Coinspeaker Panasonic and IBM Announce Partnership with Constellation Network
Panasonic, a multinational company focused on technological solutions, and IBM, another technology company, announced a partnership with Constellation Network as the trio embarked on a journey to debut Hypergraph, a distributed ledger technology (DLT) that is now open for Web2 and Web3 developers.
As per the announcement, Hypergraph took multiple years of development under various contracts with the US Department of Defense and will debut at Constellation Network’s Global Metagraph Hackathon. It is clear that technological conglomerates are now gradually investing heavily in blockchain solutions as the crypto market recovers from the clutches of bears.
Notably, the Metagraph Hackathon is a totally virtual event where developers are free to enter and no fee is applicable. The low entry barriers ensure the presence of blockchain enthusiasts, who will witness the debut of Hypergraph. The hackathon started on July 15 and will run until September 9.
Earlier, Constellation also partnered with Mushe, a decentralized exchange (DEX), to dethrone Uniswap and Pancakeswap, the two largest DEXs. They seek to bring cost-effective transfers, and interoperability, along with enhanced security via the partnership.
According to Ben Jorgensen, the CEO of Constellation Network, Hypergraph is “the blockchain of blockchains”, adding that while developers are working on separate networks to support decentralized AI, tokenized assets, decentralized finance, etc., Hypergraph “can link them all together, make everything interoperable, and give them an underlying infrastructure that can secure their networks and validate their data flows”.
Constellation will also reveal its metagraph application layer technology in the hackathon. The application layer will run atop Hypergraph and can be “any type of Layer 1 decentralized application (dApp) network or legacy Web2 network with its own internal business logic”.
This is not Panasonic’s first venture into the blockchain and crypto space. As previously reported by Coinspeaker, the electronics giant recently confirmed that it would use the DCJPY cryptocurrency for tourist passes in Japan. On the other hand, IBM recently entered the Web3 space, leveraging its significant cloud infrastructure. The firm debuted the Hyper Protect Offline Signing Orchestrator, allowing crypto investors to transfer their digital assets stored in cold wallets seamlessly.
A Collaboration Focused on Interoperability
As per Constellation Network’s announcement, SIMBA Chain, C14 fiat to the crypto platform Stardust Collective, and the National DigiFoundry, including the US National Science Foundation, the US Space Force, and the US Department of the Treasury members, are also a part of the initiative. Together with Panasonic and IBM, the firms seek to utilize the Hypergraph network and improve “interoperability and composability across both Web3 and legacy Web2 networks”.
“This hackathon marks the beginning of many expressions metagraphs have to offer, and there seems to be no limit to the vast list of use cases,” said Benjamin Diggles, Chief Strategy Officer at Constellation Network.
Additionally, the hackathon submissions will be judged on September 16, and the winners will be announced on September 30. Some of the notable judges include Alan Boeme, former CTO of H&M and Coca-Cola, and David Beck, a US Space Force branch chief.
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Panasonic and IBM Announce Partnership with Constellation Network
