Konstellation Network Will Be Developed on Cosmos
The information in this post was first made public here on AMBcrypto.
After almost 2 years in the NEM ecosystem, we have decided that all future development of our niche financial services ecosystem will occur on Cosmos with Tendermint technology. This mainnet will be called Konstellation Network and DARC will serve as its core utility token. In our current testnet iteration, we are using the robust Cosmos SDK toolkit that serves as the basis for other great Tendermint projects such as Terra, IRISnet, Kava, Binance Chain and the recently announced Aragon Chain. More projects are turning to Tendermint everyday and we felt it was paramount that we join this extremely active ecosystem now.
The Cosmos project is led by the Interchain Foundation and aims to create an “Internet of Blockchains.” Cosmos does not believe in the vertical scalability of blockchain technology. In other words, they disagree with the notion that adding more and more layers to a blockchain network is the best way to support a high number of transactions. Instead, the goal is to provide horizontal scalability via interoperability. By adding new “Hubs” to the Cosmos ecosystem and enabling dapps to create their own application-specific sidechains called “Zones,” scalability can more easily be achieved. Transactions can be recorded on a variety of blockchains, all of which can be rooted in secondary Hubs that ultimately connect to the Cosmos Hub via Cosmos’ unique Inter Blockchain Communication (IBC) mechanism.
The first project to utilize this IBC protocol is Ethermint, which will provide a scalable and interoperable home for Turing-complete smart contracts written in Solidity a full year or more before Ethereum will be able to implement these features itself whenever the long-awaited Casper upgrade arrives. As our business and technical development teams mapped out the vision and future strategy for Konstellation, it became clear that the aspect of interoperability was the most important consideration for choosing a blockchain technology to build on. With Cosmos’ team and its rapidly expanding universe of related projects (at this link, you can find an up-to-date list!), Konstellation becomes a part of a whole world of kindred spirits that are focused on expanding the adoption of blockchain solutions.
The goal of interoperability is to ease the transactions between different blockchains. If you hold Bitcoin and would like to use some of that asset to secure a position in any of a variety of other cryptocurrencies or tokens, we feel that this type of transaction should be something that can easily and quickly be accomplished within 5 minutes. That’s the goal.
We feel that such convenience should be the core motivation behind the decentralized finance (DeFi) movement, where currently there are a lot of great projects but many of them fall short when it comes to user experience (UX). The Cosmos blockchain, secured by its ATOM token, is the best home for this type of development. The fact that Binance has chosen to base its chain on this technology, and also chose Kava as its most recent Binance Launchpad project, underscores this notion.
In our opinion, given the relatively high gas fees on Ethereum (where most defi has been developed) and the smoothness of the UX we’ve seen on Cosmos-based defi projects like Terra, the choice of which blockchain we wanted to build on was clear.
Cosmos is the future of DeFi.
Due to these considerations, Konstellation has decided to transition its entire token supply from the NEM blockchain to a pool of tokens that will exist in the Cosmos ecosystem. Further details about this forthcoming token migration will be provided by the Konstellation team in the near future.
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