Konstellation 2019 Year in Recap
Dear DARC Community,
I wanted to write to you today and provide a short summary of all that happened during the last year.
2019 proved to be a busy year for Konstellation Korea Ltd. as we refined our vision and pursued multiple initiatives that will bring enormous value to our blockchain-based ecosystem, the Konstellation Network. As our DARC token will serve as the utility token for the Network, we felt that laying this groundwork would have a positive long-term effect on the underlying value of DARC.
While 2019 did not play out in the way we had imagined at the beginning, the team continued to work tirelessly on both technology and strategy. We now feel that we have a sustainable long term strategy in place to drive value into the token and promote adoption of our products throughout the cryptosphere. We look forward to sharing those initiatives with you in the next month or two. But for the purposes of this post, we will discuss the events of 2019.
Significant Project Milestones
- Migration from NEM technology to Cosmos
In 2019, we made the critical, yet difficult, decision to migrate our blockchain technology platform from NEM to Cosmos. As we previously stated, there were multiple variables that went into our thought process which included, most prominently, the critical importance of interoperability.
Last year, we launched the product that will become the primary interface for the Konstellation Network. DARCwallet is our in-house platform that will provide access to the various services that we will roll out during the first half of 2020.
Various projects have taken the approach of tying in different companies in the search for synergy or convincing existing platforms to use their blockchain or technology. While some have been more successful with a pure business development approach, most of the incubation-style labs that fostered many projects at once have failed. We believed it to be a better approach to first seed individual projects one by one in order to create a strong foundation.
As the first concept to come out of Konstellation Venture Studio, VegaX is focused on creating new data feeds and innovative strategies along with products to provide more opportunities to invest in the digital asset sector.
The only institutional investor in blockchain unicorn BitMEX, SOSV, will invest alongside Konstellation Korea Ltd. in the seed round for next-level bitcoin products maker VegaX, the world’s first comprehensive cryptocurrency platform to provide enhanced data feeds and tokenized asset management products using volatility as an asset.
These items are what we consider to be the 2019 highlights for Konstellation. Now let’s move on to the lowlights.
Lessons Learned
- Bad Exchanges
As the community experienced first hand, we were subjected to not 1 but 2 exchanges that were unable to provide any value add service to our token holders. We want to apologize for that experience and please know that we are being very deliberate in our selection of future exchanges. We want to find a “forever home” for DARC traders!
- Delisting
Things got so bad at one of the exchanges in terms of customer service and responsiveness that we made the difficult choice to begin the process of cutting ties with them.
- Delay of New Listings
Given our experience with these first two exchanges and the rapid evolution of the industry, we have made a much more concerted effort in conducting due diligence of potential future exchanges. What we have found in this process is that there are still many exchanges that are quick to promise the world while being woefully inadequate to do so.
In conclusion, we have learned a lot this year. We believe that everything we have learned positions us to achieve even more in 2020. Konstellation and its basket of new initiatives, namely Konstellation Network and VegaX, should bring the DARC token economy to new heights. We will be releasing our 2020 roadmap shortly in a separate post. We have a lot of exciting news coming so stay tuned!
Sincerely,
Sang
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