Privacy-oriented cryptocurrencies are all of the rage since the early times of cryptocurrencies. The simple assumption of virtually every cryptocurrency out there is standard – Privacy and Anonymity. Still, the cryptocurrency space and blockchain sector as a whole can’t rely on entirely private crypto trades anymore for additional growth. The crypto business has grown too big to continue operating with no regulations. Thus, many regulators have initiated the process to regulate the crypto business, fearing its rising use in the dark web along with other illegal purposes.
Another factor is that the amount of real crypto users and traders far surpasses the amount of participants using cryptocurrencies for dubious purposes. Yet, this little number of poor elements are causing irrecoverable damage to the standing of the whole blockchain business, which will be acting as a roadblock preventing additional adoption of blockchain technology and cryptocurrencies.
Is the crypto industry ready for regulations?
In principle, a large number of both cryptocurrency and blockchain projects may appear prepared for it, but the issue is that a vast majority of them are irregulatable by design. But anonymity has to be dealt with when the crypto business must endure the brute force.
It isn’t as if the cryptocurrency business does not understand that complying with regulatory requirements is impending. In fact, virtually every crypto company knows that it’s about time that the crypto business will have to brace itself for upcoming regulations. Their fear of regulations stems from an unfounded belief that regulations will work as a death knell to the crypto industry. It is far from the truth. The truth is that cryptocurrencies and blockchain technology must be controlled to be part of the global mainstream financial sector. Thus, the time has arrived for the next-level evolution of the blockchain industry.
Sensing the rising requirement for regulations at the blockchain and cryptocurrency business, Concordium began working on creating a regulatable & translucent blockchain three decades back. Finally, they are launching their blockchain as well as the GTU, its native cryptocurrency, to the mainnet on June 9, which means the Concordium system will be accessible to developers from the same date.
“The time has arrived for the blockchain sector to respect the general principles of society.
The public and decentralized blockchain platform Concordium was set in 2018 with a Switzerland-based non-profit base. It is backed by a number of the major business pros and well-known academics. Concordium aims to alter the blockchain sector for great with its cutting-edge technology. To achieve its mission, Concordium has increased $41 million in a $4.45 billion valuation before in 2021.
Unlike the vast majority of other crypto industry participants today, Concordium’s features are a perfect balance of governance, transparency, and privacy.
Trust is a vital aspect in virtually every area and when it comes to Concordium, they have placed trust at the center of all their features. To build trust among its users and meet the requirements of international regulators, Concordium has made trades on its platform identifiable. Hence, it’s possible to get the source of every trade on the Concordium.
What Does Concordium Do Differently?
Utilizing cutting-edge technology and features like Zero-Knowledge-Proofs & built-in user identification, Concordium aims to tackle the current challenges of standard blockchains. In terms of privacy, Concordium users may be certain that Concordium believes their privacy when making trades paramount. Hence, they have made sure that Concordium transactions are encrypted. Concordium additionally makes it possible for the users to verify the identity of the counterparty prior to sending tokens. Not only that, but Concordium additionally makes it possible for authorities to identify the source of trades.
Concordium has assembled strategic relations with both industrial and scientific research institutions and leaders. In the scientific study area, Concordium has built partnerships with a few of the most famous research-based educational institutions like ETH Zurich, Aarhus University, Concordium Blockchain Research centre Aarhus, along with the Indian Institute of Science. Concordium also constructed high-level business relations. Presently, Concordium is being guided by a group of senior company executives and consultants from a variety of domains, such as retail, logistics, automotive, banking. They’re assisting Concordium to start a new chapter in the blockchain industry.