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What is Dragonchain? (DRGN)

05 March 2018 | 0 comments | Posted by Che Kohler in Money Talks

What is dragonchain

Cryptocurrency projects are a dime a dozen which is why it's important to set yourself apart with not only your branding but more importantly your technology, your partnerships and your roadmap. If you’ve been following the developments in the cryptocurrency world, smart contracts made popular by Ethereum is arguably the hottest application for blockchain technology at the moment.

This programmable protocol that can be tailored and tinkered to suit a variety of objectives and is used in many popular cryptocurrencies like Civic, OmiseGo, Storm and many more.

While smart contracts may be popular in the cryptocurrency world it is far from having mainstream appeal so its rather surprising to find out that Disney has joined the cryptocurrency craze, with a currency called Dragonchain.

What is Dragonchain (DRGN)?

Dragonchain was developed by Disney, it is a blockchain-based company and ecosystem. Initially, it was the “Disney Private Blockchain Platform” and after was released as open-source software. Dragonchain functions through the usage of the cryptocurrency Dragons. It is the most friendly, secure, and flexible platform and it has many benefits and features, that companies and developers are looking for.

Dragonchain is working at the present time as a nonprofit, but later on, it will be launched in a commercial use. Some of the Dagonchain’s unique functions are multicurrency support, easy and simple integration, currency agnosticism as well as stable protection of data and transfers.

Dragonchain creation was intended to solve particular problems connected to Bitcoin and Ethereum, not stating that they are faulty. Dragonchain’s team tried to construct a platform based on Bitcoin’s and Ethereum’s, but much simpler and easier using new terms of blockchain technology.

An introduction to Dragonchain

Why should you pay attention to Dragonchain?

Developer friendly and flexibility

The platform behind Dragonchain is the most talked-about element. It is built on a scalable platform that is also server-less and features built-in protection for all business data thanks to established programming languages.

This protection also helps make it friendly for developers, whether you prefer C#, Node, Java, or Python.

Privacy

Dragonchain plans to bring privacy to smart contracts. Smart contracts are conditional contracts that trigger when a certain condition is met. These contracts are stored on the blockchain, so they are completely decentralized.

The information in these contracts can contain sensitive data such as customer records, so Dragonchain is trying to make the information as private as possible, while still allowing the data to be accessed and used.

Hybrid System that allows businesses to have their own chain

Dragonchain allows businesses using the platform to create and use side chains

Limited exposure to smart contract data

Data exposure and security is a known issue to large institutions wanting to leverage blockchain technology, as they typically have very sensitive customer data that sometimes has regulatory or legal risks associated (e.g. banking, health, identity, etc.).

The data exposure risk can be somewhat alleviated by either obfuscation or separation, however, in both cases, this requires extra design and development work up front, as well as reduces somewhat the utility of the blockchain system itself

Multiple currency support, on one chain

Dragonchain simplifies the integration of real business applications onto a blockchain and provides features such as easy integration, protection of business data and operations, currency agnosticism, and multi-currency support.

Serverless architecture via Amazon Web Services (AWS)

The combination of serverless and blockchain technologies is unique and tremendously valuable. The timing of the Dragonchain platform launch is highly strategic to benefit from the explosive growth of cloud computing over the last few years and the emerging wave of Blockchain solutions entering proof of concept stage across enterprises.

Incubator and marketplace

Dragonchain will provide project incubation as well as professional services with strategic partnerships to develop successful tokenization ecosystems focusing on long-term value.

What is Dragonchain used for?

There is a number of use cases for Dragoncoin such as identity systems, ticketing, decentralized processing, computing, and storage framework, voting systems, smart contract, reporting and compliance, funding and accountancy , generic crypto-store, payments policy, organization inside currency, open source software project control, Intellectual Property marketplace, customer-facing currencies – ecosystem exchange (physical or virtual, gaming) and even reservation.

Since the blockchain aims to replace traditional contracts and payment systems with a more secure process, industries that currently suffer from fraud/scams have high potential to benefit.

This means that companies dealing in real estate or law, for instance, could remove significant losses to fraud through Smart Contracts within DragonChain’s ecosystem. Another potential use case is found in the gaming industry. FlowPlay, a gaming company with over 75 million users, wants to use DragonChain tokens to allow gamers to safely purchase virtual items. This will effectively create the first non-trust based marketplace for virtual goods, guaranteeing legitimacy.

Can you mine Dragonchain?

No, it cannot be mined since Dragonchain is an ER20 token that runs on top of the Ethereum blockchain. However, there have been mentions of several sidechains, which may the potential to be mined. Currently, Dragonchain has a fixed supply of 433,494,437 DRGN and after that, there will be no more new Dragons created.

Can you earn Dragonchain?

Trading

Dragonchain users can earn digital currency via exchanges. Users can earn coins through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.

Where to buy Dragonchain?

Dragonchain is listed on a few of international cryptocurrency exchanges and is actively traded on websites like:

  • Bancor Network
  • Cobinhood
  • CoinExchange
  • Fatbtc
  • ForkDelta
  • Gate.io
  • IDEX
  • Kucoin
  • Tidex
  • Token Store

Should you invest in Dragonchain?

DragonChain currently operates as a nonprofit but will launch as a commercial enterprise (DragonChain Inc.) once the platform is fully rolled out. The project has a strong base in place and proved its usefulness and It offers security and builds on the features of existing blockchain platforms in a way that many developers and other business staff will appreciate.

That being said, it will be interesting to see how Dragonchain compares to its competitors such as Ethereum, and Cardano, as they all have similar goals and roadmaps. For more on Dragonchain check out their website

Contact us

If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, Blockchain

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