Constellation

Constellation is an open platform that allows third-party hardware manufactures to create their own controllers that utilize the tracking system.[1] These manufactures will be able to use the Constellation API to create their own positionally tracked accessories for the Rift.
CV1
The first iteration of the system will be released with Oculus Rift CV1 in Q1 2015. The Rift will utilize an external camera sensor that sits on top of a thin and malleable pole about a foot in length. The entire setup can be placed on a desk similar to a lamp. The sensor and its mount is black in color. It is small, sleek and looks like a small desk lamp.
IR LED markers are placed on the HMD and Oculus Touch controllers so they can be tracked by the sensor.
Tracking Volume
Constellation has similar tracking volume as Lighthouse. It is able to deliver a room-scale VR experience. Multiple optical sensors can be employed to track the HMD and controllers in order to reduce occlusion and increase tracking volume. While technically capable, Oculus is not currently focusing on a room-scale VR experience. Palmer Luckey mentioned that developers wanted a larger demographic of users. Requiring users to not only have powerful computers for the Rift, but also an entire room dedicated to VR, is too much.[2]