate provenance and tracing of all on-chain transactions.
If need be, a user’s identity will be extractable but only if it is necessary.
This way, Concordium, at all times, protects the interest of its users through guaranteed privacy and not necessarily true total anonymity as in the case with anonymity-centric networks.
Commenting, Lars Seier Christensen, the Chairman of Concordium, said:
“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.”
Unlike typical public ledgers, users can quickly build trust among each other, eliminating cases of fraud or blackmail as prevalent in other networks. At the same time, the platform is compliant with the regulator’s requirements.
Regulatory Compliance for Blockchain Adoption
Presently, regulators, especially in the U.S., are formulating laws that require intermediaries, like cryptocurrency exchanges, to comply with AML and KYC rules.
Primarily, their objective is compliance. Out of this, regulators are keen to nab users involved in illegalities like money laundering or tax evasion.
Overly, blockchain adoption has been slowed down because blockchain integrates encrypting technologies, making it hard for regulators to point out people behind transactions.
As such, despite the superiority of blockchain as an emerging technology, there has been resistance from some regulatory quarters, subsequently slowing down adoption.
Considering the disruption of blockchain as a suitable and modern technology and regulatory requirements, Concordium satisfactorily resolves pain points that bog the tech’s adoption.
Related posts:
Source: Read Full Article
