The need of the hour is new-age smart technologies like blockchain technology and Concordium understands that. It recognizes the fact that enterprises need a trusted public chain with all the benefits of a private one to migrate the global business to blockchain. Concordium is designed to be fast, secure, and cost-effective. Its innovative identity layer provides on-chain identity, compliance-centric transactions, and enhanced privacy for users.
Concordium participated in the European Blockchain Convention 2022 in Barcelona. The three-day event featured more than 100 exceptional industry experts across a variety of panels, keynotes, and workshops. Maria Eisner Pelch, the senior business solutions manager at Concordium, and Kare Kjelstrom, CTO, were among the speakers.
Concordium has a native token called CCD (ConCorDium). The platform describes the token as the medium of incentivization that ensures network participants are rewarded for their efforts. Moreover, the token can be used for a variety of purposes such as payment for the execution of smart contracts and payment through transactions between users. The firm has ensured that transactions on its Concordium Platform are designed to be cost-effective and fast. It outlined that low costs are a function of their proof-of-stake, finalization, and sharding design. There is also an incentive mechanism that prevents excessive charging.
Concordium provides a transparent and easy-to-understand economy and incentive structure. It ensures that all parameters that control the distribution of rewards, the rate of inflation, and the pricing of transactions will be publicly available. Concordium actively monitors and manages the health of its ecosystem.
Being a distributed system, Concordium is made up of multiple nodes which maintain the blockchain by baking and finalizing blocks. Its network layer establishes and manages communication between the nodes, and provides an abstract interface for communication such that protocols do not know the details of the communication protocol. There is also a peer-to-peer layer that manages communication.