What the Concordium Foundation is proposing is the creation of a global, decentralized, publicly accessible, fully secure transaction logging network that can be used by any business to log and act on almost any sort of transaction. The availability of such a network can potentially deliver large savings to many kinds of businesses––cost savings that relate both to gaining access to new possibilities and to saving money on internal infrastructure.
In many ways this is not all that different from what we have witnessed with the rapid growth of the internet––but where the founders of the internet failed to set in place a mechanism that would create an intrinsic economy around using the network transport provided, the whole idea behind the Concordium Network is to create what will in essence become an automated global market place for transaction logging––a resource any user, company, business or public sector agency can tap into in order to run smart contracts and other services––and where doing so leads to considerable efficiency gains and cost savings while at the same time fueling the intrinsic economy of the Concordium Network and creating network growth by rewarding participants for enabling the networks operation.
The Concordium Network is a proof-of-stake-based blockchain network that will be designed from the ground up to deliver a trustworthy and solid foundation for business. It will feature a protocol-layer ID/KYC/AML mechanism that ensures that every user on the network is identified, and that every transaction involves provenance tracking. These features do not prevent the provision of privacy (based on zero-knowledge proofs), but they provide an environment that we believe will be acceptable to regulators, to public institutions, to financial institutions and to “big business,” while solving a number of key issues in blockchain-based transaction logging such as avoiding single points of failure and providing finality in transactions. With this initiative, the Concordium Foundation intends to address and improve various technical aspects of existing blockchains, but most importantly, it aims to provide a blockchain network that delivers a regulatable and compliant transaction logging, transaction settlement and transaction finalization environment while enabling a wide range of powerful and legitimate business applications through use of flexible smart contracts.
In the estimation of the Concordium Foundation and the Concordium team we are at the threshold of a new paradigm in blockchain development––one that will change the overall tenor of the space and leave older blockchains and cryptocurrencies behind in the wake of a new generation of more business-focused projects.
The sheer scale and scope of this opportunity is magnitudes larger than the current cryptocurrency market, which, despite the hype, in reality comprises an industry with a combined market cap smaller than that of Apple or Google.
What drives this potential for change is not, however, what media has dubbed “the disintermediation of the middleman,” but rather the opportunity to instigate what could in essence be the greatest technology and infrastructure outsourcing project the world has ever seen. Think of how cloud computing has already begun changing the landscape of how businesses think about storage and servers and the savings this has led to. Then imagine a world, where businesses large and small begin to realize that a cheap, ubiquitious, secure, robust, unbreakable and fully decentralised infrastructure can in fact deliver on most of their needs for record-keeping and transaction logging and can do so at a fraction of the cost of the systems these functions are being run on today!
The Concordium Foundation’s goal is to make the Concordium Network the world’s first ubiquitous, standardized, easy-to-use and fully compliant blockchain network designed to provide both a solid store of value and the global backbone for keeping track of the world’s transactions.