Bitcoin was first introduced to the world in 2008 and so far has captured the imaginations of millions of crypto enthusiasts around the world. From 1 cryptocurrency in 2008 to over 10,000 in 2021, the cryptocurrency industry has come a long way. In 2010, Bitcoin’s market capitalization was only $ 170,000, and today it is over $ 618 billion, while the market capitalization of the entire cryptocurrency industry has surpassed $ 1.51 trillion. This dramatic growth has caught the attention of financial regulators around the world.
Due to the growing demand for cryptocurrencies, the authorities are forced to regulate the crypto industry. After all, there are 106 million cryptocurrency users in the world and global financial regulators will want to protect them. But is the crypto industry ready for regulation? Many crypto projects will respond positively. But the truth is, most cryptocurrencies in circulation today are unregulated.
There are no cryptocurrencies and blockchain platforms that can meet the needs of end users, developers and regulators. But finally, the blockchain platform and cryptocurrency enter the scene, filling all the boxes. On June 9, Concordium Blockchain and its proprietary cryptocurrency GTU will debut on the mainnet.
The crypto industry is gaining a bad reputation due to several bad guys using cryptocurrency for illegal purposes. Due to this bad reputation, many users choose not to join the cryptocurrency movement, which negatively affects crypto companies and slows down the growth of the entire industry.
So, it was around the time that the crypto project was meeting the demands of the authorities, developers and end users. Concordium seized the opportunity and started development in 2018.
Speaking about the upcoming launch of the Concordium Blockchain, Lars Seier Christensen, Managing Director of Concordium, said:
“Now is the time for the blockchain industry to adhere to the general rules of society. With the launch of Concordium Blockchain, the era of anonymity, opacity and opacity is over.
What is Concordium?
Founded in 2018, Concordium is a decentralized and resilient public blockchain backed by some of the industry’s most respected veterans and academics. This is the idea of Lars Seier Christensen, who is also known for his experience at Saxo Bank, which he co-founded in 1992. Earlier this year, realizing the high growth potential of Concordium, some of the big investors pledged a combined $ 41 million in Concordium in a private and strategic sale valuing the company at $ 4.45 billion.
Using a unique set of features and technologies, including integrated user authentication and zero knowledge proofs, Concordium guarantees the privacy of its users without anonymity. To ensure confidentiality, Concordium supports encrypted payments. It also allows users to verify the identity of the counterparty before sending them payments. Regulators, on the other hand, can identify the origin of a transaction on the Concordium network. This means that the Concordium hits three targets with a single arrow.
Lone Fonss Schroeder, Managing Director of Concordium, summarizes the highlights of the privacy feature at Concordium, saying “Privacy but not anonymity.” Concordium truly believes that by meeting the demands of regulators, end users and developers, the blockchain industry will soon realize its true potential, leading to widespread adoption of blockchain technology and cryptocurrencies. Concordium developers and users will have access to a fully scalable and transparent blockchain platform from June 9th.
How is the Concordium different?
Unlike other blockchain and cryptocurrency platforms, users don’t have to choose between governance and transparency or privacy when using Concordium. In addition, every transaction on the Concordium network is identifiable and traceable, leading to trust between regulators and the crypto industry.
Concordium has also forged strategic partnerships with industry leaders and research organizations and institutions. In the area of scientific research, Concordium collaborates with Aarhus University, ETH Zurich, Indian Institute of Science and Concordium Blockchain Research Center in Aarhus.
All in all, Concordium uses cutting edge technology and revolutionary concept to change the blockchain industry forever.
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