Tech companies Panasonic and IBM have partnered with Constellation Network to create a distributed ledger technology (DLT), Hypergraph.
Panasonic, a multinational corporation specializing in technological solutions, and IBM, an additional technology company, have partnered with Constellation Network. The triumvirate is introducing Hypergraph, a distributed ledger technology (DLT) now accessible to Web2 and Web3 developers.
According to the announcement, Hypergraph was developed over several years under various contracts with the United States Department of Defense. It will be unveiled at the Global Metagraph Hackathon hosted by Constellation Network. Technological conglomerates are progressively increasing their investments in blockchain solutions as the crypto market recovers from the grips of bears.
It is important to note that the Metagraph Hackathon is an entirely virtual event without entry fees, and developers are free to participate. The presence of blockchain devotees, who will witness the debut of Hypergraph, is guaranteed by the low entry barriers. The hackathon commenced on July 15 and will continue until September 9.
Constellation previously collaborated with Mushe, a decentralized exchange (DEX), to dethrone Uniswap and Pancakeswap, the two largest DEXs. The partnership aims to enhance security, interoperability, and cost-effective transfers.
Hypergraph is “the blockchain of blockchains,” according to Ben Jorgensen, the CEO of Constellation Network. He further stated that developers are developing separate networks to support decentralized AI, tokenized assets, and finance. However, Hypergraph can connect these networks, ensure interoperability, and provide an underlying infrastructure to secure their networks and validate their data flows.
Additionally, Constellation will disclose its metagraph application layer technology during the hackathon. The application layer will be implemented on Hypergraph and may be “any type of Layer 1 decentralized application (dApp) network or legacy Web2 network with its internal business logic.”
This is not Panasonic’s initial foray into the blockchain and crypto industry. The electronics giant has recently affirmed that it will utilize the DCJPY cryptocurrency for tourist passes in Japan, as previously reported by Coinspeaker. Conversely, IBM has recently entered the Web3 market, capitalizing on its substantial cloud infrastructure. The company introduced the Hyper Protect Offline Signing Orchestrator, enabling crypto investors to transmit their digital assets in cold wallets seamlessly.
Focused on Interoperability, a Collaboration
SIMBA Chain, C14 fiat to the crypto platform Stardust Collective, and the National DigiFoundry, which includes the US National Science Foundation, the US Space Force, and the US Department of the Treasury members, are also included in the initiative, as per Constellation Network’s announcement. Panasonic and IBM are collaborating to enhance “interoperability and composability across both Web3 and legacy Web2 networks” by utilizing the Hypergraph network.
Benjamin Diggles, Chief Strategy Officer at Constellation Network, stated, “This hackathon is the beginning of a myriad of expressions that metagraphs have to offer, and the list of potential applications is seemingly limitless.”
Furthermore, the hackathon submissions will be evaluated on September 16, and the champions will be disclosed on September 30. Alan Boeme, the former CTO of H&M and Coca-Cola, and David Beck, the US Space Force branch chief, are among the notable evaluators.