Topic: Concordium Part - 1 (Read 63 times)

Statements About Identity Attributes

New-generation Concordium wallets allow users to store and manage attributes provided by identity providers. Users have control over how and when to present their attribute information to applications. Applications can request a zero-knowledge proof from the user, enabling verification without sharing personal data. For example, users can prove statements like "I am over 18 and reside within the EU" without revealing their personal information.

Concordium uses two types of zero-knowledge proofs: Sigma protocols and Bulletproofs. In the future, SNARKs will also be used. Throughout 2023, Concordium will enhance its identity solution by introducing Web3 ID. With Web3 ID, users can make various claims using verifiable credentials. These credentials, along with on-chain state information, are stored on the Concordium blockchain. Verification depends on the trustworthiness of the providers. Anyone on the platform can be both a holder and a provider.

Concordium:
Regulation Compliance
Concordium is designed to integrate with financial and business systems that know the user's identity. This ensures privacy-focused blockchain usage while complying with local regulations.

Identity Verification and Privacy
The identity layer balances anonymity and accountability. Users' identities are anonymous on-chain, but can be revealed in case of legal demands.

Fast Transactions and Finality
Concordium uses its own BFT consensus protocol to finalize transactions quickly and definitively.

High Uptime
The platform is designed to remain secure and operational even if less than 33% of participants are malicious.

High Scalability
Concordium is developing new scalability mechanisms to support high transaction volumes for global business applications.

Smart Contracts and Token Economy
The WebAssembly-based smart contract core and the native token CCD are used for various transactions and rewards.

Cost and Transparency
Transaction costs are low and fixed. The economic and incentive structure is transparent. Governance will gradually move away from centralization.

Open Source
The main components of the Concordium platform were made open source before the Mainnet launch and are available on GitHub.

Design Overview
The Concordium protocols consist of the following layers:

Network Layer: Comprising peer-to-peer and catch-up layers.
Consensus Layer: Ensures agreement on transactions using an innovative proof-of-stake Byzantine fault tolerance protocol called ConcordiumBFT.
Identity Layer: Defines the processing of user identities and the process for anonymity revocation.
Execution Layer: Enables user interaction with the platform; manages transactions and smart contracts via an API.

    Concordium Identity Layer aims to facilitate the adoption of blockchain technologies in regulatory regimes. This layer allows law enforcement to identify users based on their real-world identities while preserving the privacy of users.
     
    The identity layer consists of three main components:

    Users: Individuals, businesses, or devices that want to create accounts and perform transactions. They cannot create an account without registering with an identity provider.

    Identity Providers: Organizations that verify users' identities and issue verified Concordium identities. Personal identities include information such as name, date of birth, and identification number.

    Anonymity Revokers: Interfaces that allow authorities to reveal users' identities by lifting their anonymity through court orders. Two law firms from Switzerland carry out this process, financed by the foundation.

    Requirements for identity creation:

    Individuals: A photo ID such as a passport or driver's license.
   
    Businesses: Details such as business or LEI numbers, registered addresses, names of managers, and signature authorities.

This identity layer aims to make transactions on the blockchain secure and compliant with regulations.   www.concordium.com