What’s Concord (ONE)? – Bitfinex weblog

What’s Concord (ONE)?

07 December 2022 in Schooling

Given some Ethereum and Bitcoin efficiency limitations, many blockchain initiatives proposed varied options to extend transaction throughput. Some blockchains supplied to exchange Proof-of-Work (PoW) consensus with Proof-of-Stake (PoS) consensus. Others tried to make use of Delegated Proof of Stake (DPoS), the place block proposers are elected by voting moderately than by an on-chain algorithmic course of. Nonetheless, these options couldn’t make important efficiency beneficial properties with out sacrificing different crucial facets, resembling safety and decentralisation. 

The Concord mission was created because the next-generation sharding-based blockchain that ought to be totally scalable, safe, and energy-efficient. The central Concord’s objective is to deal with the issues of present blockchains by combining the very best analysis outcomes and engineering apply in an optimally tuned system.

Concord (ONE)

Concord is a blockchain platform designed to facilitate the creation and use of decentralised purposes (DApps). The community goals to innovate how decentralised purposes work by specializing in random state sharding, which permits the creation of blocks in seconds. Concord is an open and quick blockchain: its mainnet runs Ethereum purposes with 2-second transaction finality and decrease charges.

How Concord Works

Concord’s Quick Byzantine Fault Tolerant (FBFT) consensus protocol, mixed with random state sharding and Boneh–Lynn–Shacham (BLS) constant-sized signatures, permits Concord to extend the velocity of transactions and block era. It’s carried out by means of the database division into shards, which helps to cut back latency, stopping community congestion.

Concurrently, signing transactions with an mixture signature lets Concord scale back communication prices, which, in flip, permits 250 or extra validators to succeed in a consensus in beneath two seconds. For safety functions, Concord makes use of a novel Efficient Proof of Stake (EPoS) mechanism to make sure the community.

Why is Concord Distinctive

With the primary deal with processing velocity and validation, the Concord workforce goals to change block creation. Introducing the sharding course of, they managed to cut back node validation time enormously. In Concord, every shard maintains its personal chain of blocks and state database. Subsequently, the validators of every shard solely have to retailer 1/N of the worldwide state, the place N is the variety of shards. The consistency between states from completely different shards is assured by the property of eventual atomicity of cross-shard transactions, which ensures that double spending between shards can’t occur.

Furthermore, Concord is exclusive within the trustless bridges it has constructed to different chains, enabling confidence to develop and transfer belongings in a multi-chain world. The two-second-finality and fraction-of-a-penny gasoline prices present a world-class expertise for builders, creatives, and degens alike. 

What’s Concord (ONE) Token

Concord (ONE) is the native token for the Concord ecosystem, which helps the financial movement of the whole Concord financial system. It’s used for varied functions, resembling:

  • for staking to safe the community and earn rewards;
  • to pay for transaction charges, gasoline, and storage charges;
  • for on-chain governance.

Additionally, you may commerce ONE token in varied cryptocurrency markets and attempt to make a revenue on the distinction in shopping for and promoting costs.

One Tokenomics 

The Concord (ONE) tokenomics units a continuing annual reward fee of 441M ONE for the Concord community. The full issuance throughout the community will stay the identical whatever the common block time and staking ratio. The reward is outlined because the sum of block rewards plus transaction charges. It signifies that transaction charges will offset new token issuance because the community beneficial properties adoption.

This modification from the unique mannequin goals to realize a better staking ratio, simplify the mannequin, and create a path to zero issuance, all of which the workforce believes will deliver long-term advantages for Concord.

Concord Roadmap

Q3 2022:

  • Quick streaming Sync; 
  • State pruning; 
  • Cosmos bridge; 
  • Cross-shard transactions; 
  • Decentralized community

This fall 2022:

  • 1-Second Finality; 
  • Decentralized ops; 
  • zkSync rollups; 
  • Non-public authentication; 
  • ONE annual convention.

Concord Workforce

Concord was based in 2018 by Stephen Ste, who’s now the Chief Government Officer (CEO) of the mission and a workforce of entrepreneurs having complete expertise and information within the blockchain sphere. The workforce has grown and diversified since 2018, so these days, there are greater than 25 core workforce members and over 100 further fellows and contributors.

Concord Companions

How one can purchase ONE on Bitfinex

How one can purchase ONE with crypto

1. Log in to your Bitfinex account or signal as much as create one.

2. Go to the Deposit web page.

3. Within the Cryptocurrencies part, select the crypto you intend to purchase ONE with and generate a deposit handle on the Change pockets.

4. Ship the crypto to the generated deposit handle.

5. As soon as the funds arrive in your pockets, you may commerce them for ONE. Learn to commerce on Bitfinex right here.

How one can purchase ONE with fiat

1. Log in to your Bitfinex account or signal as much as create one.

2. You might want to get full verification to have the ability to deposit fiat to your Bitfinex account. Study completely different verification ranges right here.

3. On the Deposit web page, beneath the Financial institution Wire menu, select the fiat foreign money of your deposit. There’s a minimal quantity for fiat deposits on Bitfinex; study extra right here.

4. Test your Bitfinex registered e mail for the wire particulars.

5. Ship the funds.

6. As soon as the funds arrive in your pockets, you need to use them to purchase ONE.

Additionally, we now have Bitfinex on cell, so you may simply purchase ONE foreign money whereas on-the-go.

[AppStore]  [Google Play]

Concord Group Channels

Youtube | Instagram | Twitter | Telegram | Discord | Medium | LinkedIn | Fb | Reddit

https://weblog.bitfinex.com/schooling/what-is-harmony-one/

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *