Concordium Announces Second Public Testnet Launch, Introduces Game-changing Identity Features

By AIT News Desk On Jun 30, 2020

Concordium, has released its second Testnet with an innovative Identity Layer deployed at the protocol level. This release includes among other features, a mobile app that enables users to create, deploy and manage Identity objects using zero-knowledge proofs.

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“Concordium is an upcoming public permissionless blockchain with user identification built-in at the protocol level to meet regulatory requirements. The core of our ID vision is that you can stay private but not anonymous. Compliance is on top of enterprises agenda and our blockchain will fit nicely into their product suites enabling new business models. This is why it is so important for us to invite the public to test our Identity system and stress-test our network,” Lone Fønss Schrøder, Concordium’s CEO.

Concordium’s regulatory-compliance vision becomes particularly important as global regulators are working on extending the anti-money laundering regime to include cryptocurrencies.

“Concordium’s identity layer provides a compliance-centric balance between privacy and accountability, and it solves regulatory issues related to anonymity with permissionless blockchain. Protected by zero-knowledge proofs, a user’s identity is private on-chain, however, this privacy can be revoked and their real identity revealed by trusted parties in response to a valid request from a public authority, via established legal channels. Concordium’s identity layer accommodates identity providers and anonymity revokers based in different jurisdictions around the world. As such, the Concordium Platform offers a global, multi-jurisdictional solution to the adoption of blockchain technologies across regulatory regimes.” says Torben Pryds Pedersen, Concordium’s CTO.

Besides the Identity feature, Concordium Testnet 2 provides a demo Web Wallet, a network dashboard with a block explorer, a node software in a dockerized container and tools for interacting with the container. Furthermore, users can send and receive testnet-GTU tokens and stress-test the transactions’ layer.