Concordium Blockchain Finishes Testnet with 1,000 Nodes, Raises €10 Million for New Milestones

Concordium platform, which addresses the segment of enterprise blockchains, announced the results of its MVP testing. Also, the project disclosed how many investments it managed to raise for further milestones.

MVP testing is finished, tokensale concluded

According to a press release shared with U.Today, blockchain platform Concordium has successfully finished testing experiments with its minimum viable product (MVP). This stage of testing was dubbed Testnet 4 and onboarded 7,000 accounts in total.

More than 2,300 self-sovereign identities launched on the network in its Testnet 4. Concordium operations were secured by 1,000+ nodes while its wallet was downloaded 3,600 times.

A suite of use cases studied in Testnet 4 included gaming, crowdfunding, time-stamping, and voting tools. The MVP testnet stress tested the smart contracts functionality of all details related to the Concordium ecosystem.

Concordium CEO Lone Fonss Schroder admitted that the developer community met the testing of Concordium MVP with remarkable interest:

The interest of the community, particularly among RustLang developers, has been amazing to witness. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.

Additionally, another €10 million were raised within the framework of a private tokensale. This funding will ensure the further developmental progress of enterprise blockchain Concordium.

Concordium mainnet is scheduled for Q2, 2021

Additionally, Concordium shared the details of its mainnet launch timeframe. According to its team, Concordium mainnet will be activated as soon as Q2, 2020. Post-mainnet roadmaps will be unveiled in the coming days.

Recently, a joint venture between Concordium and Geely Group—renowned automotive producers—was unveiled.

Privacy-focused blockchain Concordium aims to solve the operational issues of modern enterprises with protocol-level ID solutions secured by zk-snarks.