Dragonchain was first known as the Disney Private Blockchain Platform. As that first name implies, it is a blockchain platform designed with a focus on business uses. The team calls it the most developer-friendly, secure, and flexible platform created so far, offering many benefits for companies and developers in search of those features. Just some of the features that help Dragonchain stand out from the crowd include simple integration, multicurrency support, currency agnosticism, and protection for business operations and data.
How New Is Dragonchain?
While you may not have heard of Dragonchain until recently, it was developed back in 2015 and 2016 at the Seattle Disney office, where it had the name “Disney Private Blockchain Platform.” Following the initial development, the team used the W3C Blockchain Community Group to explore and document more than 20 applications and use cases, proving its worth as a platform. In October 2016, it was released in the form of open-source software. The Dragonchain Foundation, which is a nonprofit, began in January 2017 with the goal of maintaining and owning the open-source code.
What Are Some Key Features?
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.
There is also an Incubator where new projects are developed. Those who want to can join the Incubator to get earlier access to the various projects supported by the ecosystem.
Finally, the Marketplace gives developers access to critical resources by letting them use the ecosystem with prebuilt qualified vendors, library smart contracts, incubated projects, and specialized experts.
How Does Dragonchain Stand Out?
The team behind Dragonchain pointed out many characteristics of this platform and ecosystem that give it an advantage over other systems. As a hybrid system, it allows businesses to have their own chain and get enterprise consensus every step of the way to their chosen public blockchain(s).
Dragonchain also stands out for its ability to support more than one currency on a single chain and the fact that you don’t even need to use currency. The architecture itself supports controlled exposure of smart contract logic and sensitive business data. The server-less nature of the commercial platform allows for powerful yet simple scaling.
Why Was Dragonchain Created?
The leaders behind Dragonchain did not create this platform because Ethereum or Bitcoin weren’t “good enough” but instead to resolve some of the potential issues related to them. By creating Dragonchain, the team wanted to build on the structures used by Bitcoin and Ethereum yet make it easier and less risky to integrate new and legacy systems with the blockchain. They created Dragonchain architecture to allow for a range of risk, from total internal trust to several verification contexts to even a proof of checkpoint into public blockchains.
What Are Some Use Cases?
There are an extensive number of potential uses for Dragonchain’s blockchain, with creativity as the limit. Just a few outlined by the team include ticketing; voting systems; reporting and compliance in auditing; a payments platform; open-source software project governance; peer-to-peer financial derivatives, like futures and bonds; and pay-for-performance systems using smart contracts.
What Should You Know About the Token and ICO?
The token for Dragonchain, Dragons, were available via a token sale. The public offering accounts for 55 percent, or 238,421,940 Dragons. The team receives 20 percent (86,698,887 tokens), with 10 percent (43,349,444 Dragons) each going to the reserve and foundation. Finally, 5 percent (21,674,722 tokens) goes to the DragonFund. The tokens for the team are locked and then released over the course of two years.
The price for each Dragon was not determined before the sale; instead, it is a result of the sale. Every participant gets a portion of the allocated 238,421,940 Dragons based on the amount of ETH or BTC they contribute. If a participant contributes 5 percent of all funds raised, they will then get 5 percent of the 238,421,940 Dragons at the end of the sale. In this way, a fair distribution is possible while still ensuring that all Dragons are sold. The sale lasted for one full month beginning on Oct. 2, 2017. Distribution of the Dragons took place following the public sale and a minimum of one internal and one independent external audit.
It is also important to note that a limited presale took place in August 2017 as part of a strategic partner network. The approximately $1.4 million USD raised was earmarked for development and marketing.
Dragons will have a value that reflects the value of all the fundamental aspects of Dragonchain, combining the platform, ecosystem, and incubator. The developers behind the project expect that the value will continue to increase while the ecosystem matures, making it a solid long-term investment.
What Do Dragons ( DRGN) Do?
Now that the sale is over, Dragons are used to access any part of the platform. This can include spinning up a node, subscribing to a data feed, accessing an advanced smart contract library, getting early or discounted access to tokens for incubated projects or the projects themselves, and more.
How to Buy Dragonchain DRGN?
Now the token sale is over you are able to purchase the tokens on different exchanges.
You are not able to purchase DRGN with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then swap that for DRGN at an exchange such as Kucoin.
Register at Coinbase
For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.
To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.
Coinbase will then send you a link via email to verify your email account, once you click the link in the email you will be taken to a verification page. You must then add your phone number and upload a photo of your ID – this can be a passport, driving license etc. You also have to add your payment details, so you can add your bank account or a debit or credit card as required – after a short period your account will then be verified and you can then make your first purchase.
For this guide, we will be purchasing Ethereum to swap for our target cryptocurrency. The reason for this is that it has far cheaper fees than bitcoin for sending and the transaction also happens a lot faster. So in Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.
You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.
Purchase DRGN at Kucoin
Can Americans Participate?
Dragonchain is among a small number of cryptocurrencies and blockchain-related projects that are open to United States citizens as well as international residents. In fact, the sale is U.S. based, and purchases within the country are allowed. Those who are not U.S. citizens can also contribute to the project, allowing for the tagline, “All humans are welcome!” This is highly unusual for token sales, as most so far have at least some sort of restriction in place due to legalities.
Dragonchain has a strong base in place and proved its usefulness when it was still known as the Disney Private Blockchain Platform. It offers security and builds on the features of existing blockchain platforms in a way that many developers and other business staff will appreciate.