A Beginner’s Guide to Disney’s Dragonchain Blockchain
Originally developed by Disney in 2014, DragonChain is a blockchain-based company and ecosystem. It was initially known as the “Disney Private Blockchain Platform.” In 2016, an open-source version of the platform was released.
According to their website, the Dragonchain team built the platform in order to serve human needs – namely, the needs of those looking to begin new businesses.
By connecting young startups to the resources that will help them thrive and grow, it hopes to leverage blockchain technology in a way that can foster innovation within the global economy.
There are three main characteristics of the Dragonchain platform that the company stresses. These include:
- Security – Users keep control of their data within the dragonchain blockchain. transactions are confirmed on five levels of network consensus.
- Scalability – it is cloud-based and doesn’t require server maintenance or constant upgrades. this frees up development resources for new decentralized applications.
- Interoperability – it can interact with other blockchains like bitcoin, ethereum, ethereum classic, and neo, allowing users to monitor or process transactions on those networks as well.
These three abilities make the DragonChain blockchain an attractive alternative to many existing platforms.
Features of the Dragonchain Platform
DragonChain cryptocurrency is more than just another coin. It’s a global blockchain-based network that helps new businesses get started. With the incredible amount of new companies being constantly created by crypto entrepreneurs, it serves a much-needed niche.
According to DragonScale.io, DragonChain cryptocurrency is:
There are three main services existing on the DragonChain platform:
- The platform itself, which allows developers to create smart contracts in various programming languages in a scalable ecosystem.
- The DragonFund incubator (now known as Dragonscale)
- The DragonChain marketplace
Taken together, these three features are known collectively as DragonChain. The native token of DragonChain is the DRGN token.
DragonChain Cryptocurrency Details: What is the Price of DragonChain?
For readers asking the question, “what is the price of DragonChain?”, here are some details regarding the ICO of the DRGN token:
- Total supply: 433,494,437 DRGN
- Circulating supply: 238,421,940 DRGN
The DragonChain coin (DRGN) was first released on October 2nd, 2017 and opened at a price of 0.067 USD at the time of its Initial Coin Offering. The price of the DragonChain coin topped out in January of 2018 when it exceeded $4 per coin. As of December of 2018, the DragonChain price is about $0.075.
See the following DragonCoin price chart courtesy of Coinmarketcap.com:
The public tokens offered account for 55% of the total supply of DRGN, while the other 45% were distributed accordingly:
- 20% – Developer team
- 10% – Reserve
- 10% – Foundation
- 5% – DragonFund
In addition, people have an incentive to hold DRGN beyond the potential price appreciation.
Features of the DragonChain DRGN Token
DragonChain is a pre-mined coin, meaning it cannot be mined. The only way to acquire DRGN is to purchase it on an exchange. DRGN is offered on some smaller exchanges such as CoinExchange, EtherDelta, KuConi, Bancor Network, and several others.
Note that there are not currently any DRGN fiat currency trading pairs, meaning you will have to first acquire another coin like BTC or ETH in order to buy the DragonChain coin.
Because DRGN is currently trading on smaller platforms, the DragonChain price could spike higher in the event that a larger exchange like Binance or Poloniex began offering a trading pair including DRGN.
Benefits for DRGN Token Holders
It has an added benefit for its token holders. Those who hold DRGN receive what’s known as a Dragon Slumber Score. The more DragonChain coins a user holds and the longer they are kept in possession, the higher that user’s Slumber Score will rise.
The Slumber Score yields dividends in the form of discounts on smart contracts for business owners using the DragonChain blockchain. Businesses operating in the DRGN ecosystem receive these discounts in addition to discounts on future tech that DragonChain has yet to offer.
The DRGN Coin: An ERC-20 Token
DragonChain coin is not a currency like bitcoin. It is an ERC-20 token.
An ERC-20 token is a token created on the Ethereum network for a specific purpose. ERC stands for Ethereum Request Comment. 20 is an arbitrary number that was given to this proposal.
99bitcoins.com offers an elementary explanation of what an ERC-20 token is:
DragonChain Holds Promise for Businesses and Token Holders Alike
In conclusion, DragonChain is different than many other coins. The most fascinating thing about DragonChain is not the DRGN token as much as the Dragonchain platform, marketplace, and the DragonScale proprietary startup support program.
While the price of the DragonChain token soared in early 2018 and subsequently fell along with the rest of the cryptocurrency market, the goals of the DragonChain organization remain intact.
DragonScale officially launches in Q1 2019. If Dragonchain delivers on its promise, then the world will see many new successful blockchain startups beginning next year.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Should we expect a hike in bitcoin value in the future? Shutterstock.com Although there is an expected bull run, it i...
Cryptocurrency covers all of the digital assets; but these terms has slightly differ from each other. Image - Shuttersto...
What is One of the Main Cryptocurrency Problems? When the first cryptocurrency, Bitcoin, appeared, it was initially des...