The Enterprise blockchain platform Concorduim has announced that its Testnet 4 is here, and it is expected to be the last testnet before the launch of the mainnet in Q2 2021. Testnet 4 will reward its users with 15 million GTU tokens in exchange for helping the company to troubleshoot and stress test the platform.
Testnet 3 was a successful venture for both Concorduim and its 3,000 users – who were rewarded with 10 million GTU for their efforts. The tokens for both Testnet 3 and Testnet 4 will be distributed at the launch of the mainnet, which is forecast to happen later this year.
Torben Pryds Pedersen, the CTO at Concordium, commented,
“The introduction of a smart contract layer on Testnet 4 is the culmination of extensive research, development, and testing by the Concordium team and community. Since this is the last iteration of our software before mainnet launch, I invite smart contract developers and Rust developers in particular to participate. The feedback they provide will prove invaluable in ensuring that Concordium realizes its potential to become a best-in-class enterprise network with strong privacy guarantees.”
Concordium Testnet 4 is Here
Anyone who is interested in participating in Concordium’s Testnet 4 can learn more about the platform by visiting the company’s GitHub. The participants will complete actions on the testnet like running a node, deploying smart contracts, and failure testing the system by using bulk actions to attempt and overload the system.
Concordium is working to launch a blockchain that addresses the needs of both its users and the increasing level of regulations for any financial product. The company has created a unique system that stores user KYC data on-chain in an encrypted format, although it can be decrypted if law enforcement officials need access to the data.
In this way, Concordium is crafting a blockchain that serves the purposes of users that need assurances about data security, while opening up the use of the blockchain to financial entities that have to comply with regulations.
Data Security Done Right
In the world of online data, the users are at a disadvantage. When a person trusts their information to a company like Facebook, they have no assurances on how the data will be secured, or what the company may do with it.
Concordium addresses this imbalance by creating a way for users to ensure that their data is kept in a secure format unless very specific conditions are met. No more selling user data, or nasty hacks that leave a user totally vulnerable to identity theft.
Both banking institutions and clients have to comply with a growing body of KYC/AML regulations, and many banks aren’t in the data security business, especially when it comes to client data.
A standardized, public platform like the blockchain that Concordium has created addresses these problems, and gives financial institutions a turn-key solution for transactions and client data protection.
Early movers in the space will likely secure an advantage, or become take over targets.
A Growing Industry
With the rising interest in both digital currencies and Central Bank Digital Currencies (CBDCs), platforms like Concordium may find a waiting market for its high-speed, scalable, and secure blockchain.
Banks will need to have tools like the blockchain that Concordium is working to launch, as new kinds of currency will demand a major shift in banking infrastructure. By lowering costs and boosting transparency, existing banks may be able to thrive in a changing financial environment.
The launch of Testnet 4 is very positive and presents early devs with an opportunity to earn GTU tokens before the wider markets are able to access the token. For more information on Concordium, just click right here to learn about the company, and its goals.