May 12, 2021

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Constellation Network: Framework for Conducting Business on a Blockchain

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Constellation Network: Framework for Conducting Business on a Blockchain

Constellation Network is a distributed infrastructure that connects the two emerging technologies: Big Data and blockchain.

The network focuses on providing an efficient solution for the biggest challenges that numerous existing systems are considerably struggling with, including the speed, scalability, and DApps economic incentive.

Constellation’s strategic vision lists scalability as one of the platform’s priorities, detailing the various methods that can enhance horizontal scaling and interoperability execution through its distribution network.

It also has a unique tokenomic model that may help it to gain a wide user base. The total supply of $DAG is just 3,67 billion tokens. Once this amount of $DAG is minted, the supply will be totally used up.

In addition, there is a maximum node rewards level of 1.6 billion. All of these factors have contributed to a relatively stable token price up to this point.

What is Constellation?

As its name implies, the Constellation is a group of digital entities that govern different aspects of the platform. Constellation defines itself as a distributed decentralized blockchain powered by a microservices approach and its smart contracts are not set up on the regular ETH blockchain.

In other words, a large application is built as an interoperable system for large and smaller modular services.

Each module will specifically support a different business goal, but they can also communicate with other devices on the same network.

open source platform you can use to create a Blockchain, Cryptocurrency or Decentralized Application
Open source platform you can use to create a Blockchain, Cryptocurrency or Decentralized Application

Constellation aims to create a truly decentralized network based on authorized choice, where users are given the ability to contribute to consensus.

The network, on the other hand, is set to solve problems caused by the limitations of current blockchain technology such as not being fully scalable horizontally, meaning that many existing networks are not powerful enough to allow the addition of users to participate in the network in the future.

In addition, it offers trading systems at a faster speed compared to major platforms currently available, with free transactions using incentives to encourage community development.

What is the purpose of Constellation?

System restrictions, scalability in specific, are among the main problems affecting blockchain advancement today. Since its launch, Constellation has addressed the scalability issue which hinders mass adoption in major names such as BTC or ETH.

The highlight of the project lies in the service modules that consist of the Extended Trust Chain (ETC) module and PoM (Proof of Meme) consensus model.
The system also implements smart contracts as microservices that can be combined using the Java virtual machine (JVM).

The single horizontal approach results in a blockchain platform that ensures high transaction throughput as well as providing customers with a platform to create consumer-grade decentralized applications.

The project’s operational capacity is completely commensurate with the number of customers using the platform at any given time.

Constellation’s original network, called Hypergraph, brings a distributed, scalable, error-avoidance, full node deployment to consumer-level applications while other coins still use a basic smart contract architecture.

Huge Potential for Scalability

Thanks to the partial consensus protocol that the system follows, the native blockchain can scale an infinite number of transactions per second. Therefore, the platform encourages quick transactions while enabling a more secure framework without dependency on a single server.

With the integration and globalization becoming mainstream, the ability to link and interact between blockchain systems is widely applied. Blockchain interoperability is also another area for Constellation to excel, allowing any blockchain to interconnect with each other.

The Constellation is fully mobile compatible. With a purposefully designed architecture, all Constellation nodes can be used in conjunction with any remote device deployed on the platform.

The root nodes contained in the system can double-sign transactions and then broadcast them online. It enables seamless use across mobile devices as well as laptops, PCs, and tablets.

The Constellation ecosystem also offers numerous core services that users can benefit from. The network does not charge any of these fees. Instead, the project uses a reputation-based incentive model to encourage user engagement.

Constellation’s interface is intuitive and can be used by any customer with varying levels of technical know-how.

Product L_0 Standard

The HGTP L_0 token standard is the most unique feature of the Constellation network. The protocol product is formed by Constellation’s Hypergraph Network and HGTP. According to the team’s explanation, it functions as the root layer of all other protocols.

Unlike Layer 1 protocols which exist in most blockchains, the L_0 standard encourages connection between users and a fluent flow across ecosystems. This is what shapes the vision of interconnection between value chains.

Constellation’s next move is focused on the launch of DAG Terminal which allows users to build their own blockchain applications and business on Constellation’s Hypergraph.

Minting cryptocurrency and scaling business models are simplified with the assistance of programmable business logic, rewards, and metrics.

The Hypergraph

The Hypergraph constitutes the first fully digitized economy.

Constellation targets the trusted involvement of individuals and organizations, the objective is to create an infrastructure where blockchain contractors are encouraged to develop a scalable blockchain-based business.

The L_0 standard consensus applies to anyone and users can get the full package of Hypergraph, and Transport Protocol, HGTP, Constellation’s network with speed transactions, protection, especially at no basic layer fees.

It goes without saying that we see the project venture doing well later as the Constellation network is solving the scalability problems inherent in many blockchains today.

Innovative Tokenomics

As mentioned, Constellation allows seamless use across various state channels and nodes. The exchange and interaction are maintained by the Constellation Network’s financial state channel, dubbed $DAG.

Apart from storage utilities like other blockchain systems, $DAG offers a second usable value for tokenized network throughput or bandwidth.

The baseline-limited features will stay open, enabling single transactions to be managed for one-off P2P. When data processing and exchanges significantly increase, the high throughput will be ensured through $DAG micropayments or by contributing resources as a node operator to the network.

The $DAG Token
The $DAG Token

$DAG total supply is limited to 3,67 billion. The supply will be exhausted once this number of $DAG is minted.

There is also a maximum of 1.6B node rewards. Rewards are generated until the reward reaches its cap. $DAG is still in its early development and it is questionable regarding the future prediction. The value of $DAG has remained relatively stable since its inception.

Network participants can purchase $DAG through speculating or trading and use it as peer-to-peer currency. Likewise, node contributors are rewarded with $DAG to participate in hypergraph and consensus.

The Constellation network is securely governed and optimized by consensus. Hypergraph is shaped by the distribution of these nodes.

Individuals or organizations participating in the Constellation protocol can also receive $DAG to build specific entities and L_0 tokens with programming, automatic and immutable functionality.

The Team And Partners

The team behind Constellation consists of young talented developers and experienced entrepreneurs working on their best achievements. The company’s CEO is Brendan Playford; CTO is Wyatt Meldman-Floch; COO is Benjamin Jorgensen; CCO is Altif Brown.

Emily Arth is the project vice president, Zac Russel is the chief marketing officer, Brio Hickey is the vice president of product, Preston Parris is an engineer, Ratul Saha works with statistical models and the participation of many other core team members in the company.

The list of Constellation’s main partners is continuously growing. TLDR Capital, Batshit Crazy Ventures, Connect Capital, Cryptodex, Wachsman, Chainrock, MW Partners, Crypto Bazar, The Bureau, and Shasta Ventures are the big names that joined the force.

To learn more about the project – just click right here!

The post Constellation Network: Framework for Conducting Business on a Blockchain appeared first on Blockonomi.

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