Konstellation (DARC) to Migrate DARC Token Supply to Binance Chain
Konstellation, a blockchain technical solutions provider based in Korea, officially announces their intent to migrate its existing 1 billion DARC tokens based on the NEM mosaic token protocol to Binance Chain.
The original DARC token was issued on the NEM public blockchain in July 2018. However, due to continual delays associated with the release of NEM’s long-awaited Catapult version of its public blockchain, as well as some internal realignment of the vision for DARC token, the Konstellation team decided to migrate the entire DARC token supply to the Binance Chain by creating a BEP2 version of the DARC token. You can see the token ledger for our BEP2 token, called DARC-24B, here on the Binance Chain explorer.
The Binance Chain infrastructure is purpose-built for performance, liquidity, and ease-of-use. For a project like Konstellation, which is developing a niche blockchain-based ecosystem specifically for the financial services industry, the BEP2 protocol is better aligned with the main goals of the project, namely cross-chain interoperability with a focus on mainstream adoption. Binance Chain is a use-case specific blockchain that enables the seamless creation of on-chain digital assets that can easily integrate with an increasingly decentralized alternative exchange marketplace.
Binance Chain utilizes a combination of Delegated Proof-of-Stake (DPOS) and Practical Byzantine Fault Tolerance (pBFT) to determine who gets to mine each block on Binance Chain. This governance mechanism is an alternative to the energy-intensive Proof-of-Work mechanism used by Bitcoin. Many blockchain developers believe that this Tendermint consensus algorithm removes a lot of the negative points aimed at most blockchain-based methods of determining distributed state.
To transfer value on Binance Chain, tokens must be compatible with the Binance Chain Evolution Proposal 2 (BEP2). BEP2 is a token management set of rules and pre-defined criteria implemented specifically to launch on-chain assets, and nothing else, on Binance Chain. No smart contracts to exploit or anything related to Turing completeness. The new protocol has seen an unprecedented adoption rate. Every day, projects announce the transition of their entire token supply, or a portion of their token supply, to BEP2 from their original mainnet or Ethereum-based (ERC20) implementations. Even Bitcoin, for which Binance released a pegged BEP2 version of last summer, can benefit from the speed, security, and transactional efficiency of this new Cosmos-based blockchain platform. The BEP2 token protocol is certainly giving the previous industry standard ERC20 token protocol a run for its money.
As Konstellation continues to execute on its mission to increase access to life-changing investment opportunities to everyone, the decision was made to reject Turing complete smart contract token protocols in favor of token-specific protocols like BEP2. For the decentralized finance (popularly known as DeFi) ecosystem of the future, security must take precedence over all other considerations. Token protocols specifically built for financial assets, as opposed to those that are Turing complete and could apply to any industry, are much more secure and reliable.
If you are a token holder of the DARC NEM mosaic, we encourage you to swap your tokens out for the new DARC BEP2 token as soon as possible. Trading of the NEM mosaic for DARC will soon cease. After July 26, 2020, Konstellation will no longer support the DARC NEM mosaic. If you have any questions about this token migration, the Konstellation team can be reached on Telegram.
Konstellation is building a robust blockchain ecosystem to support the global financial services industry. Its native utility token, DARC, will power the Konstellation Network, a hybrid public/private blockchain which will allow for (i) blockchain-agnostic creation of digital assets, (ii) the seamless and global blockchain-enabled trusted interaction between critical counterparties and (iii) transparent, secure and, most importantly, compliant interactions with participating financial institutions. Konstellation is the source for financial institutions that want to prepare for the inevitable future in which all types of assets will exist and be recorded on the blockchain. Learn more about us on our website.
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