Constellation Network, How Blockchain and Big Data is Reshaping Our World
With the power of technology, our world is rapidly growing faster and faster. From how we gather information, to how we apply newfound information to utilize. The power of data and information have changed all of that. Data has exponentially grown into one of our strongest assets. As of 2021, we are creating about 2.1 exabytes of data a day. One exabyte equates to 1 million terabyte. By 2025 we are expected to generate 175 thousand exabytes of data per day. From the development of IOT, AI, all the way to medical and scientific information. That is a LOT of sensitive information.
Constellation is an open source and distributed infrastructure layer 0 to build and create blockchains, cryptocurrencies, and even wallets on. Their mission being to onboard and attract blockchain entrepreneurs along with connecting the emerging technology sectors of blockchain and data. With data becoming more and more of an essential part towards our everyday lives, we need the ability to move data around in a manner where security is a priority as lost or breached data can pose significant dangers, while also scaling to the speed of having near instant settlements even through millions of transactions as some decisions made through implementing given data have to be made within split seconds.
Along with providing a secure, scalable and decentralized ecosystem for data to be shared and monetized. Constellation has built out a Layer 0 network where anyone can create their own blockchain and cryptocurrencies for their businesses without needing the knowledge of coding languages. Constellation provides developers who want to build upon the ecosystem the tools required such as an end to end business toolkit with integrated developer tools and open source developer tools.
Our data has become one of our strongest assets, yet the security of data is one of its most vulnerable points. The current data and security industry has grown exponentially in the past 10 years, yet there is still much more room for improvement, as bad data has cost industries in the hundreds of billions annually. Along with the potential human dangers of bad or faulty data inputs in machinery and engineering. Constellation sees this issue and aims to be the solution with their distributed ledger technology to connect, secure, validate and distribute one of our most valuable resources in our modern world.
With the pace the digital and technological world is rapidly growing at, newer technologies such as; IOT, artificial intelligence, and the growth of autonomous products. The thing that allows these ideas to come to life is thanks to the data implemented into them. By 2025 the estimated amount of daily data produced globally will be around 463 exabytes, that’s a lot of data to store. Constellation decides to scale through this issue by forgoing the traditional blockchain route, and using a directed acyclic graph which is able to fully scale horizontally, meaning the more users on the network the more it grows in strength. Constellation has named their acyclic graph “Hypergraph”, this is the network their $DAG tokens will be transferred upon. Constellation uses an interesting and original consensus named “Proof of Meme”, whereas Hypergraph utilizes a “Proof of Reputable Observation” where transactions will be near instant and feeless, as each transaction will be validated by statechannels. As we inevitably create more data through time, we also become more and more reliant on this new source of information. With futuristic ideas such as machine learning, IOT, and artificial intelligence and the autonomy of everything not too far away. Constellation understands that the data generated to power this process will need to be optimized from where it currently stands.
By building a ecosystem in which every point of data is connected together, Constellation is able to hypothetically connect all autonomous vehicles together with traffic lights, while using variable data for things like the weather to allow for vehicles to send information from one to another when executing actions such as merges, or waiting for their turn to go at stops. While connecting all autonomous vehicles together may seem like a large task, Constellation has already co-authorised the standard for autonomous vehicles through their DLT for secure and fast data communication; they plan to connect the technology and data provided in cities. Government agencies have to deal with substantial amounts of new data flowing in everyday and are invested in existing data management systems which are not only centralized systems but lack the speed to validate and assort their data provided for the quick decisions required in this sector without significant risk of a security breach. As these systems are already struggling to keep up with the current amount of data produced, it wouldn’t be an exaggeration to assume that as we continue producing more data these systems will not be able to keep up in terms of scalability whatsoever.
Constellation has also geared some of their products to attract future entrepreneurs in this space through their product HyperCube, which will allow users to create their own Layer 0 Standard, anyone will be able to build out ecosystems for businesses blockchains and cryptocurrencies along with validating data schemes, though $DAG will still be required within the created networks. As there are many tokens in crypto that currently serve no purpose or real utility, the Layer 0 standard allows for holders of Layer 0 tokens to understand the utility and business mechanics behind each token, with possibilities such as dividends, or voting rights to business decisions. Examples of projects currently built out on Constellation Network include Lattice Exchange and Alkimi Exchange.
Life moves fast, one second can be the difference between life and death, or rags to riches. Constellation has built their network to have instant settlements for data transactions through their connected network, as they understand every second matters, especially when data will be utilized for large tasks such as autonomous vehicles, where one late or missing input could result in a fatal crash, or a production industry in which slow or incorrect data inputs could cost the firm billions in profit. By integrating the speed and scalability Constellation Network brings into our every day data, efficiencies in production, time management and unnecessary labour would greatly benefit.
Constellation’s team is based in San Francisco, led by CEO and cofounder, Ben Jorgenson, an American entrepreneur who also helped co-found the Lattice exchange, a decentralized exchange built on top of Constellation which users can transact between all main blockchains. Ben has had previous experience with multiple startups such as OHSO.TV, Klick Plush and two startups centered around providing the highest quality meats, specifically Wagyu. Wyatt Meldman-Floch, the CTO is the creator of Hypergraph network for $DAG, along with also being co-founder of the Lattice exchange. Prior to joining Constellation, Wyatt had worked within the software engineering industry for over 7 years. Benjamin Diggles is Constellations CSO and responsible for all government and enterprise engagements, along with being another founding member of the Lattice Exchange, Benjamin has previously worked within big name companies such as WebTrends, Oracle and Disney. Mathias Goldmann, the COO is also a co-founder of both Constellation and the Lattice exchange and has previously worked in the finance industry with institutions such as European Central Bank, Freudenberg Group and PWC.
Aside from the chief officers, Constellation also has a strong team of advisors, designers, managers, and engineers. Anna Dimitrova, the Technical PM, has previous experience within developer industry before her time at Constellation with feats such as working as a software developer and software engineer for over6 years before beginning her position as Technical PM for the Lattice exchange. Altif Brown, is also another founding member of Constellation Network and serves as the CCO along with an advisory board member, with previous experience working within management and sales.
The tokenomics for the $DAG token begin with being a tokenized fraction of bandwidth on the network. While peer-to-peer transactions will remain fee-less and free, big data transactions will require more throughput through either $DAG micropayments, or contributing as a node operator to the network. The $DAG token will also work as governance to authorize correct data to the correct entities, along with being the medium of exchange on the HGTP network.
Constellation aims to create a decentralized marketplace for the entire data industry, with the goal for entrepreneurs and corporations to monetize their data. Constellation’s network is composed of multiple $DAG nodes, state channels and hybrid nodes. State channels are able to license their data to other network users, either via payment through $DAG or throughput allowance for running as a node operator. Hybrid nodes will allow for exchange of license. Constellation has built much of their framework around microservices, meaning as the network grows in adoption, there will be different use cases built for hybrid notes to perform, such as cross chain liquidity. While $DAG that bridges the data, currency values and state channels into the ecosystem.
Currently $DAG has a circulating supply of about 2.45 billion at the time, with current total supply around 3.7 billion. The token was launched in 2017 and saw a private sale of $35.2 million for 756 million $DAG. During June of 2019, the founders of Constellation decided to burn all of their tokens as a gesture of loyalty and goodwill, resulting in 288 million $DAG being burnt.
Perhaps the biggest difference Constellation has over its data ecosystem competitors would be the fact that they are partnered with the US Air Force to provide them secure blockchain security for data sharing. Previously a Phase 1 contract between the two, is now in Phase 2, meaning this partnership is now in full effect.
From the USAF:
“The unique Constellation Blockchain for Big Data technology has significant potential to help Air Force cyber security and the 618 Air Operations Center (AOC) with commercial partners mission transaction interactions verifications by mitigating security risks of attack points like servers, cloud storage and centrally hosted access control systems that are either exposed to hacking and/or spoofing activities. The foreseeable result would successfully thwart spoofing attacks from intercepting and replacing an existing data stream with a data stream from a hostile agent or adding fraudulent information to the existing data stream.”
With the potential to be be a part in the development of autonomous vehicles, Constellation and MOBI have decided to form a partnership to assist in building the future infrastructure for autonomous vehicles. Through the speed and scalability Constellation has created in their network, and the amount of real time and correct data required for this task. The two are working together to build the appropriate network to best execute their vision.
Some other notable partners of Constellation include; the Lattice Exchange which bridges all native blockchains and was founded by many of the Constellation members as Constellations Layer0 Standard was used to build. This partnership brings HGTP and state channels to be utilized for transparent transactions on the centralized exchange, along with working together to build a path for tokens minted on Constellation to list onto LCX in a regulatory manner.
Splunk is an American tech giant that is publicly traded on the NASDAQ, this partnership will enable JADC2 which means “joint all domain command and control”, or the movement between systems, servers, clouds, to vendors and agencies. Quant Network is one of their crypto project partners in which their plan is to provide faultless security and interoperability for IOT and data between different systems for things such as connecting cities or the future of autonomous vehicles. Chainlink is also another popular crypto company partnered with Constellation. Constellation Network runs a Chainlink node in order to provide smart contracts with real data info from their own clients, providing authorized data streaming.
The potential for Constellation ranges as far as the size of the market for data that we create. The current big data market is at about $65 billion in 2021 and continues to grow exponentially. With the understanding of the importance of the security and scalability of how our data is stored and transferred, Constellation could one day be at the forefront of this industry. With the likes of the USAF working with Constellation to store and transact their data already, it is very likely other large powerful entities could soon follow.
The utility of Hypergraph and Hypercube, brings the potential to attract new clients, doesn’t just stop at entities with valuable data, but also entrepreneurs working within this sector that wish to build new startup projects. With the ability of HyperGraph, institutions could program private blockchains for their businesses while having public blockchains for clients. As Constellation’s network grows in size and adoption, the network also grows in terms of scalability and speed. All these features together gives Constellation a very good chance towards becoming the network in which private data will be kept in the most secure manner possible, while public data can be transacted similar to a marketplace. We could potentially see many more large private entities, governments and big data companies working and building on Constellation in the future.
In this modern world where technology has been integrated to every part of our daily lives, with 44,000 exabytes created in 2020 alone and an expected growth of 10x by 2030. Constellation understands there will need to be a scalable, secure and decentralized network where users are able to create, send, receive and monetize their strongest asset, data.
*None of the information listed is financial or investment advice and should only be taken as entertainment or educational as I’m not a financial advisor*
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