CCDEUR
CCD / Euro
crypto

Concordium is a Layer-1 Proof of Stake permissionless, decentralized, science-backed and sustainable blockchain with an ID layer to ease regulatory compliance. Fast and effective finality with low transaction fees paid in CCD (Concordium's native tokens), and kept stable in EURO terms. The Concordium Platform is an original layer-1 distributed ledger infrastructure developed in a closed environment and made open-source on GitHub before its launch on the Mainnet. The platform is designed into three layers: The network layer, consists of a peer-to-peer and a catchup layer. The peer-to-peer layer is a high-speed protocol for broadcasting messages to all nodes. The catch-up layer is responsible for ensuring that nodes receive all relevant messages. The key task of the layer is to establish and manage communication amongst the nodes. The consensus layer, ensures agreement amongst transactions and orderly recording on the ledger. The layer has a proof-of-stake Nakamoto-style consensus blockchain that uses the longest chain rule. Build on top of the blockchain is a BFT finality layer, and on its top is a sharding layer that improves information flow. The execution layer, is where the users interact with the platform. Using API, users can submit transactions such as transfer between accounts, and deployment and execution of smart contracts. Post submission of a transaction, they are added to the transaction pool where Bakers check the validity of transactions and include valid transactions into the next block. Key components and characteristics of the technology: • The Concordium protocol is open-source, and all of its features are supported by strong academic works in leading global cryptography research centers. Its blockchain in the classical sense is a series of ordered transactions grouped in blocks. The recorded information is agreed on by participants according to the consensus protocol. Blocks are time-stamped and cryptographically linked to each other so that records are immutable and tamper-proof. • Concordium uses an innovative 2-layer consensus protocol. It consists of a Nakamoto-style Proof-of-Stake consensus and a Byzantine Fault Tolerant agreement which ensures fast finalization of blocks. Hence Concordium differentiates from other DLTs by providing the valuable feature of near-immediate confirmation (no risk of roll-back, so no need to wait for a transaction to be embedded under a number of subsequent blocks), without compromising on security. • Concordium supports smart contracts with WebAssembly as on-chain language. Rust and other programming languages can easily be compiled into WebAssembly, which makes the platform adoption-ready for most developers. • The network fees are paid for with the native CCD token and kept stable in terms of Euro. • Using zero-knowledge proofs users can create pseudonyms and thereby act privately on the chain. Also, before transacting on the blockchain, every account on the Concordium network must be linked to a real identity that is verified by "Identity Verifiers". • To ease regulatory compliance, relevant official law-enforcement agencies investigating a suspicious transaction may turn to "Anonymity Revokers" and the Identity Verifier to identify the user behind a given pseudonym and obtain the account details. • Beyond the Mainnet throughput rate, non-capped-scalability is achieved by sharding.