Constellation Token Distribution Internal Audit, July 2018

Hi Constellation Community,

In the interest of transparency we’re providing a  break down of the internal structure of each round of token sale in the Constellation SAFT and private sales that occured in both January 2018 and June 2018 respectively.

Please review this document in conjunction with our formal token model which can be downloaded here.

These figures are currently being formally audited by our accountants in San Francisco and Cayman. These will be updated in around 8 weeks time if there are any changes and formally published during August as a PDF report.

These figures represent all tokens that were sold to the public in the previously mentioned tranches of tokens sales, they do not include earlier seed rounds where tokens are locked for 2 years with 6 month cliffs and remain locked. 

As can be seen the discounts ranged from 15% up to 50% for a very small allocation of tokens that went to partner applications being built on Constellation. The bulk of tokens were sold with a 25% discount in the January SAFT sale.

Ethereum lock in rates:

January 2018: $900 USD

June 2018: $561.20 USD

The total raised was slightly above the hard cap of $33.7M and totaled $35,260,238.41 and was paid by a majority of Ethereum, although some payments were received in BTC and USD. The breakdown of which will be released with a the full accountancy audit.

Please click here to review the information in a public Google Sheet.This information will be superseded by a formal audit from our accountants that will take place over the next 8-12 weeks and made public once completed. Any discrepancies will be corrected in a follow-up PDF report. 

We will follow this blog post up with a token release schedule graph which will show the release of tokens from locked wallets over the next 10 years including validator rewards.

Happy Monday!

Kind regards,

Brendan Playford

Constellation Testnet: Video Demonstration of a 3-node Cluster

Welcome to the first demo of the Constellation testnet where Wyatt, Brendan, and Ryle give a high level overview of the local end-to-end dockerized test of Constellation. This test is running a 3 node cluster with our latest hierarchical bundle and reputation / schema updates.

$DAG Distribution – Addressing Market Event Pt. 1

Hello Constellation Community,

DAG launched yesterday to unexpected market volatility.  It became quickly apparent what the issue was. In the spirit of transparency and community collaboration, we’d like to inform everyone and address what transpired.

Soon after token distribution a strategic investor with a large allocation unexpectedly sold their stake causing the dip in value.  We had a huge amount of interest during our private sale and we took time vetting and building relationships with our partners. We wanted to ensure they shared our long-term vision and passion for the space and technology we’re building.  Unfortunately, one specific investor did not make their intentions clear, like the community we are shocked, disappointed, and ultimately feel let down. It’s especially disheartening that someone with the privilege and capital to be an early round investor in Constellation would operate in such a way. The sad reality is this lack of professionalism is all too common in our industry at the moment, something that Constellation as a company is battling to change.

The individual in question has been contacted by myself.  The reason behind his actions were a result of our refusal to give him early distribution and privileged information on exchange listings. We take this kind of behavior seriously as it is insider trading. We will continue to uphold these standards regardless of whether it puts us at risk from actions like this. We are seeking legal advice on what remedial steps we can take with the individual and will keep you updated on this.

Let’s move forward.  Our price has stabilized and we’ve been in touch with our strategic investors to normalize and address the situation.  We’d like to thank the community for rallying to our support (you know who you are) during this minor blip. We’ve said it before but we’ll say it again – we’re in this for the long-term. Anyone who takes the time to read the whitepaper, research the team and review our content knows that.

There were accusations in Telegram yesterday that indicated that the volatility was a result of founder tokens being sold. Let me be very clear and concise – we will never undertake any selling of tokens on exchanges. We have large institutional OTC partners that these types of sales will be executed over if and when they happen in the future. This includes any tokens sold to cover the employee and founder tax liability with the IRS for April 2019.  In an effort to maintain transparency here is a current audit and balance matrix showing liquid supply and upcoming token movements. We will send an announcement when we are going to move token balances in cold wallets and the reason behind the move well before they happen from now on.  

The final circulating supply of $DAG tokens will be 628,341,430.42 until the first unlocking period the takes place on December the 1st, 2018.

Constellation Token Balance Audit (in Gooogle Sheets)

Click Here

We will follow up in the next 48hr with more detailed lockup timelines for the next 10 years to the market can understand how the liquidity will increase over this time. 

Many thanks for all of your support and we will be releasing more product updates in the next 48hrs, including a demo of our testnet.

Kind regards,


Constellation – $DAG Token Distribution

Hello Constellation Community,

We’re excited to announce that tokens have been successfully distributed today, June the 18th 2018.  The $DAG token is live (See the contract on Etherscan here) and available for use in our community portal Orion. This marks the end of an intense sprint of development, token economics, marketing and channel development across our global community of supporters.  There are a lot of misconceptions about token distribution and the significance for blockchain businesses. We want to address some recurring questions from the community here and provide insight into the business decisions we’ve made.  Unlike a lot of projects, we’re builders and haven’t wasted resources on generating fomo around promises that we cannot deliver. We’re more interested in delivering products and continuing to build the Constellation network and community. The distribution of $DAG today allows us to do just that. There are also legal and regulatory reasons as to why we’ve operated in a certain way and we want to make those clear, we have a long-term vision and adhering to these rules protects that vision.  Please read on for further clarity on our decisions and positioning: