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About Constellation Network (DAG)
Constellation network is a directed acyclic graph-backed protocol that fosters the development and implementations of powerful business focused applications. It acts as a decentralized framework “that allows everyone to build and conduct business on a blockchain” CRO Benjamin Diggles explained.
Constellation’s proprietary L_0 standard allows independent firms to create their own bespoke state channels equipped with robust business logic, native currencies, and cross-chain capabilities. Projects operating on the network are required to stake DAG tokens to secure bandwidth on the network. The more DAG token’s a state channel stakes, the more throughput they are capable of processing.
Independent state channels are built on top of the Hypergraph, a directed acyclic graph-based ledger capable of operating at near infinite scale and within an environment completely void of transaction fees.
Per project documentation, the Hypergraph is secured via a global network of token-earning nodes who reach consensus according to a novel concept known as Proof of Reputable Observation (PRO).
Billed as an enterprise-focused network, Constellation’s Hypergraph is capable of processing, organizing, and communicating large swaths of ‘big data’. Currently, the protocol is in cahoots with major US auto-manufacturers GM and Ford to develop a common communication standard for autonomous vehicles (AVs). According to Business Wire, “The standard will be instrumental in developing interconnected AVs that share vehicle and environment data.”
Likewise, Constellation is hard at work developing a suite of ledger-based solutions for the US government. In 2019 the protocol began partnering with the Department of Defense and United States Air Force in a bid to improve the aviation branches’ big data management.
The network has a native utility token, DAG, that’s used to reward node operators for securing the network. While transactions on Constellation are fee-less, more complex computations and data processing techniques require users to secure bandwidth from the network with DAG. The token also grants holders the ability to attribute value to their data, creating a decentralized marketplace in which users can monetize their personal information.
October 2020 marked the launch of Constellation’s Lattice Exchange, a cross-chain swap/DeFi platform powered by the Hypergraph and a native token, LTX.
When was DAG created and how much was it worth?
Constellation Labs, the firm tasked with overseeing network development, was created by Benjamin Jorgensen, Benjamin Diggles, Mathias Goldman, and Wyatt Meldman-Floch in 2017.
All four cofounders currently occupy C-suite positions with Jorgensen serving as CEO.
Constellation’s native token, DAG, was released via airdrop in June of 2018 following a private presale which saw the protocol raise nearly $33.7 from a series of industry backers including ChainRock and TLDR Capital.
According to CoinGecko, DAG initially began swapping hands at a price of $0.034 and generally consolidated over its first 3 years of existence before experiencing a near parabolic move up to an ATH of $0.45 in August of 2021. The token’s price has experienced downside pressure since.
Per project documentation, Constellation’s mainnet 2.0 is due to launch via a three-pronged rollout over the second half of 2022.
How is the price of DAG determined?
DAG is a deflationary asset with a hard cap of 3.69 billion tokens. According to an official press release, roughly 730 million tokens –about 19.5% of supply- were sold via private presale in 2018 and subsequently released via a series of airdrops later that year. As of July 2022, there were 2.58 billion DAG in circulation. Remaining supply is set to be dished out as staking rewards to node operators.
Why does DAG have value?
“Existing blockchain technology does not support the speed, scalability, and economic incentive needed to build applications with robust business logic,” Constellation CRO Benjamin Diggles explained to Cyptoslate. The protocol’s DAG-backed Hypergraph is designed to meet and exceed those scalability needs while offering a streamlined development ecosystem tailored towards the creation of business focused state channels.
The network’s ability to process, communicate and manage big data offers a series value proposition as well.
Is DAG secure?
Constellation’s Hypergraph is secured by a global, decentralized network of node operators who achieve consensus through a framework known as proof of reputable observation (PRO). The network is currently entrusted to handle mission critical data on behalf of the US Air Force
What are the main benefits of DAG?
- Constellation DAG backed Hypergraph touts limitless scalability and a transaction environment completely void of fees.
- The protocol L_0 standard fosters the creation of bespoke state channels equipped with robust business logic, native currencies, and cross-chain capabilities.
- The Hypergraph is capable of processing, communicating, and organizing big data at an enterprise/government grade level.
- Constellation is entrusted to handle sensitive data on behalf of the US Air Force and is working with GM and Ford to develop a new communication standard for autonomous vehicles.
What do the critics say about DAG?
It’s still a work in progress. Constellation’s long awaited mainnet 2.0 is yet to be released. It’s due sometime in the latter half of 2022.
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