(a) Problem the project solves

AI agents already transact autonomously but counterparties cannot prove who is accountable behind them, and enterprises cannot adopt agentic workflows without that assurance.

Concordium solves this at the infrastructure level for the agentic economy powered by a purpose-built, compliance-ready blockchain with identity and trust built into the protocol where verified humans and AI agents operate on the same identity layer.

Designed by world-renowned cryptographers and trusted by enterprises, agent networks, and developers worldwide.

(b) Operational priorities

The Concordium Foundation funds development and operations primarily from CCD sales, supplemented by license fees and external funding by way of loans. 10% of all newly minted CCD also flows to Concordium Foundation together with staking income earned on treasury holdings. The Foundation directs resources to core protocol development and maintenance, security and compliance functionality, open-source tooling and developer infrastructure, academic and scientific collaborations including Aarhus University and ETH Zurich, strategic exchange listings, and ecosystem incentives such as grants and partnerships.

(c) High-level project overview

Concordium runs ConcordiumBFT, a Proof-of-Stake consensus based on Jolteon, a state-of-the-art variant of the HotStuff consensus protocol, with fast, fork-free finality in 2 to 4 seconds. It tolerates up to a third of nodes being faulty or malicious, and anyone can run a validator node. For AI agents, that means settlement is final and predictable rather than probabilistic. 

Concordium's defining feature is its protocol-level identity layer. Every account is created through an approved third-party Identity Provider, so every participant, human or AI agent, traces back to a verified real-world identity. Zero-knowledge proofs allow users and agents to prove attributes such as age, residency, or authorisation without personal data ever being written on-chain. Identity disclosure is possible only through a multi-party legal process involving competent authorities, Privacy Guardians, and Identity Providers. This is what allows privacy and accountability to coexist on the same network

The network handles around 2,000 transactions per second with finality in seconds, and fees are pegged near EUR 0.01 so costs stay stable even in volatile markets. That predictability is what makes high-volume agent and machine-to-machine activity practical. Sponsored Transactions can also cover fees so users and agents do not need to hold CCD directly. 

Smart contracts are written in Rust and compiled to WebAssembly (WASM), running on a deterministic, parallel execution layer. Off-chain applications can integrate through Concordium's SDKs and APIs in any language. Builders also get protocol-native primitives like identity and Protocol-Level Tokens without writing their own contracts.

(d) Primary token functions

CCD underpins Concordium’s AI infrastructure and is the native token of the Concordium network. It pays transaction fees for transfers, Agent Registry operations, smart contract calls, and protocol-level token transactions. Transaction fees are low and predictable, referenced in EUR (~€0.01) so costs stay stable even when crypto markets move. It is also staked by validators and delegators to secure the network, used in governance, and serves as a medium of exchange for payments and agent-to agent settlement. Sponsored Transactions let agents operate without holding CCD directly.

(e) Control surface reliance

Three bodies share governance of Concordium. These are the Concordium Foundation, the Governance Committee, and CCD holders. At launch the Foundation was the sole governing entity, and through CCD issuance and distribution governance is shifting toward CCD holders by way of the Governance Committee.

The Foundation Board remains responsible for ensuring the blockchain develops in accordance with the Foundation deed and retains final authority within the governance framework, while the Governance Committee advises on areas such as protocol updates, tokenomics, and decentralization. CCD holders currently elect Governance Committee members through voting in Governance Elections, and the Committee is building a framework to let holders vote on a wider set of decisions. The 2026 GC election concluded in July 2026, adding three new community-elected members.

Labs / DevCo

Foundation

DAO / Onchain Governance

(a) IP ownership & control

No DAO owns or controls Concordium IP. The codebase, brand, and related IP are held within the Concordium Group (the Foundation and its wholly owned subsidiaries) The source code is open-source.

(b) Contract/admin powers

Many protocol parameters are variable on-chain and are changed through governance and protocol updates, covering validator and delegator criteria, the CCD growth rate, transaction fees, and how fees and rewards are distributed. The Governance Committee recommends parameter changes and protocol updates and decides internally by a simple majority of those present, and on a tie all tied options are referred to the Foundation Board. The Foundation Board takes the final decision and retains ultimate authority over whether a proposal satisfies the framework. CCD-holder authority is currently limited to electing Governance Committee members through on-chain votes.

(c) Locked-token rights (conditional)

A CCD holder can become a validator by staking at least 500,000 CCD and running a node, or can delegate CCD to a specific validator pool or to passive delegation. In both cases the tokens remain locked in the holder's own wallet and are never transferred to the validator or any third party; delegation assigns stake weight, not custody. Staking and delegation increase a pool's chance of producing blocks and entitle participants to a share of rewards. Reduced or removed stake is subject to a 7-day cool-down, lowered from 21 days on 30 October 2024. Staking and delegation do not currently grant direct voting control over protocol parameters, which the Governance Committee and Foundation Board administer.

(d) Current tokenholder governance rights and economic arrangements

CCD holders' present governance rights consist of electing members of the Governance Committee in Governance Elections, with voting power proportional to CCD holdings. CCD holders currently have no direct on-chain rights to vote on protocol parameters, treasury actions, or reward allocations, which are administered by the Governance Committee (recommending) and the Foundation Board (deciding);

Economically, CCD holders have no rights over Foundation treasury distributions or revenue beyond the staking and delegation reward mechanism. Holding CCD confers no ownership, voting rights, or equity interest in the Concordium Foundation or its associated entities, and no claim or lien on their property, assets, or revenues. Validators and delegators receive 90% of newly minted CCD and a share of transaction fees, while the Foundation receives 10% of newly minted CCD and 10% of transaction fees.

(e) Control surface reliance

Three bodies share governance of Concordium. These are the Concordium Foundation, the Governance Committee, and CCD holders. At launch the Foundation was the sole governing entity, and through CCD issuance and distribution governance is shifting toward CCD holders by way of the Governance Committee.

The Foundation Board remains responsible for ensuring the blockchain develops in accordance with the Foundation deed and retains final authority within the governance framework, while the Governance Committee advises on areas such as protocol updates, tokenomics, and decentralization. CCD holders currently elect Governance Committee members through voting in Governance Elections, and the Committee is building a framework to let holders vote on a wider set of decisions. The 2026 GC election concluded in July 2026, adding three new community-elected members.

(f) Dissolution authority

No DAO exists, so no DAO dissolution mechanism exists. The Concordium Foundation may be dissolved only for reasons provided by law, with the approval of the regulating authority, through a unanimous decision of the Foundation Board.

(a) Entity

The primary Foundation is Stiftung Concordium, also called the Concordium Foundation, a non-profit foundation incorporated under the laws of Switzerland under articles 80 ff. of the Swiss Civil Code. Its company number is CHE-178.185.601, it was registered on 4 October 2018, and its registered address is St. Andreas 7, 6330 Cham, Switzerland. The Foundation is the issuer and offeror of CCD. Under the MiCA White Paper the entity is marked as not LEI-eligible, and the Swiss company number CHE-178.185.601 serves as its identifier.

(b) IP ownership & control

The Foundation owns and is responsible for components, deliverables, software, and approaches developed by or for it, and may rename the Concordium platform and other technologies or brands it owns, controls, or manages. The Concordium Group consists of the Foundation as parent and Concordium AG, a wholly owned Swiss subsidiary that directly or indirectly through subsidiaries performs all operational tasks because the Foundation has no employees. Concordium AG in turn wholly owns Concordium Research ApS in Denmark and Concordium UK Ltd in the United Kingdom. Concordium Research ApS owns Concordium Software ApS in Denmark.  Funding for operating costs of the Concodium AG are partly provided by the Foundation and partly from external funding, whereas operating costs of Concordium AG’s subsidiaries are primarily provided by Concordium AG on a cost-plus basis.

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

The Foundation Board ensures the blockchain develops in accordance with the public deed and retains final authority within the governance framework, including over whether a Governance Committee proposal may proceed. The Governance Committee advises on protocol updates and tokenomics and recommends on-chain parameter changes, which the Foundation Board approves. The Foundation receives 10% of transaction fees and 10% of newly minted CCD. No DAO entity is part of the Concordium Group or management structure.

(d) Powers over DevCo

The Foundation controls the DevCo directly. Concordium AG is a wholly owned subsidiary of the Foundation, the Foundation Board is responsible for the overall management of the Group, and the boards overlap, with Foundation board member Simone Monnerat also sitting on the Concordium AG board alongside the Group CEO and CFO.

(e) Contract/admin powers

Variable parameters are on-chain and change through governance transactions. The Governance Committee recommends parameter changes and protocol updates, and the Foundation Board holds final authority. Under the Foundation deed the Board is the supreme body of the Foundation, has a quorum when a majority of members are present.

(f) Current economic arrangements and distribution policies

The Foundation receives 10% of transaction fees and 10% of newly minted CCD. As of 31 May 2026 the Foundation held directly and indirectly through CCDs owned by other group members approximately 4.1 billion CCD across all accounts and deposits, representing 28% of total CCD in existence on that date. On the same date, approximately 2.9 billion CCDs were staked.

The Foundation has no material shareholdings, except for shares in its associates and has not raised equity capital. Seier Capital International AG, whose ultimate beneficial owner is Foundation chairman Lars Seier Christensen, has provided occasional funding to the Foundation through CCD sales or loans, and the Foundation discloses this as a managed conflict of interest. 

(Source: MiCA White Paper, Concordium Foundation)

(a) Entity

The primary DevCo is Concordium AG, a company incorporated in Switzerland and wholly owned by the Concordium Foundation. The Foundation has no employees and outsources all operational activity, including IT development, to Concordium AG. Concordium AG operates from the Foundation's location in Cham, Switzerland.

(b) IP ownership & control

Concordium AG performs IT development and operational tasks for the Group, while ownership of the platform IP, code, and brands sits with the Concordium Foundation. Concordium AG wholly owns two subsidiaries, Concordium Research ApS in Denmark, which operates from Copenhagen and Aarhus, and Concordium UK Ltd in the United Kingdom, which operates from London. Operating activities across the Group entities include general management, IT development, financial management, marketing, and commercial development. Concordium Research ApS also owns Concordium Software ApS in Denmark.

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

No DAO entity is part of the Concordium Group or management structure. Concordium AG carries out development and operational work and does not hold independent authority over governance, treasury, or reward parameters. Those sit with the Foundation Board and the Governance Committee. The broader Executive Management Group are also engaged in protocol and tokenomics work through their executive roles.

(d) Powers over Foundation

Concordium AG holds no formal authority over the Foundation, which is its sole owner and manages the Group. Indirect influence exists through defined channels: Group executives participate in strategy-setting alongside the Foundation Board, and board overlap exists via Simone Monnerat who sits on both the Foundation and Concordium AG boards. These channels operate within the governance framework and the Foundation Board retains final authority.

(e) Contract/admin powers

Concordium AG holds no separate on-chain pause, upgrade, or governance-executor authority distinct from the Group governance framework. Protocol parameter changes run through Governance Committee recommendation and Foundation Board approval.

(f) Current economic arrangements and distribution policies

The operating costs of Concordium AG are partly secured by invoicing of various Group related costs to Concordium Foundation, and partly by external funding. The operating costs of subsidiaries to Concordium AG are charged to Concordium AG on a cost-plus basis. No mechanism directs protocol fees, rewards, treasury assets, or token distributions to external equityholders, since the Foundation retains 100% ownership of all entities in the Concordium Group.

Concordium has conducted airdrops. It announced an airdrop of 4,500,000 CCD (0.045% of genesis supply) on 15 December 2021 for users who had downloaded the Concordium wallet by 23:59 CET on 20 December 2021, intended to give users and developers the first CCD needed to interact with the network and deploy smart contracts, with participation requiring several steps including help validating network mechanisms. 

(a) Per-address source 

The airdrop was executed on-chain in December 2021 from Concordium Foundation operational accounts, and every distribution transfer is permanently recorded on the Concordium ledger. The distributing account's transfer history for the period is viewable on the block explorer CCDExplorer at this account (https://ccdexplorer.io/mainnet/account/2258).

A consolidated recipient file is not maintained given the distribution predates current reporting processes and involved several thousand wallets; however, the complete per-address record (recipient and amount for each transfer) is publicly verifiable on-chain at the link above.

(b) Covered user segments and allocation method 

The covered segment was holders who had downloaded and set up the Concordium wallet within the eligibility window. The allocation was a fixed pool of 4,500,000 CCD distributed to qualifying wallet users who had created an account on Concordium.

Concordium has one active market-making arrangement currently, disclosed below. Concordium is currently negotiating one additional market-making arrangement. No agreement has been fully implemented at the time of this disclosure.

Concordium has listing agreements with the centralised exchanges below. For the purposes of listing CCD on exchanges, Concordium predominantly pays listing fees in fiat and marketing fees for distribution to users in CCD. The below table shows a subset of the current major exchanges where CCD is listed and the latest list of exchanges that CCD is listed on can be found on Concordium’s website or CoinGecko / CoinMarketCap.

(a) Date & component affected

Incident 1:

• Date & component affected: 2024-06-16; Concordium Mainnet node software (consensus progression).

Incident 2:

• Date & component affected: 2024-05-23; EVM-side ERC-20 contracts of the third-party Tricorn bridge (Ethereum side; the Concordium side of the bridge was not affected)

(b) Exploit vector summary

Incident 1:

• Exploit vector summary: Not an exploit or attack. A node software bug prevented nodes from correctly tallying timeout messages and creating the required timeout certificate, halting Mainnet block production for approximately nine hours.

Incident 2:

• Exploit vector summary: A hack of the bridge's ERC-20 contracts on the EVM side, operated by third-party bridge provider Boosty Labs.

(c) Quantified impact

Incident 1:

• Quantified impact: No loss of funds. Chain safety was not violated, no rollback was required, and no finalised transactions were reverted. Transactions submitted but not finalised during the downtime may have required resubmission.

Incident 2:

• Quantified impact: Low four-digit USD amount. No impact on the Concordium chain, protocol funds, or the Concordium side of the bridge.

(d) Remediation/response taken

Incident 1:

• Remediation/response taken: A node with corrected tallying logic was deployed and the missing timeout certificate propagated, restoring normal operation at approximately 20:00 CEST the same day. The bug was fixed in node version 6.3.1 and a public post-mortem was published

Incident 2:

• Remediation/response taken: Bridge operations were paused briefly while the issue was fixed. The Concordium and Boosty teams subsequently implemented mitigating measures against similar scenarios.

(e) Current status

Incident 1:

• Current status: Resolved.

Incident 2:

• Current status: Resolved, with mitigations implemented.

(f) References

Incident 1:

• References: Concordium Transparency Report #3 (15 July 2024)

Incident 2:

• References: Concordium Transparency Report #3 (15 July 2024)

(a) Regulatory, Legal & Tax Risks

The Swiss Financial Market Supervisory Authority (FINMA) has classified CCD as a payment token. As issuer of CCD, the Concordium Foundation is treated as a financial intermediary under Swiss anti-money-laundering rules and operates under the supervision of VQF which is a Swiss Self-Regulatory Organisation. CCD was admitted to trading in the EU and EEA under a MiCA white paper notified to the Danish Financial Supervisory Authority on 13 May 2025 and valid from 16 June 2025, with Denmark as home member state and applicable law and jurisdiction in Switzerland at the Cantonal Court of Zug. The white paper records no investor compensation scheme, deposit guarantee scheme, token value protection scheme, or supply adjustment protocol. (Source: MiCA White Paper)

Regulatory classifications are jurisdiction-specific and subject to change. Authorities in Switzerland or other jurisdictions could reinterpret existing law or adopt new requirements resulting in the reclassification of CCD, including as a financial instrument, which could impose licensing, registration, or transfer restrictions. Changes to financial-intermediary, payment-token, listing, or MiCA requirements could affect fundraising, token delivery, exchange availability, and the operating posture of the Foundation and its affiliated entities.

Concordium's protocol-level identity layer requires account creation through approved third-party Identity Providers, with identity disclosure possible only through a multi-party legal process involving authorities, Privacy Guardians, and Identity Providers. This architecture depends on third parties that collect and store personal data off-chain; evolving data protection law (including GDPR), or the withdrawal, failure, or breach of an Identity Provider or Privacy Guardian, could impose additional compliance obligations or disrupt Concordium’s processes.

The MiCA white paper applies no access restriction beyond those required by applicable law, and Concordium has not published tokenholder tax guidance. Tokenholders are responsible for understanding and meeting their own tax obligations under applicable law. (Source: MiCA White Paper)

(b) Protocol, Technology & Security Risks

Concordium relies on ConcordiumBFT proof-of-stake consensus with deterministic finality, a protocol-level identity layer, WebAssembly smart contracts, and open-source code, with protocol and tokenomics changes researched by appointed scientists and academic partners before implementation. Core components have undergone repeated third-party audits: a 2021 Kudelski Security audit of the consensus engine, cryptographic primitives, and node software found no high or medium severity vulnerabilities; a 2025 Kudelski audit of the Concordium Ledger application found no unresolved vulnerabilities; and a grey-box CertiK audit (December 2025 to May 2026, report published 15 May 2026) subjected a live deployment to adversarial testing, including transaction flooding, malformed messages, network partitions, hostile contracts, and a forced live upgrade. Consensus integrity held throughout, with no fork, double-spend, or loss of funds; of 13 findings, ten (including two liveness issues allowing a remote attacker to stall nodes) were fixed and re-verified by CertiK, and three were acknowledged with nothing serious open. The full report is public.

Three incidents illustrate residual risk and how it is managed. A node software bug halted Mainnet block production for approximately nine hours on 16 June 2024; chain safety was never violated, no transactions were reverted, and a public post-mortem was published. On 23 May 2024, an exploit on the EVM side (not the Concordium chain side) of the third-party Tricorn bridge caused a loss of a low four-digit USD amount, with mitigations implemented with the bridge operator. In April 2026, an externally and responsibly disclosed protocol vulnerability, demonstrated on Testnet only, was patched and Mainnet secured within approximately 11 hours of detection, with user funds and ledger integrity preserved throughout and a public incident report issued.

Residual risks remain: smart contract coding errors, consensus partitions or unintended forks, network-level attacks (51%, Sybil, eclipse, denial-of-service), and longer-term advances in computing, including quantum computing, that could weaken cryptographic primitives. Concordium mitigates these through continuous auditing, formal verification, threat modelling, ongoing academic research, and a roadmap of protocol upgrades; vulnerability reports are handled on a coordinated-disclosure basis. These measures reduce but cannot eliminate the risk of undetected vulnerabilities, as the 2026 disclosure demonstrates. To further enhance security measures, Concordium is also in the process of setting up a bug bounty program with a reputable external security firm.

 (Source: MiCA White Paper, Transparency Report, Certik Audit Report, Testnet Incident Report - May 2026)

(c) Token Economics, Unlocks & Incentive Risks

CCD launched with a 10 billion genesis supply, and minting is the only post-genesis creation mechanism, currently at a 4% annual rate with a long-term goal of 2%. Total supply stood at approximately 14.6 billion CCD as of 31st July 2026, with live figures published on CCDscan. Continued inflation dilutes holders who do not stake.

Governance can change tokenomics parameters, including the CCD growth rate, validator criteria, transaction fees, and the distribution of fees and rewards, and such changes has the potential to adversely affect holder economics. Following the first community elections in June 2024, the Governance Committee halved the mint rate from 8% to 4% effective 15 November 2024 and shortened the unstaking cool-down from 21 days to 7 days on 30 October 2024, both in response to community input. Validator and delegator rewards depend on minted CCD, transaction fees, total staked CCD, validator performance, and governance-adjustable parameters such as commissions; a sustained fall in staking participation or transaction volumes could weaken network security.

As of 31 May 2026, the Concordium Foundation held, directly and indirectly through CCDs owned by other group members, approximately 4.1 billion CCD across all accounts and deposits, representing approximately 28% of total CCD in existence. The lock-up schedule established at the 2021 Token Generating Event completed with final releases through July 2025, and no Foundation treasury holdings are currently subject to lock-up or transfer restrictions.

CCD launched with a 10 billion genesis supply, and minting is the only post-genesis creation mechanism, currently at a 4% annual rate with a long-term goal of 2%. Total supply stood at approximately 14.6 billion CCD as of 31st July 2026, with live figures published on CCDscan. Continued inflation dilutes holders who do not stake.

Governance can change tokenomics parameters, including the CCD growth rate, validator criteria, transaction fees, and the distribution of fees and rewards, and such changes has the potential to adversely affect holder economics. Following the first community elections in June 2024, the Governance Committee halved the mint rate from 8% to 4% effective 15 November 2024 and shortened the unstaking cool-down from 21 days to 7 days on 30 October 2024, both in response to community input. Validator and delegator rewards depend on minted CCD, transaction fees, total staked CCD, validator performance, and governance-adjustable parameters such as commissions; a sustained fall in staking participation or transaction volumes could weaken network security.

As of 31 May 2026, the Concordium Foundation held, directly and indirectly through CCDs owned by other group members, approximately 4.1 billion CCD across all accounts and deposits, representing approximately 28% of total CCD in existence. The lock-up schedule established at the 2021 Token Generating Event completed with final releases through July 2025, and no Foundation treasury holdings are currently subject to lock-up or transfer restrictions.

 (Source: Concordium Foundation, Tokenomics Update, Concordium tokenomics)