The current global market has become unreliable and volatile, which has led investors to trust cryptocurrencies less and less. In addition, the current crypto market is insufficiently regulated and will have to become more secure to regain the trust of investors. Concordium‘s new technology aims to improve identification, trust, transparency and verifiability, thereby ensuring security and confidence in transactions.
After a dramatic plunge, the stock market is still in recovery mode after the worst losses on Wall Street since June 2020. Last week, the Nasdaq fell further for the seventh week in a row and the tech industry experienced its longest value decline in 21 years. Not since 2001, when the dot.com bubble burst, have tech companies fallen so sharply.
Inflation, rising interest rates, the war in Ukraine and pandemics are the underlying causes of a volatile market. It is a stressful time for investors in technology and growth stocks, especially after the historic rallies of recent years.
The current market needs more investors, but those that do are risk-averse, lack confidence in future market conditions and are afraid of losing their money in an already volatile market and return on investment. In addition, there is the fear of hackers and there is still too little regulation with which to be accountable.
What the market needs right now is an incentive for investors to re-enter the market. You should be able to persuade investors to put their money into cryptocurrency as a safe investment right now.
To achieve this, the cryptocurrency market must first be better regulated. Experienced crypto traders already feel safe to invest in them, but non-crypto experts and institutional investors remain wary because this new market is not yet regulated.
In an article on CNBC, MicroStrategy co-founder and CEO Michael Saylor endorsed this sentiment, saying that stricter crypto regulations from the government would be a positive catalyst for bitcoin. “Additional regulatory clarity from the [Biden] administration will benefit bitcoin and accelerate institutional adoption,” Saylor said.
Most blockchains still provide unclear anonymity guarantees, leading users to believe they are anonymous while their actions can still be traced back to them.
Integrated ID layer
The integrated ID layer of the Concordium blockchain solves the above problems of accountability, trust and transparency and provides a secure environment for professional applications.
The company has built a unique ID mechanism that guarantees privacy but allows every transaction to be monitored. The principle is based on the premise that there is a greater need for authentication and that this will lead to greater user accountability and trust.
Concordium wants to encourage users to think before they do anything online, knowing that they can be held responsible for their actions. This is one of Concordium’s key differentiators: it offers users a balance between privacy, freedom and responsibility. Concordium gives users the power to develop, build and operate responsibly, securely and compliantly.
Users will benefit from privacy because Concordium applies the zero-knowledge proof (ZKP) protocol so that personal data remains only with them and the identity verification provider. As a result, all transactions are completely private and protected unless the system is abused. If a court deems it necessary, independent third parties can identify any unlawful actions and ensure that those responsible are held accountable.
Discover more about Concordium on Medium or their Discord
Or check this explainer video