Konstellation’s Q1 2021 Product Development Update

Over the past few months, we have been working on updates to our products and tech. The following timeline and explanation detail a comprehensive analysis of our Q1 2021 roadmap.

The Konstellation Network Development Q1 2021

Our Dev team at Konstellation has been working on product development updates for the Konstellation Network, and we want to provide the Konstellation Community with an update on our development plans this year. By integrating smart contracts within the Konstellation network, we will be able to help further the DeFi movement and build real-world financial and investment use cases into our network.

One topic that has been of particular interest in the industry is the creation of synthetic assets by staking a native token. The ability to stake to provide a liquid token allows the network to continue to maintain security by significant staking but also allows users to have a liquid token that permits trading of other assets. This behaves very similarly to a collateralized loan. We believe that the existence of a robust token economy depends on the existence of a cost of capital (interest rates) that enables the ability to trade against the illiquidity of staked tokens. The interest will be paid to people who are staking, but not borrowing against the collateral to trade.

Konstellation Testnet

We started Phase 2 of testnet in January 2021, and actually completed Phase 2 by March 22, 2021. We’ll share more specifics on the testnet development in a seperate piece. We have already successfully onboarded ten validators to the Konstellation Testnet. So far the validators have been focused on testing the following functions:

  1. Wallet creation and transactions.
  2. Validator creation process.
  3. Rewards mechanism for validators.
  4. Jail and unjail process for validators.
  5. Delegation functionality (delegating tokens to other nodes).
  6. Token Issuance Module (this module allows you to create your own tokens within the Konstellation Blockchain, send them to users, and freeze, mint, and burn them).

During the Testnet and development process, we have not faced any critical issues, and have only encountered a few minor issues. The following issues were recorded:

  • Incorrect amount of token interpretation during transactions, which caused transaction failure.
  • Some users faced an issue regarding the inability to see their token balance. In these cases, the token balance was present in the system but was not visible to the user.

Both of the issues listed above were quickly resolved by the team. Validators have also successfully submitted reports. For more detailed information on functionality aspects such as staking, validators, delegation, and undelegation, please refer to this link.

Updates on Development:

In order to enable tokens to be issued and swapped we have developed specific smart contracts. The creation of synthetic assets (synthetic tokens), relies on the ability to stake the native token, in this case, DARC, so we have developed smart contracts that make this process possible as well. Smart contracts will provide necessary functionality for Collateralized Assets integration. They will make it possible for users to deploy their own contracts. We have fragmented Collateralized Assets functionality into 2 smart contracts that will cover the following functions:

  • Staking smart contract: will freeze the native token and allow users to mint some amount of synthetic assets.
  • Swapping tokens: will allow users to swap Synthetic assets between each other.

Since Konstellation is part of the Cosmos Network, we must integrate these smart contracts with that Ecosystem’s tech. These Cosmos JS tasks have been completed. In order to provide the highest level of security for staking and trading, we are upgrading DARCwallet into a multi-signature wallet, meaning that it will require more than one private key to sign and send transactions.

We are in the process of designing and developing the Konstellation Explorer which will ultimately give users the ability to browse the smart-contract ledger. Finally, we are working on improving the functionality of the DARC wallet to support smart contracts. Smart contract interactions will make it possible for users to stake, receive and swap synthetic assets through the web wallet.

DARCwallet Updates + ERC20 Integration

During Q1, we have worked on the SWAP functionality between DARC ERC 20 and DARC 24B. We have encountered some difficulties with the swap fees but are currently working to solve the issue and are planning to roll out that feature in Q2.

Next Steps: Q2 2021 and Beyond

As we continue to explore potential exchange partners, we are excited to be providing decentralized finance capabilities to the Konstellation Community and to be able to contribute to the DeFi movement.

In Q2 we plan to proceed with the Collateralized Asset functionality QA on the backend and the typescript library adjustment on the frontend so users are able to utilize Collateralized Asset functionality. We also plan to move forward with Inter Blockchain Communication protocol setup. This protocol has been integrated but is not tied to any blockchain yet, so we plan to proceed with that process. In Q2 we will also proceed with Oracle module integration.

As for DARC, we are working with exchanges such as Uniswap to get listed and are working on a mobile wallet app for all DARC users and holders.

Q3 will be focused on interoperability. We will be integrating VegaX Holdings and DarcMatter with the Konstellation Network.

Comments and questions? Send the team an email here: info@konstellation.tech

To keep up with Konstellation attend one of our scheduled AMAs and follow us on:

Twitter | Facebook | LinkedIn | Telegram (Official) | Telegram (Announcements)|Medium| Kakao | or visit us on https://konstellation.tech

--

--

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
Konstellation Network (DARC)

Konstellation Network (DARC)

4.4K Followers

DARC is the fuel that drives the Konstellation Network, the infrastructure for the interoperable DeFi capital markets.