ZUG, SWITZERLAND / ACCESSWIRE / October 7, 2020 / Concordium, the privacy-centric, enterprise-focused blockchain, has announced the launch of its highly anticipated third testnet. The latest release, which follows two successful testnets launched in April and June 2020, is a vital phase in the project's evolution as it builds towards a mainnet launch. To mark the occasion, an incentive program will accompany the new release.
Concordium Testnet 3 went live on October 6, with several notable upgrades on its predecessors. Among the refinements is the introduction of an anonymity revocation tool, which will enable anonymity revokers to disclose the identity from an account if a court order requests it. Encrypted transactions will also be introduced, with support for sending and receiving shielded amounts. This feature has been added to both the mobile app and the Concordium client.
A zero-knowledge (ZK) proof mechanism will give all parties the ability to validate transactions without knowing the transferred amount. As a result, transactions will enjoy a greater level of privacy than was possible on previous releases. Improvements have also been made to chain visualization and block storage.
In addition to Testnet 3, Concordium has released an important update to its Android mobile app and iOS Concordium ID app. After installing the new version, users will be able to import previously exported files, enabling moving identities and accounts to other mobile devices, and the restoration of backups.
To celebrate its latest milestone, Concordium is inviting testers, developers, and users to compete collectively for a chance to earn up to a total of 10 million GTU, which will be distributed once the mainnet goes live later this year. Participants will be rewarded for helping to secure the network between October 15 and November 26.
To participate, users will have to complete challenges and submit their solutions via Github. To be rewarded , participants must register on Concordium ID, create an account and proceed to an identity check using the Concordium ID issuing system. Users can put the network to the test by running nodes, contributing as ‘bakers,' creating identities and accounts using different environments, and attempting to cheat the system by creating identities with invalid ID documents.
"A great deal of work has gone into our third testnet, and we wanted to incentivize the community to participate right out of the gate," said Concordium CEO Lone Fønss Schrøder. "Over the six-week period, I am sure that we will receive some fascinating contributions from talented testers. Thanks to the generous rewards on offer, these participants will be committed to contribute their best and stress-test the Concordium network, so we can make it stronger together."
Concordium is a next-generation enterprise blockchain and the first with ID built in at the protocol level. Concordium's core features solve the shortcomings of classic blockchains by introducing identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy. Assuring regulatory compliance for payments made on the blockchain, Concordium employs a team of dedicated cryptographers and business experts to further its vision.
For more information please visit: https://concordium.com/
View source version on accesswire.com: