DragonChain is an alt coin that is sure to set the world on fire. It ticks all the boxes that make up a good project. We take a closer look at what DragonChain is.
What is DragonChain?
DragonChain (DRGN) is a token that was drafted by a team at Disney and handed over to the Dragonchain Foundation which is currently a non-profit organisation. DragonChain allows ICOs and smaller projects to make use of its existing infrastructure and run on its platform until such time that the project has developed its own features. It allows these tokens to function on their platform until such time that they can function on their own. It is meant to accelerate projects.
The project is a great way for companies who want to shift to blockchain for business applications, to do so in a secure manner. As you may know, there are various benefits to operating one’s business on blockchain technology. This varies from transaction security, increase in transaction speed, reduction in transaction costs which equals efficiency. This makes DragonChain the ideal marketplace, incubator and business platform.
Businesses can store and secure their data on the DragonChain blockchain as well as smart contracts since DragonChain is currently built on the Ethereum blockchain. Businesses will also have access to Amazon Web Services which is a cloud computing platform.
The company has plans to launch the DragonChain Inc., a commercial enterprise later on when the project is fully rolled out.
History of DragonChain
DragonChain was first called the “Disney Private Blockchain Platform” upon its release in 2014. Only in 2016, was it released to the public as open-source software and renamed to DragonChain. DRGN went on sale during the Initial Coin Offering (ICO) stage in October 2017 and cost $0.0663. In January 2018, it reached an all-time high of $4. 55% of tokens are for the public whilst 45% of tokens are distributed between the team (20%), reserve (10%), Foundation (10%) and DragonFund (5%).
The DragonChain Incubator is the tool that allows businesses to develop their project on the blockchain. The project then goes into the so-called incubator where a crowd of investors or experts can review and scale the project. This crowd can then assist to reduce the required resources for the project and assist with exposure. This goes a long way in getting a product’s market value off to a good start. Application forms are currently available on the DragonChain website.
How will DRGN holders benefit?
Besides being able to trade with the tokens, DragonChain holders will also get early access to these incubator projects and qualify for discounts. The amount of discount will depend on your DragonChain Slumber Score. Your score is calculated based on the number of coins you have been holding as well as for how long you have been holding/storing them. In this case, it pays to hold!
Coding + Mining
DragonChain is very flexible when it comes to coding. This is great since not all businesses use the same coding. DragonChain supports the following coding languages:
At this stage, DragonChain cannot be mined. The token has a fixed supply of more than 433 million tokens.
CEO of DragonChain is Joe Roets who is a former Disney employee. He left Disney to work on the DRGN platform on a full-time basis. His specialty is software architecture and he has been involved with Coinbase and Overstock on various projects.
Furthermore, there is four core developers and three marketing professionals who form part of DRGN. Jeff Garzik is an advisor. He founded Bloq and is a prominent figure in the Bitcoin network. Another advisor is Ed Fries who is the game publishing VP of Microsoft as well as a co-founder of Xbox.
Where to buy and store DRGN?
During publication, the price of DRGN was $0.66, according to Coinmarketcap. It has a market cap of more than $157 million. The token can be bought on the following exchanges:
- Bancor Network
- Token Store
A lot of DRGN holders are rooting for more major exchanges like Binance and Bittrex to also list the coin. You can secure your DRGN tokens on hardware wallets such as MyEtherWallet (MEW), Trezor or the Ledger Nano S.
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What does the future hold?
There is much room for this token to grow and it promises to be a very exciting project. If the project wants to compete against Ethereum, it may be successful thanks to DRGN’s ability to scale. However, at the moment, Ethereum has a market cap that is 120 times more than DRGN’s.
Since the beginning of 2018, the team has been raising funds to finish the platform. It is expected to be launched sometime in 2018. A date has not been established yet.
It is interesting to know that the DragonChain offices in Seattle are right next to the Bittrex office. That and the awesome Daenerys Targaryen (Game of Throne’s mother of dragons) memes going around, makes this a very promising project.
Please note that this is not financial advice and is meant for educational purposes.