Concordium completes MVP testnet and raises €10 million to fund development – Token And Crypto

Concordium completes MVP testnet and raises €10 million to fund development

  • With high participation, Concordium raises €10 million in a private token sale.
  • The launch of the Concordium mainnet is scheduled for Q2, 2021.

Decentralized enterprise and privacy-focused blockchain Concordium has announced the completion of their MVP testnet. In addition, they have concluded a private token sale and the money raised will be used to accelerate Concordium’s development.

The blockchain has a tentative deployment date for Q2 2021. When leveraging its functionalities companies will be able to take advantage of blockchain technology with identity protocols protected by zero-knowledge proof.

Among the team forming the developers of Concordium are Dr. Torben Pedersen, creator of the Pedersen Commitment, and Professor Ivan Damgård, inventor of the Merkel Damgård Construct. Concurdium’s goal is to “solve the long-standing problem of enterprise blockchain,” according to a press release shared with CNF.

The private token sale saw high participation and managed to raise €10 million. The announcement of the sale directly follows the consolidation of a partnership between Concordium and the Geely Group, a Fortune 500 technology firm.

Through the cooperation, the partners will be able to build services supported by Concordium’s blockchain and created for use by the business sector.

Concordium’s mainnet launch coming soon

The team behind Concordium is focused on deploying the mainnet. With a tentative launch date on the referenced date, they will soon announce a post mainnet roadmap to keep the entire community up to date.

For the time being, it has been confirmed that Concordium’s latest test network 4 recorded 2,300 self-sovereign identities issued, 7,000 accounts created, 1,000 nodes activated, 800 bakers, and 3,600 wallets downloaded. In addition, a selected group of community members were able to test Concordium’s smart contract functionalities in a stress test. Among the functions tested were gaming, crowdfunding, time-stamping, voting, and others. Concordium CEO Lone Fonss Shroder had this to say about

The interest of the community, particularly among RustLang developers, has been amazing to witness. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.

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