Concordium AMA Recap by Cryptotech:
Earlier today the Concordium team joined the CRYPTOTECH Community telegram to connect with the community and answer any question they had relating to Concordium mission,tech,proggress on our journey so far, recent updates and our plans moving forward.
Concordium team took park in a particularly exciting AMA session which included introductions with the telegram Community. If you missed the AMA live, have a read through this recap to again some deeper insights into concordium. You also need to know that our AMA this time has a $100 prize in USDT.
Inonk Cryptotech,
Hello @ataraxiaceleste Welcome to our community
Ataraxia Celeste,
Hi @BroInonG
Inonk Cryptotech,
Are you ready to start the AMA?
Ataraxia Celeste,
Can you please make sure that @beniissembert can write
Beni Issembert,
hey there!
Beni Issembert,
happy to be here!
Ataraxia Celeste,
Great! We are good to start now
Inonk Cryptotech,
Hello, welcome to our community
Ataraxia Celeste,
[In reply to Cak Inonk]
Thanks for hosting us today!
Inonk Cryptotech,
Okay, Before I start the first session can you introduce yourself to our community?
Beni Issembert,
[In reply to Ataraxia Celeste]
+1
Beni Issembert,
So my name is Beni. Philosopher of sciences by education (J. Hopkins 2004), storyteller and marketer by reason. In the crypto world since 2012 where I began as a BTC miner. I co-founded Beam Privacy where I was CMO too before I’ve joined Concordium back in 2019. Living in Israel, happily married and proud dad of 2 princesses.
Ataraxia Celeste,
Hi everyone very happy to be here,I saw some great questions on Twitter too.
Okay, let me introduce myself, I am Suhas, I lead Tech Marketing at Concordium. I have always been a strong advocate of free software, open source, open data collaboration models for fintech. I am a Computer Science Engineer by education and have worked with reputed blockchains like Waves, Digibyte, GXChain, Beam in the past. During my time at NASDAQ I worked on protecting Cyber Security Data without losing forensic detail using Blockchain. Encrypting data without impacting integrity of the high volume processing data with the use of Blockchain.
I have been passionately involved in the blockchain industry since 2014.
Inonk Cryptotech,
Thank you for introduce yourself, Your experince will certainly motivate us in the future.
Beni Issembert,
To study philosophy? lol
Inonk Cryptotech:
Okay, In the first session I will give questions about Concordium, if you have give an answer please say "Done".
Beni Issembert,
no prob
First session Project Introduction
- Inonk Casello | Cryptotech Community, Could you please tell us a little about Concordium?
Beni Issembert,
That’s for me!
Beni Issembert,
Concordium is a privacy focused science-based proof-of-stake public blockchain, the first in the world with identification built into the protocol level and designed to meet regulatory requirements. 👌
Beni Issembert,
Concordium is trying to solve the quadrilemma of scalability, security, decentralization, and regulation. We believe it is necessary to solve compliance and regulatory requirements in order to unlock trillions of potential business transactions using blockchain. We believe that Concordium will play a pivotal role in supporting innovation in the Blockchain Industry by making sure that public blockchain is the key driver in this current blockchain landscape which faces many issues.
Beni Issembert,
Concordium consists of the well known reputed , talented figures from the business , science, Technology and blockchain world.
Beni Issembert,
Concordium started by Lars Sier Christensen who comes from the Traditional Financial World, he was one of the first to build Saxo Bank which later spread its presence to many countries across the world. With that he came across many different learnings, which he felt would be advantageous when mixed with the emerging technologies so it’s ready to serve the business and enterprise world.
We are headed by Lone Fønss Schrøder as the CEO who is the Vice chair of Volvo, Director at Ikea and recently even an advisor to NASDAQ listed Service Now .
Torben Pederson is the father of the Pedersen Commitment, one of the most popular cryptographic primitives on which Zero-Knowledge Proofs are built.
Beni Issembert,
Jørgen Hauglund is the CFO of Concordium.
And I am the CMO as you know!
- Inonk Casello | Cryptotech Community,
Can you tell us a bit more about Concordium features and strengths?
Ataraxia Celeste,
Concordium is a privacy-centric, public and permissionless Blockchain, built for businesses. Some of our prominent features are as follows :
- We have regulatory compliance by design, this is extremely important for businesses who need to comply with local laws and regulations.
- We understand that privacy is very important for businesses and hence provide the much needed feature even on a public blockchain .
- Verification of the users’ identity at the protocol level though an ID layer helps cut operational costs and help with identity management .
- Concordium's two layer approach helps with fast transactions and high throughput for global scale. This is important for businesses that deal with a number of transactions on a commercial scale.
- Concordium’s two layer approach helps with provable and fast finality – Finality as a Service (FaaS), which can be used even by blockchains that are built on top of Concordium to use Concordium’s consensus layer giving them a number of technological advantages.
- We believe that the future will be ruled by many different public blockchains and hence believe that it is important to be future-proof via sophisticated interoperability between the many chains which Concordium will support.
- Concordium will provide White Label Production Architecture and Sharding which can be helpful for many businesses that want to provide abstraction of the underlying technology and want to use their own brand.
- Easy-to-deploy smart contracts in Rust which is one of the most popular languages for Smart Contracts that is adopted by new age blockchains like Polkadot , Near , Nervos etc.
And the most important thing, Concordium is going to be fully decentralized , public and permissionless!
- Inonk Casello | Cryptotech Community,
Could you please share us with your milestones and plans for 2021?
Ataraxia Celeste,
Good question.
We have built a strong MVP that will be released alongside our mainnet next month. It means that most of the functionalities are available with mainnet launch.
To list a few of our achievements this year :
- We have successfully prepared to launch both our MVP and our Mainnet in a couple of weeks from now which we are very excited about.
- We have signed a JV agreement with Geely Cars, the strongest car manufacturer in mainland China.
- We have raised around $40m+ in our private rounds and we were oversubscribed.
Maybe Beni can share some more achievements and milestones..Beni Issembert,
And that’s not all. We have launched the DevX initiative with the RustLang community to support Rust Developers.
We have identified and engaged with more than 50 partners to secure the network, from professional node runners, to builders and system integrators.
By this, we are confident that we are delivering what is needed from a pure tech and business point of view to build the Present and support the Future. We leave the Past for our competitors.
And last but not least, we are the proud tech support and sponsor of the #WeToo initiative that fights child abuse and that will host a giganstic music show in Europe with Drake as main star.
For this purpose, Concordium will deploy for free a charity tracking dapp based on our Blockchain and that will be released in open source. What we do, we don’t do it for us, our mission is also to fix the world.
Here is the link to our Technical Roadmap :
https://medium.com/concordium/concordiums-roadmap-f61c546c2d80
The technical Roadmap will show you what we plan to do in the coming days and progress according to the needs of this world.
Second session of From Twitter.
- Inonk Casello | Cryptotech Community,
Q1. Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn? From @wyliezabrina
Beni Issembert,
So at the moment, there is no plan to burn tokens. We’ve built some strong mechanisms to "control" the circulating supply using positive-impact-oriented tactics that will enable token holders to hodl. Plus our strategy is to connect our token life with our product life. In the end of the road, this is a utility token. :)
- Inonk Casello | Cryptotech Community,
Q2. Sometime Plans does not work correctly as what we think. So Is there any backup ready if your roadmap does not go in right direction? From @Kiimchien19
Beni Issembert, [5/28/21, 4:55 PM]
That's very true. And as a veteran in the industry, i can tell that this is happening on a daily basis. That been said, we have created several options that are still on the table and that could be deployed at any moment. But let's not forget, we are not a crypto-currency project, and our way to the top must pass by mainstream usage alongside with trading volume.
- Inonk Casello | Cryptotech Community,
Q3. How does project increase the token’s value, liquidity and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term? From @Underjhonn
Ataraxia Celeste,
We believe that value in this world is obtained by building applications that people will use and those applications need to create a positive impact in the world. Once useful applications are built then people will use those networks and inturn the network effect tends to take place effectively. So the idea is to enable builders with the right kind of tooling , support and encouragement in the form of guidance, grants from the Concordium Foundation and also bridge the need between businesses and technology in the right way.
This will eventually encourage a healthy ecosystem. We beleive value is derived from these kind of activities and this will inturn accelaret the usage and utility.
Regarding liquidity, Businesses and Enterprises means large scale deployments
Ataraxia Celeste,
These kind of activities will surely provide value and confidence to all players in the Concordium Ecosystem and the whole blockchain industry as a whole.
- Inonk Casello | Cryptotech Community,
Q4. What are your ways of scaling and developing your project in such a competitive time. And what are your technological advantages over your competitors? From @brekenkey
Ataraxia Celeste,
We have been preparing for the past few years already. Our scientific research started 3 years ago and all our scientific research is even backed by formal verification. Hence, what you see today is a result of the years of dedicated hard work. Hence, we believe we are on time. Regulation has been the talk everywhere and so is Identity and need for security. I think we have extensively thought of the same and hence, come to the market at the right time with proven technology.
The markets is now more mature even with respect to enterprises when it comes to the way in which they view Blockchain after experimenting with DLT’s. As mentioned before our quiqueness will help us leapfrog in this dynamic industry.
Industrial Revolution 4.0 is very real and we are seeing more mature players stay and the hype fade. So it is now time for building lerge scale deployments that are useful and usable which Concordiumhas the capability to do so.
- Inonk Casello | Cryptotech Community,
Q5. the problem is most people evaluate projects based on their token value, not the technology / features the project has. How can the Founder of Formation add educational value to their investors so that more people understand the value of your project than the price? From @Crypkeres
Beni Issembert,
And you are totally true here. This is why we’ve sold tokens during our private rounds to contributors and not only to retail traders or Crypto VCs.
Beni Issembert,
That said, by releasing our mainnet together with a product including a wallet, node running and smart contracts, I think we’re sending a pretty strong signal to the community. Now, education is the key you are right. You’ll see quite a lot of this kind of actions coming up very soon, beginning with the DevX Initiative that is a free open platform for developers willing to learn, get mentored and funded and contribute to both the ecosystem and Concordium.
The last session was a live Question
- Q1.What are the features that only this project will implement and not other projects ever think to done it?1) Concordium do have an ID layer at the protocol level, and we are the first and the sole to do so.
Answer, Concordium’s innovative identity layer provides on-chain identity, compliance-centric transactions and enhanced privacy for users, while also allowing for the de-anonymization of network participants through appropriate legal channels.
2) Concordium’s two-layer consensus protocol consists of a Nakamoto-style consensus blockchain and a finality layer for fast confirmation of transactions.
Concordium has developed the first provably secure and fast finality layer to run on top of a Nakamoto-Style (NSC) blockchain. This means that a transaction on the Concordium Platform is confirmed and immutable within a short period of time. This is a major advantage over other NSC blockchains, where the finality of a block is only assumed after a large number of subsequent blocks have been produced.
These 2 technologies in particular have never been a part of any other blockchain projects in the past. Concordium is the first blockchain project to implement these futures!
- Q2.How do you plan to promote your project in various countries where English is not well-spoken?
Answer, Do you have a local community so they can better understand your project? Yes, we have a lot of local communities! If we dont have one in your region, feel free to start an unofficial one and let us know about it
- Q3.Things are changing so fast on a daily and weekly basis and it’s very challenging catching up with different chains and their improvements how those your project bridge that gap?
Answer, You are free to test everything. If you find bugs, there’s a bug bounty program in place too.
- Are your smarts contract audited and safe? How secure is your project from investment?was any major vulnerability found during audit?
- Without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?@ataraxiaceleste
@beniissembert - Can you please state what your ROADMAPS will be like for the next few years? And what are some of the important achievements you want to achieve? To advance your token?
- What Concordium uniquely offering for Concordium stakers is there anything special for stakers?
- Can anybody use your marketplace/platform from anywhere in the world? Can anyone participate In the development of this project?
- -Could you give information, about your team structure????
-Are you a crowded team do you have members with different experiences????
