How does a blockchain network grow to a size where it can become the de facto global backbone for transaction logging? We believe a number of contributing factors can be identified and addressed.
First, we believe the Concordium Network will be among the first, if not the first blockchain project with a plan and function/feature list designed 100% around what the market has actually expressed a need for. We have created the design for a network with the functionality and flexibility required to support mainstream business and public sector transactions. We plan for it to be easy to use, private but not anonymous, capable of complying with regulatory requirements, and scalable, secure and robust.
Second, the technological advancements at the Concordium Networks’s core should move us beyond existing blockchain networks’ ability to deliver an underlying infrastructure that is fast, fault tolerant and, crucially, upgradeable. While older blockchain networks are difficult to upgrade after launch, the Concordium Network has future-proofing built in at birth, and our mathematically proven cryptography aims to deliver cast-iron transactional integrity and immutability.
Third, and perhaps most important, is creating and executing a robust go-to-market strategy that brings together the right business skills, development expertise and scientific research to deliver maximal impact. In this regard we intend to deliver the following:
- Network: A blockchain-based network based on state-of-the-art technology and designed from the ground up to deliver on what businesses require vis-à-vis transaction logging and finalization.
- Developers: A developer support program, that helps ensure that users, whether they be individuals, businesses or public sector agencies will have easy access to resources that can help create whatever sort of application they require.
- Tools: A set of tools to help blockchain-based transaction logging become mainstream by delivering flexibility and functionality that makes this technology easy and cost-effective to use.
- Outreach: An outreach program designed to set the ball rolling by actively engaging a number of relevant users––whether they be businesses or public sector agencies––to cooperate on creating use cases and building experience in the use of this nascent technology.
- Standards: The creation of shared standards in a number of areas such as code verification, protocol upgradeability, code libraries and more. A key driver in the rapid growth of the Internet has been the establishment of cooperation to define common standards such as IP, TCP, TLS, DNS, etc. There is no reason the same approach could not work for distributed networks.
Our decision to organize the enterprise as a non-profit foundation has to a large extent been shaped by our understanding of how best to organize resources to create results: the Concordium Foundation will become the focal point for the Concordium Network and spearhead its development.
The Concordium Foundation will work with developers and scientists to create the cryptography and code development required to launch the network and will act as the coordinator and manager of our outreach programs. Furthermore, we have designed the entire incentivation scheme surrounding the Concordium Network on the premise that every action must by necessity lead to continued network growth by continously rewarding behavior that leads to usage and transaction growth.
To facilitate a focused development process the Concordium Foundation has entered into a development agreement with Concordium AG, a software development company set up for the express purpose of developing the Concordium Network as specified by the Concordium Foundation. Likewise, the Concordium Foundation has already made agreements with leading cryptographers and mathematicians to create the initial cryptographic framework for the Concordium Network and subsequently to research and develop science packages aimed at further commercialization of the Concordium Network.
For all of these reasons we believe the value of the Concordium Foundation in delivering a focused, directive and business-oriented thrust cannot be overestimated and in fact the role of instigator and manager of network development has been written into the Concordium Foundation’s mission statement. The Concordium Foundation will strive to ensure strong governance and business focus – something that has often been lacking in other projects.