General questions

Hi,

I’m currently doing a quick investigation into Concordium to see if it might be suitable for our use case. I have several general questions for a Concordium expert:

  1. As I understand it, the identity system works with Credential Holders and those are expected to be humans. In my use case, the actors are actually not humans but organizations. Is this supported?
  2. What is the current token distribution?
  3. What is the current estimated cost of an economic attack on the PoS system?
  4. Can you list all the organizations that have the power to revoke anonymity?
  5. What is the source and mechanism of the price oracle that determines the CCD price for the purposes of implementing the transaction fee stabilization mechanism.
  6. Is there a chance that the fixed transaction fee will lead to network overloading?
  7. What is the current maximum transaction throughput?
  8. What is the current cost in EUR of a token transfer? Is it the same for private transactions?
  9. What is the ETA for fully private transactions?
  10. Are there plans for private smart contracts (publicly usable, but with hidden users, state, inputs and outputs)?

Thanks for any help!

Hi Felix,

Thanks for reaching out!
Sorry for the long delay, I had to ask a few people to get all the answers.

Let’s get into it:

  1. It is possible for companies to create identities based on their LEI number. However, the process is still a bit cumbersome and manual. We are working on improving the experience for companies.

  2. You can read about the distribution under the “Token Distribution at Launch” header here: https://deck.concordium.com/

  3. Attack cost:

    • You need at least 34% (to stop finalization) and 51% (to take over the network) of all stake.
    • There are currently around 5.5 billion CCD staked (and it’s increasing due to rewards).
    • The current valuation is at 0.5 EUR / CCD.

    Based on this, you can get calculate an estimate for an attack. However, it is not so simple, because acquiring large amounts of CCD will drive the price up, so 5.5 billion * 34% * 0.5 EUR is only a loose lower bound.

  4. We have the following two anonymity revokers in place:

    MLL Meyerlustenberger Lachenal Froriep Ltd
    Schiffbaustrasse 2
    8031 Zurich
    Switzerland
    Phone: +41 58 552 08 00
    Website: http://www.mll-legal.com

    memo.law AG
    St. Andreas 7
    6330 Cham
    Switzerland
    Phone: +41 41 552 77 77
    Webiste: www.memo.law

  5. Transactions on the chain are charged in energy (NRG) and the price in CCD is determined by the two chain-parameters microGTUPerEuro and euroPerEnergy (GTU was recently renamed to CCD, but the parameter-name remains for backward compatibility in the tools).
    We are currently working on a solution to automatically update the microGTUPerEuro parameter based on the market price. We will use the exchanges we are listed on as sources and use some aggregation function to determine the exact amount (fx the median value, but that is still TBD).

  6. Theoretically, yes (that is why Bitcoin uses variable fees), but the hope is that the system has enough capacity. If we should reach the capacity we can
    a) Introduce a variable part for fees,
    b) advance to a sharded version of the blockchain (our science team is working on option b at the moment).

  7. I will paste the answer from our FAQ:

    The Concordium blockchain, with its unique two-layer consensus and finalization mechanism, has tested in the high 300’s of TPS. We are, nevertheless, continuously optimizing and testing the limits of our implementation. The maximum TPS is likely to be higher as we can optimize for this metric, and implementing sharding will increase speeds dramatically.
    It is important to note that TPS is far from a simple metric to calculate as it depends on many factors, such as the number of nodes, the size of the finalization committee, and transaction types, to name a few. In the coming months, we will provide more data about TPS given different network geographies to highlight the performance of our blockchain given discrete parameters. Solely looking at the TPS of a blockchain is a simplistic view as tradeoffs are inevitably made in favor of maximizing TPS, and this fact is essential to any discussion about network throughput.

  8. The current cost is:

    • Regular transfer: ~0.06 euro.
    • Shielded transfer: ~0.8 euro.
  9. From our current roadmap, it is part of our Orion release (shown as Anonymous Transfers with accountability), which does not yet have a release date yet.

  10. Not that I am aware of.

I hope this answered all your questions, and, again, thank you for your interest in Concordium.
Have a great weekend!
/ Kasper