Concord (ONE) E-book: How Will Concord Help Crypto Projects Scale?

Concord (ONE) E-book: How Will Concord Help Crypto Projects Scale?

Concord (ONE) is a decentralized blockchain platform designed to optimize scalability and decentralization launched on the Binance Launchpad in Would possibly per chance well 2019; particularly, Concord is designed to keep creating and the use of decentralized purposes on the Ethereum network grand sooner and fee-efficient.

The challenge guarantees to ship:

  • Excessive throughput
  • 2-second transaction finality
  • 100 times lower fees
  • Interoperability with different blockchains

The group oldschool the motto “decentralization at scale,” and acknowledged Concord would strengthen the creation of scalable marketplaces for fungible tokens and non-fungible sources.

Shall we enlighten, DeFi Kingdoms, a fantasy pixel art work sport, is survive the Concord network, which helps keep the assorted sport capabilities fee-efficient. To boot to being a sport, DeFi Kingdoms is a DEX, liquidity pool platform, and NFT market. Many of the sport’s “actions,” such as depositing tokens into an LP, require a network confirmation; Concord helps keep these transactions pennies versus the $10+ of Ethereum’s network fees.

Concord connects Proof-of-Work and Proof-of-Stake chains, helping to glean a multi-chain ecosystem that prevents users from being locked on a single platform. 

The next Concord handbook explores how Concord works, the Concord group, the ONE token, and the blockchain’s plans for 2022. 

How Does Concord (ONE) Work?

Concord affords security, scalability, and decentralization (the “Blockchain Trilemma”) via sharding, the course of of distributing a single dataset all the absolute top map via several databases, which would per chance per chance per chance also additionally be kept on more than one machines. 

Concord’s sharding splits the network into four sections:

  • Validation
  • Transactions
  • Staking
  • Block Creation

Validators aren’t required to make a selection a fats duplicate of Concord’s transaction history. To discontinue hostile assaults, validators are assigned shards randomly, and validators are moved to contemporary shards after every Epoch. 

As of Would possibly per chance well 2022, Concord limits every shard to 250 validator slots, identified as BLS Keys. Here is designed to be scalable to make certain that the blockchain can meet future network ask increases. 

There are four different shards in total. Shard 0 is the Beacon Chain and strikes data between shards 1, 2, and 3. Transactions between every shard have an life like of 2 seconds, with most of the process happening on shard 0. 

Concord operates the use of an Efficient Proof of Stake (EPoS) model. This model is similar to your extinct Proof of Stake (PoS) validator and delegator model. 

Validators can stake ONE tokens to plod a node and course of transactions, and delegators can stake ONE within the again of a validator to designate a percentage of future block rewards and transaction fees. Every validator is assigned shards at random and creates blocks which would per chance per chance per chance be then shared with delegators. 

The distinction between the 2 gadgets is that EPoS makes use of a particular reward system. Mature PoS systems reward delegators essentially based totally on how grand they stake- the more staked, the more earned. With EPoS, validators are penalized for staking too grand in a single node. As an alternative, smaller stakes receive elevated rewards, thus forcing greater validators to decentralize and combating a single level of failure. 

Concord (ONE) Firm Historic past: Concord Founders

Harmony Founder

Concord became based in 2018 by Stephen Tse, who launched a fundraising challenge to glean $18 million USD in April 2019. The challenge caught the attention of high investors such as Consensus Capital and Lemniscap VC and supplied over 2.8 billion ONE tokens, at the same time as 12.6 billion glean been set aside for pre-mining. 

Sooner than founding Concord, Stephen built his reputation with a Ph.D. in cryptographic protocol in 2007, besides founding several tech originate-ups, including Spotsetter and Converse AI; Spotsetter being bought by Apple.

Tse built Concord with several founding participants, including Rongjian Lan, Sahil Dewan, and Prick White. 

Rongjian Lan previously labored as an engineer at Google and published over ten papers on Spatio-temporal querying and plan-essentially based mostly visualization. Rongjian is at the moment the co-chair of ABC Blockchain Foundation and collaborates with over 100 high engineers from Google, Fb, and LinkedIn.

Sahil Dewan is a Harvard Enterprise College graduate and became the president of the blockchain and cryptocurrency club. After graduating, he labored at Draper Dragon Fund and has since informed several blockchain tasks. Sahil additionally based FuturEd, a firm that combines education and technology to abet fund over 100 tutorial institutions in India. 

Prick White is a Stanford College graduate with a Master’s and Undergraduate Level in electrical engineering. He’s coached over 20 groups from 5 continents and labored as a graduate instructing assistant at Stanford, where he researched synthetic intelligence and utilized arithmetic with Prof. Bernard Widrow. 

As of Would possibly per chance well 2022, Stephen stays the CEO of Concord and has since expanded the group to scale the challenge.

What’s ONE? Introducing Concord’s Odd Staking Token

Harmony ONE Price

ONE is Concord protocol’s native token and has three predominant makes use of:

  1. Paying network transaction fees
  2. Vote casting in Concord’s governance 
  3. Staking as a delegator or validator to designate rewards

Every three hundred and sixty five days, 441 million ONE tokens are rewarded to validators for his or her services and products. 

There are roughly 12.08 billion ONE tokens in circulation out of a entire 13,471,114,702. The token has a market cap of $502,803,521 and is ranked within the discontinue 100 excellent cryptocurrencies on the earth. Every ONE token is valued at $0.04, down from an all-time high of $0.37 in October 2021. 

The place Can I take ONE?

Within the occasion you may per chance per chance per chance love to take concord crypto, ONE tokens are on hand on most authorized exchanges such as Coinbase and Binance the use of several fee solutions. 

You may per chance per chance per chance also take ONE the use of a Debit/Credit ranking Card in most nations, nevertheless, as of Would possibly per chance well 2022, Binance isn’t any longer at the moment accepting payments from UK-essentially based mostly cards. 

Ought to this impact you, you’ll be ready to alternate cryptocurrencies such as USDT, BTC, and ETH for ONE. 

What Projects Does Concord Work With?

Concord has already onboarded several high-profile tasks to its ecosystem. Even handed this sort of is Bored Ape Yacht Club (BAYC), in which BAYC NFT holders can import their apes into DeFi Kingdoms the use of a digital passport. 

Bored Ape Yacht Club

Concord additionally performs a extraordinarily crucial characteristic in DeFi Kingdoms (JEWEL), one of essentially the most up-tp-date DeFi video games within the market. DeFi Kingdoms is a fantasy-themed NFT sport where gamers can entire quests, alternate NFTs within the market, and salvage pleasure from lucrative liquidity pool alternatives. 

In July 2021, Concord entered a fats-stack partnership with Terra to preserve mass adoption. The partnership enables Terra (UST) holders to use UST all the absolute top map via DApps right via the Concord blockchain. Despite the contemporary Terra wreck, the collaboration will proceed as planned. 

Despite most productive being based three years ago, these collaborations display veil that the aptitude of both Concord and ONE crypto is acknowledged on a global scale. Nonetheless how grand of an impact can Concord keep on the market? 

The Procedure forward for Concord: Can ONE Revolutionize Cryptocurrency?

Concord affords dApp builders with a stable basis to originate on with scaling alternatives, expeditiously transactions, and security via a different sharding course of. Despite being a lovely contemporary crypto challenge, its glide of 2 seconds per transaction is vastly sooner than better-identified cryptocurrencies such as Ethereum, which takes between 1 to 1.5 hours to finalize payments.

As of Would possibly per chance well 2022, Concord’s ONE token has been one of many fastest-rising cryptocurrencies, with an life like ROI of 1,677% since its listing in Would possibly per chance well 2019. On the opposite hand, despite the incontrovertible truth that it has a stable be conscious story, it’s no longer easy to provide an true Concord crypto designate prediction attributable to contemporary market fluctuations.  

Nonetheless, Concord’s group has a diverse set of successes and experiences within the web2 and web3 industries which makes it a promising cryptocurrency. Concord’s roadmap is frequently updated, and the group educates its imperfect of users with Belief articles on its location.  

Harmony 2022 Roadmap

Concord has hundreds of doable to abet many tasks scale, notably those within the GameFi sector; time will reveal if can ship on its roadmap.

Be taught Extra

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