Home Crypto Education Cryptocurrencies What is DragonChain: Here is The Comprehensive Guide

What is DragonChain: Here is The Comprehensive Guide

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By now, nearly every industry is aware of the game-changing attributes of blockchain and how it can help them optimize their processes in an unprecedented fashion. 

In an ideal world, every business would incorporate blockchain in a heartbeat. However, it’s not as simple. First of all, the current blockchain setup is largely public, rendering it unfit for the private and sensitive nature of business processes. 

The other issue is how expensive blockchain is. It would cost an incredible amount of resources to set up blockchain from the ground up. 

DragonChain is a privacy-oriented blockchain designed for businesses. On the platform, businesses can get access to cryptographically secured, fast, and transparent features of blockchain and parlay them to improved efficiency and profitability. 

What is DragonChain? 

DragonChain is a hybrid (public/private) blockchain ecosystem developed by the Walt Disney Company in 2014. Originally the “Disney Private Blockchain Platform,” Dragonchain was subsequently made open source in 2016 after experimenting with more than 20 applications and proving its value as a blockchain platform. 

The platform was designed with enterprises in mind, and it aims to simplify the integration of businesses on the blockchain. It offers features such as data protection, currency agnosticism, and multi-currency support, interoperability with other blockchains, short block time, simple architecture, adoption of standards, and simplified development. 

The Dragonchain Foundation is a non-profit that was formed in January of 2017 to maintain responsibility for the open-source code. 

The DragonChain Team

The DragonChain team is made up of a core team of eight, with founder, CEO, and Chief Architect Joe Retz at the helm. Retz has worked for Disney before committing full-time to the DragonChain project. 

The rest of the team comprises four developers and three others with experience in business, marketing, and law. 

The project has also onboarded a strong suit of advisors, including popular blockchain figure and Bloq founder Jeff Garzik, who also serves on the advisory board of other blockchain projects such as BitFury, BitPay, Netki and more. Another advisor is Vice President of game publishing at Microsoft and Xbox co-founder Ed Fries. 

What Does DragonChain Do? 

DragonChain aims to help businesses incorporate blockchain solutions in a fast, private, and secure fashion. Businesses might find this an attractive proposition due to the many benefits it heralds, such as improved efficiency and security, reduction of costs, transparency, and the possibility for eliminating fraud.

DragonChain aims to do this by providing a “turnkey” blockchain product that’s compatible with the existing language development stacks such as Java, Python, C++, and Go. This makes it possible for companies to build smart contracts on the DragonChain blockchain with already available programming languages. With this, the project hopes to avail these benefits to businesses, according to its white paper: 

  • Lower development costs utilizing existing development languages
  • Faster speed to market
  • Increased levels of security
  • Higher scalability

How Does DragonChain Work? 

The dragon ecosystem is built upon three core components: 

#1. The DragonChain Platform

The platform is the backend zone for DragonChain. Here, developers can create smart contracts in already widely available programming languages. The platform also features advanced currency implementations, accessibility to Amazon Web Services and Google deployments, smart contract libraries, and so on. 

#2. Dragon Incubator

DragonChain also features an incubator that allows companies to develop their own blocks and projects by following DragonChain’s standardized procedures. Other services will include: 

  • A community dashboard for projects to compare and monitor progress
  • Access to legal, technical, marketing and economic professionals for advice and support
  • A platform team to model economic trends that go hand-in-hand with the top model in terms of business design, lifetime value, monetization models, data strategy and more 
  • Accelerated project launches
  • Sustainable token marketplaces

Projects that have previously been under this incubator include: Look Lateral, Liquid Art, Seed2You, LifeID, IDPay, and ClevX. 

#3. DragonChain Marketplace

The DragonChain marketplace is where companies can get support and access to subject matter experts in cryptocurrency, software development, and other topics. 

These three components (platform, incubator marketplace) make up the DragonChain ecosystem. The ecosystem is powered by Dragochain’s token, the Dragon Coin (DRGN). 

How Does DragonChain Stand Out?

DragonChain has several attributes that make it stand out from other blockchains. First of all, as a hybrid blockchain, businesses can enjoy all the benefits of blockchain in a private and secure manner that allows them to safeguard sensitive company data. 

Also, the hybrid DragonChain supports a multi-currency system, as well as a serverless commercial platform that supports powerful, yet simple scaling.

DragonChain also provides a high-level blockchain with a five-tier consensus and trust level. These levels include the following: 

  • Verification
  • Enterprise Validation Verification
  • Network Diversity Verification
  • External Partner (Notary) Verification 
  • Public Checkpoint Verification

Which Industries Does DragonChain Target?

Blockchain tech helps provide more secure processes and eliminate fraud. Any company that wishes to achieve these might find the DragonChain product well worth looking into. 

Gaming companies could also profit from the DragonChain platform. DragonChain tokens could enable gamers to purchase virtual items in a safe and secure manner, effectively creating a trustless marketplace for virtual goods.

Other use cases of DragonChain include auditing, election/polling/voting systems, bookings and reservations, and so on. 

DragonChain’s Slumber Score

DragonChain has a reward system for holders of the Dragon token. This reward is in the form of a ‘slumber score.’ With the score, the more DRGN tokens you hold, and the longer you do so, the higher your slumber score.

A higher score entitles individuals to bonuses on ICOs, while business owners are rewarded with discounts on smart contracts and other tech products that DragonChain rolls out in the future. 

DragonChain Statistics

As of June 10, 2020, DRGN traded at $0.104516, and it held position #130 in the market. Its market cap was $35, 451, 979, and it had a 24-hour volume of $151, 363, a circulating supply of 339, 202, 417 88, and a total supply of 433, 494, 437. DRGN has an all-time high of $5.27 (Jan 09, 2018) and an all-time low of 0.020523 ( April 16, 2020). 

Where can I buy and store DRGN? 

You can grab some DRGN tokens from KuCoin, EtherDelta, Gate.io, IDEX, YoBitNet, Tidex, the Bancor Network, CoinSwitch, and so on. 

Despite DragonChain having its own, independent blockchain, the project decided to base it’s token on Ethereum. As such, the DRGN token is compatible with any ERC20/Ethereum wallet. Some options include MyEtherWallet, MetaMask, ethaddress, Parity, and so on. If you’re looking for something more secure, consider hardware wallets such as Trezor and Ledger Nano S.

Final Words

DragonChain offers a conduit for businesses to incorporate blockchain solutions and achieve more streamlined processes, improved security, and deficiency. Its five-layer consensus and trust model is testament to how seriously they take security, and companies can trust that their data and processes will remain ultra-secure at all times. Developers and businesses get the features of the traditional blockchain, plus enterprise-specific caterings. 

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