Blockchain Founders Group and Concordium have entered into a partnership. Concordium is a permissionless Layer 1 that balances privacy with accountability, providing a fast, secure, and high-scale blockchain platform to build a safer tomorrow.
As covered, Concordium is a Layer 1, “science-backed” blockchain, that balances privacy and accountability, “placing a strong emphasis on data security and user-controlled personal information.”
It leverages zero-knowledge proofs “to ensure privacy while utilizing third-party verification services for identity validation, keeping sensitive ID data off-chain and bolstering security.”
This approach positions Concordium “as a public blockchain with private blockchain advantages, offering a high-speed, secure, and highly scalable platform.”
It facilitates the development of use cases and dApps, “ensuring verified IDs, instant finality, high throughput, and low transaction fees pegged to fiat.”
Concordium is the “only” blockchain “with ID ingrained at its protocol layer. The versatility of Concordium Smart Contracts extends across various sectors and industries, encompassing IoT, supply chain, finance, and interoperability solutions between diverse platforms and blockchains.”
Concordium is designed “to prioritize speed, security, and cost-efficiency. CCD, the native token of Concordium, is the payment token that can be used for a variety of purposes on the Concordium platform.”
This includes payment for “the execution of smart contracts, payments between users, and payments for commercial transactions.” A total of 10 billion CCD have been “created in the genesis block, with further creation of CCD possible through the minting process.”
Furthermore, Concordium is “supported by the Concordium Foundation, a non-profit entity aiming to construct the world’s leading open-source, permissionless, and decentralized blockchain.”
By prioritizing the needs of its users and embracing a democratic ethos, “the foundation ensures the continuous development and evolution of the Concordium ecosystem.”
BFG portfolio companies building “on top of Concordium will be able to tap into the various benefits of the platform, including low stable transaction fees, reduced environmental impact, extensive ecosystem support, and fast finalization without rollbacks.”
Transaction costs pegged to the Euro ensure predictability and stability, “driving adoption and facilitating business forecasting.”
The blockchain’s proof of stake mechanism “minimizes environmental impact and maintains a low carbon footprint, aligning with sustainability objectives.”
Through this partnership, BFG and Concordium will “work together to promote the growth of Concordium’s blockchain ecosystem.”
The partnership will benefit BFG’s portfolio companies “interested in building on top of Concordium to have access to the people behind the technology, ensuring them in building various use cases while maintaining safety and trustworthiness.”