DAG meaning in Cryptocurrency ?
Answer: What Is Constellation (DAG)?
Constellation (DAG) is a protocol that uses a directed acyclic graph architecture to achieve a consensus that is, in theory, is capable of infinite scalability. With the DAG protocol and custom state channels, Constellation is driving the evolution of smart contracts by allowing data sources to be integrated into distributed ledger technology (DLT).
The company was launched in 2017 and the DAG roadmap dates back to April 2018. When developing the project, the founding team decided to rethink the usual solutions to many of the problems for existing blockchains, such as scalability and centralization. Constellation is designed to enable the secure processing of big data, offering the ability to connect to external datasets through easy-to-use APIs. Its technology is facilitated by a change in the principle of building consensus via a serverless architecture.
Who Are the Founders of Constellation?Constellation Labs (CST) was co-founded by four people: Benjamin Jorgensen, Benjamin Diggles, Mathias Goldmann and Wyatt Meldman-Floch.
Benjamin J. Jorgensen is CEO at Constellation Labs. Previously, he was the founding CEO of Klick Push and is also one of the co-owners of MZ Dining Group (Ittoryu Gozu) and the owner of A5 Meats.
Benjamin Diggles is chief revenue officer (CRO) at Constellation. He’s in charge of liaising with governments and enterprises and is also responsible for consortia programs and the implementation of Constellation’s global partnership strategy. Prior to his role at Constellation Labs, Diggles worked for Oracle, Universal Pictures and Disney.
Mathias Goldmann is chief operations officer (COO) of Constellation. Goldmann has previously worked for the European Central Bank and PricewaterhouseCoopers and, in October 2017, became part of Constellation Labs as VP of Finance. Now, as COO, he oversees the development and implementation of business operations. He also sets the policy for the development of Constellation’s corporate culture and vision.
Wyatt Meldman-Floch is chief technology officer (CTO) at Constellation, who developed the Constellation protocol from scratch. Meldman-Floch was an intern and researcher at NASA Ames Research Center and has also worked at companies that include Zignal Labs and Rally Health.
What Makes Constellation Unique?Constellation (DAG)’s mission is to process big data with maximum scalability, easy integration, low transaction fees and high levels of security. Constellation aims to efficiently process huge datasets in a secure and cost-effective manner.
The Constellation protocol seeks to resolve the persistent challenge of scalability in the blockchain space. The key difference of the project is a capacity to scale in proportion to the number of users and current needs. If a user joins Constellation, the network bandwidth increases in direct proportion.
Constellation uses a consensus model called proof-of-meme (PoM), which is based on the principle of rewarding and selecting nodes with good reputations.
On the Constellation Network, smart contracts run on a Java Virtual Machine (JVM). These contracts serve a similar function to smart contracts on the Ethereum (ETH) blockchain but their logic is somewhat more complex.
In June 2018, the creators of Constellation launched Orion, which allows the community to earn DAG tokens to participate in various Constellation events. The community’s goal is to gather information and content from the web into a single central hub.
The Constellation Network’s architecture consists of several components, including:
Stars. A basic element for direct interaction between the web and users, which is compatible with mobile devices. All transactions are carried out through this component.Star Cluster. Required to participate in the consensus. Each Star Cluster forms local hash blocks, which are processed like ordinary transactions and hashed by Galaxies and Black Holes.Galaxies. These are isomorphic and behave like validators. Galaxies dedicate resources to Stars and maintain nodes’ reputations. Galaxy metadata is collected in Black Holes and the network's blockchain history is stored in Galaxies.Black Holes. These are groups of hashed blocks.To summarize its key features: Constellation is focused on big data validation, big data notarization and scalable interoperability.
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How Many Constellation (DAG) Coins Are There in Circulation?Constellation (DAG) is the native token of the Constellation Network. As of October 2021, the total supply is limited to 3.71 billion tokens, with 1.27 billion in circulation. The DAG token ICO ended on June 15, 2018.
DAG was created as an ERC-20 token, which offers seamless communication between government channels and nodes and connects multiple network components.
In addition, Constellation’s developers have launched a native crypto wallet called Molly, which is designed to enhance user experience.
How Is the Constellation Network Secured?In what can be taken as a testament to its security, Constellation (DAG) and the U.S. Air Force signed a deal in summer 2019 to automate the latter’s big data management. Constellation built on this further in the summer of 2021 and will now provide end-to-end security for communications between the U.S. Department of Defense and its commercial partners.
In terms of technology, Constellation cooperated with Kinnami Software to leverage its Hypergraph Transfer Protocol in order to create a robust, data security product based on blockchain encryption and distributed data management.
Constellation's Hypergraph can scale by adding nodes to the network using its DAG architecture and Proof of Reputable Observation (PRO) consensus. Everything on Constellation is handled automatically by smart contracts that provide microservices using the existing codebase in the JVM ecosystem.
Where Can You Buy Constellation (DAG)?As of October 2021, Constellation (DAG) is available to buy, sell, and trade on several crypto exchanges, among them KuCoin, HitBTC, LCX Exchange and Hotbit.
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