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Dragonchain and its DRNG token: A starter’s guide

Dragonchain and its DRNG token: A starter’s guide

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Dragonchain is a blockchain ecosystem developed initially as the Disney private blockchain platform in 2014. It was eventually converted into open-source software in 2016.

What is Dragonchain?

The key aim of the Dragonchain project is to assist businesses to swiftly and effortlessly integrate blockchain technology into their business apps. DragonChain creates a serverless platform that enables companies to begin to make use of blockchain apps in a trouble-free, private, and protected manner.

Dragonchain token price

The current value of the Dragonchain token is $1.22 USD.

Dragonchain Initial Coin Offering

The Dragonchain token was made available through a token sale during the initial coin offering. The cost of the token was not predetermined, but it was valued as a result of the outcome of the token sale. Participants got a share of Dragonchain token according to the number of Ethereum ETH or Bitcoin BTC they donate.

A participant that contributed 10 percent of the entire generated fund gets 10 percent of the entire token generated. The token sale started from the 2nd of October, 2017 and lasted for one month.

The company also organized presale in August 2017 for a limited amount of time. Access to the platform can only be possible with the use of the platform token, Dragons.

Dragonchain ICO Review

The Dragonchain token is an ERC-20 compatible token created on Ethereum platform. The ICO of the DragonChain was conducted from October 2, 2017, to November 2, 2017. The price of the Dragonchain token during the ICO was 0.0663 USD or 0.00023 ETH, but by January 2018, the price of a token was worth more than $4.

A total of 555 tokens of the entire tokens generated were made available for token sale while the rest, 45 percent, were distributed for different purposes. Twenty percent were allotted to the team, 10 percent allocation for reserve, 10 percent share of the token goes to the foundation and the last 5 percent utilized for the Dragonfund.

The company made 1,400,000 USD at the end of the pre-token sale. The total numbers of the generated token are 433,494,437 DRGN while the amount in circulation was 238,421,940 DRGN.

Dragonchain: How it works and its key features

The Dragonchain platform is made up of three main features: the platform, incubator, and marketplace.

The Platform
The most popular among the features of Dragonchain is the platform which is very secure and highly scalable. The platform allows developers to create and save smart contracts in standard programming languages. It also offers people access to Amazon Web Services and makes available on-demand cloud computing services.

The Crowd-Scaled Incubator
The crowd-scaled incubator allows companies to eagerly build up their blockchain projects through Dragonchain standard procedure. The crowd-scaled incubator makes it possible for companies to carry out business tasks to start generating market value faster.

Dragonchain incubator

 

The Dragonchain Marketplace
The Dragonchain Marketplace acts as a support structure for user companies. The users of the platform are also able to access DragonChain collection of pre-generated smart contracts. At Dragonchain marketplace, smart contracts and other services that are connected to marketing, legal, software development and recruitment services, can be accessed with the use of the Dragonchain tokens.

The Dragonchain platform comes with other features like:

  • Privacy
    • Dragonchain brings privacy into smart contracts
  • Coding Flexibility
    • The primary coding language of the platform is Python, but with the smart contracts functionalities, the platform also supports the following languages:
      • Java
      • Python
      • Node
      • C#

What sets DragonChain apart?
As opposed to other systems, DragonChain functions as a hybrid system. It permits businesses to own private blockchain and obtain consensus for their project at every stride they make to their preferred public blockchain. DragonChain also gives users full control of their data while keeping business logic and smart contract functionality proprietary. Besides, DragonChain provides support to multiple currencies on one chain, and you don’t necessarily require utilizing currency.

Dragonchain

Dragonchain Token: Use and utilities

DragonChain has a lot of potential uses like ticketing, voting structure, reporting and auditing, a payments platform, open-source software development control, peer-to-peer financial initiatives such as futures and bonds, and pay-for-performance systems using smart contracts.

The DragonChain tokens will permit individuals or organization to be rewarded in an open market for operating public or private nodes network consensus and to maintain projects in the Dragonfund incubator. The token will give users early access to technology and data from the platform projects and help them to interact with the DragonChain commercial platform products and services.

Dragonchain: Platform and technology

DragonChain blockchain technology comes with a business platform that allows app developers the chance to safely makes use of Blockchain apps to maintain the existing programming languages like Java, Python, Node, and others. The current platforms make the production of strictly safe and scalable blockchain apps demanding in real business scenarios.

The DragonChain architecture allows nodes to manage transaction based on five levels of network consensus. As opposed to bitcoin and other related cryptocurrencies, DragonChain makes use of abstraction of proof with the following proof implementations Trust system, Proof of Work (PoW), Proof of Stake (PoS) and other algorithms that will be determined later.

The abstraction of proof architecture gives users the chance to implement “proof” in various ways depending on the need at each particular time. For example, the user can decide to apply a trust-based system, in a completely private blockchain system. Or they may choose to use a mixture of proof of configuration which would allow the organization to make use of proof of trust together with limited proof of work to boost the security of the platform.

Dragonchain: Team and founders

The DragonChain CEO/founder is Joe Roets. He works with a team of seven in a Seattle office. Joe Roets worked with Disney, but he had to resign to commit fully to his blockchain project. The other members of the team are George Sarhanis, Scott Warner and Chelsea Anderson who are in the legal team. Paul Sonier, Eric Hartford, and Alex Benedetto are on the development team.

Dragonchain: Wallets

The DragonChain is an ERC-20 token built on Ethereum ETH network. Like other ERC-20 tokens, DragonChain is stored in an ERC-20-compatible wallet. The recommended wallets to use for online storage is the MyEtherWallet or “MEW.” However, if you want to save DragonChain offline, the best storage options are the Trezor or the Ledger Nano S.

Dragonchain: How to buy Dragonchain

You can buy Dragonchain in any of the exchanges below:

  • KuCoin
  • EtherDelta
  • CoinExchange
  • Gate.io
  • Tidex
  • Bancor Network
  • Token Store

The major exchange where you can buy Dragonchain is the KuCoin. The Trade volume of Dragonchain is highest in the Chinese exchange, KuCoin. It is also the quickest way to obtain the cryptocurrency. Dragonchain is not yet listed for sale in popular exchanges like Binance or Bittrex. However, with the Dragonchain Seattle office located close to Bittrex office in Seattle, Washington, it’s likely that it will eventually be listed on the exchange.

Also, if Dragonchain wins the monthly competition of cryptocurrency for the month, organized by Binance, where members of the community choose a coin to be added into the exchange, it could be another boost to Dragonchain’s value. Dragonchain got to third in January 2018.

Dragonchain Review

There are good reasons why Dragonchain is worth your investment if you are looking to invest in a freshly launched cryptocurrency that has excellent potential for growth. The main reason is the unique value it offers to users and businesses.

Pros

  • It is an open blockchain system with no server
  • It features robust programming language supports like Java, Python, Node, C#, Go and more for easy creation of smart contracts
  • It is an excellent scalable system which could boost its competitive advantage over related cryptos like Ethereum in the long run.
  • It is a very secure and safe platform which gives assurance that their data and business activities are protected
  • Advanced currency implementations
  • The system serves as annals of Smart contracts and currency Agnostic

Cons

  • DragonChain is a relatively new coin and not currently listed in any of the significant crypto exchanges.
  • It is also not related to cryptocurrencies like Bitcoin, bitcoin and many others which can be utilized in a business transaction as alternatives to fiat currencies.

Final thoughts

Dragonchain is still in the infancy stage of development and the fact that it could only be purchased off a relatively few exchanges, it has a high growth potential considering the records it has made in just two years of launch. DragonChain is also competing favorably with Ethereum due to its high scalability. This feature among others is bound to create additional room for the market cap growth of Dragonchain.

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