Konstellation Network Q1'2020 Recap: Pushing Through to Q2! 💪🎉

2020 Q1 has been a tough time for everyone around the world and our hearts and prayers go out to everyone that has been affected by the unprecedented pandemic. Additionally, the whole team extends its gratitude to the healthcare workers on the front-lines and all those that are serving essential businesses so that the most critical elements of our everyday lives still stay in motion.

Even through it all we have still been hard at work on the development of the Konstellation Network and our initiatives that will continue to increase the value of DARC with more people using it and decrease the circulating supply! Our work for the first quarter has been focused the following critical elements:

  • Technology development to provide a strong foundation for actual usage and adoption
  • Value add business development and services that will put the DARC token to work
  • Staking rewards to incentivize the community!

We’ve already shared some of the work we have done previously, but there are some new exciting initiatives below that we will be providing more information on soon!

  • Konstellation Testnet Phase 1 — Complete (More information to come on our experience!)
  • Konstellation Testnet Phase 2 — In progress
  • Updated Konstellation Network Whitepaper — Complete (Live on MAY 10th 2020)
  • DARCwallet: Token SWAP functionality implementation — Complete (How to Swap NEM to DARC-24B)
  • Began development work on additional crypto assets support for DARCwallet — In progress
  • Staking and Rewards for the DARC community — Complete (ANN MAY 4th 2020)
  • VegaX Investment from ChinacceleratorComplete (Announcement Live — Chinaccelerator + VegaX!)
  • VegaX Website Launch + Dashboard Update — Complete

In addition to the above, we also wanted to share updated details on the key topics below.

Product Development Update:

As we shared, we have updated Konstellation’s product roadmap on the site. See below for snapshot. In addition to expanding upon these details in the latest whitepaper, we are also sharing key highlights from Q1 below.

  1. DARCwallet’s upgrade now supports DARC swap functionality, and will also include upgrades for staking (🙌) and rewards for our community (🎉). More details to come on May 4th 2020!✅
  2. Konstellation Testnet Phase 1: Complete — We are very excited to announce that we have completed our first step in launching the Konstellation Network with the Testnet Phase 1. We are now entering into the Testnet Phase 2 where we will also be ramping up our efforts with interblockchain-operability. ✅✅
  3. VegaX Initial Product Launch Complete — VegaX is our first initiative to create real world use cases of the #DARC token by introducing a platform for digital asset management. We will be integrating DARC staking as a means to access the products, implementing DARC usage for payment of asset management of fees, and most importantly, utilization of the Konstellation Network to power the blockchain infrastructure for the future of digital asset management! ✅✅✅

Token Distribution, Burn, & Vesting:

DARC: NEM Mosaic

  • 448,667,238.8274 DARC were distributed as part of the token sale.
  • 51,332,761.172595 DARC are the remaining unsold DARC
  • 500,000,000 DARC were allocated as follows:

DARC-24B: BEP-2

  • 1,000,000,000 DARC-24B (BEP-2) were issued as part of the token migration
  • 51,332,761.172595 DARC-24B will be burned to mirror the amount from the DARC (NEM Mosaic)
  • 506,519,360.56 DARC (NEM) has been swapped to DARC-24B or ~50.6% of the total supply!
  • One year of vesting has been completed on August 15th 2019 and the second year of vesting will occur on August 15th 2020.

We will provide a separate update on the vested schedules and balances of the specific allocations in our next update!

Token Updates

  • The Company Reserve has been reallocated to a Network Reserve that will be used for purposes that help the growth of the Konstellation Network and network security. This allocates more DARC to the direct growth and development of the Konstellation Network!
  • When the NEM Mosaic expires, all remaining DARC NEM Mosaic that has not been swapped to DARC-24B will be deemed burned. The same amount of DARC-24B will be burned and decrease the circulating supply even more.

Exchange Updates:

Officially Delisting on Exrates + Continuing to Explore Additional Exchange Partners

First things first: We have made the decision to officially delist off Exrates and we are happy to confirm we have an official delisting date: May 13th, 2020.

For DARC holders that have their DARC on Exrates currently: you MUST withdraw your tokens ASAP. Once the official delisting date is upon us, you will no longer have access to your tokens, neither Exrates nor Konstellation will be able to assist any further. Once you have withdrawn your tokens make sure to swap them to DARC-24B on DARCwallet!

(Reach out in Konstellation’s telegram or via email info@konstellation.tech if you have any issues)

The team is eager to connect with the community via the Founder AMA: May 11th at 10 AM KT on TG!

Send any additional comments or questions for the AMA directly in Konstellation’s TG group or via email: info@konstellation.tech.

As always, thanks for your continued support!

Everyone stay safe!

The Konstellation Team

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store