Dragonchain- Will it replace the Blockchain?
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New and exciting blockchain applications seem to pop up every day. This trend is an indication that cryptocurrency is gaining popularity. The market for cryptos has witnessed significant growth in the recent past.
What is Dragonchain?
Dragonchain delivers hybrid blockchain platform for businesses. The Seattle-based technology firm is an open source straight-forward platform. It simplifies integration of real business applications on a user-friendly base.
The platform comes with an incubator program that will spur a myriad of business start-ups and offer significant benefit to entrepreneurs.
How does it work?
Dragonchain is an ERC-20 compliant token. It utilizes Ethereum blockchain technology. The platform which combines its qualities as an incubator, a marketplace, and blockchain use dragons, its cryptocurrency medium for exchange.
The platform uses dragon tokens for interaction and to access the products and services.
Main Features of Dragonchain
Flexibility in programming languages
Dragonchain supports various coded languages. The platform itself is in python code, and its smart contracts are accessible in the following languages: Java, Node, and C#. It is crucial for digital asset platforms to allow navigation in different programming languages. This divergence will help capture a lot of businesses.
Dragonchain has an inbuilt protection feature that enhances privacy in smart contracts. The decentralization of blockchain means that sensitive information and customer data could be at risk. Therefore, ensuring confidentiality of the information and at the same time allowing accessibility and usage of the data is prudent and friendly for developers.
The currency agnostic feature of Dragonchain gives a multitude of currencies it supports on its platform equal treatment. Because the platform samples a lot of different cryptocurrencies, it is not based on a particular base currency.
Dragonchain Blockchain Products
The following are some of the US-based blockchain technology products that make up Dragonchain’s ecosystem:
The technology provides a base whereby developers of cryptocurrency applications will launch their commercial apps. It will offer a fast and secure blockchain application deployment without interfering with the existing language development environments.
This Dragonchain product allows small projects to launch their businesses on the company’s existing infrastructure. Before the small projects develop and acquire their features, they can run their ICOs and let users access their projects on Dragonchain platform.
As a marketplace, the decentralized exchange provides a platform to execute smart contracts and other services. The services supported by the market include legal, software development, marketing, and technical services. DRGNs settle payments for the marketplace transactions.
The DRAGONCHAIN Platform
DragonChain offers blockchain as-a-service. The service enables users to launch and execute their operations with ease. It provides them asset security and an interaction place for creating business deals.
Dragonchain like Ethereum provides a platform to run Dapps and smart contracts. However, Dragonchain’s security is a notch higher than Ethereum’s protocol.
The company’s focus is to actualize the proposed standardized levels of consensus to heighten their security. Security increases alongside an increase in block verification level. The security levels are:
- Business Verification
- Enterprise Validation
- Network Diversity Verification
- External Partner Verification
- Public Checkpoint Verification
Problems That Dragonchain Aims to Solve
There is a general risk concern on data exposure and security to various institutions. These institutions hold sensitive customer data and are strictly required by law to secure them. The stringent legal measures tend to cripple the usage of blockchain technologies.
Full utilization of blockchain technology comes at an exorbitant cost and bears the substantial risk. The complex nature of technology and the multiple skill requirement to run it further compounds the adoption and use of the innovation. Some of the skills required are; currency modeling, cryptography, programming, and game theory.
Some of the solutions crafted by Dragonchain to address the above issues are:
- Integration of operations with other blockchain technologies.
- User-friendly interfaces.
- Data encryption.
- Simple structural designs.
- Elimination of currency base.
- Has multi-currency support.
- Spells out specific standards to be adopted.
Dragonchain began as Disney’s private blockchain platform. It was an internal project in 2014, then it fully developed and later on launched independently as an open source technology in 2017.
A team in Disney coined the Ethereum-based DRGN technology and handed it over to Dragonchain Foundation. The non-profit organization in Seattle, Washington is under CEO John Joseph Roet. The main aim for detachment from Disney was for the organization to take responsibility and maintain ownership of the newly formed technology.
Dragonchain began its ICO on October 2nd, 2017 and ended it on November 2nd, 2017. During the ICO, the company raised $13, 700,000 from the DRGN sold. The platform accepted payments with ETH and BTC cryptocurrencies during the ICO.
A Dragonchain token price was $ 0.0663. Investors who held Ethers paid 0.00023 ETH for 1DRGN. The total tokens up for sale amounted to 433,494,437. This figure constituted 55% of Dragonchain cryptos.
However, it’s worth noting that though there was hype for Dragonchain’s ICO, it did not meet its goal. Nonetheless, it did not abandon the project.
Dragonchain Company issued its Initial Coin Offering towards the end of 2017. At the sale, the tokens hit the market at $0.07. Nowadays, the Dragonchain price is $1-1.5. In hardly three months, the coin grew by 1885%. This figure isn’t bad to consider for investment. Probably its attachment to Disney popularized the currency. In a year’s time, Dragon coins are projected to trade at $8.268 per unit and soar up to $31.375 in five years. Additionally, forecasters place the coin at $1 Billion market cap soon.
What is the DRAGONCHAIN Token?
The Dragonchain cryptocurrency token is DRGN. It is an ERC20 token type. During the ICO, tokens released to the public were 238,421,940. This figure represented 55% of the total supply that was set aside for that purpose. Team members shared 20% while 10% was for the company’s reserve pool. A further 10% went to the Dragonchain foundation. Lastly, Dragon fund received 5% of the total tokens.
Holders of Dragons are enrolled in a reward scheme in the form of Dragon Slumber Score. The score improves with more coins and a more extended holding period. Business owners with a higher Slumber Score benefit from discounts on smart contracts and other forms of technology on Dragonchain platform. On the other hand, ordinary DRGN holders stand to receive bonuses for firm’s future ICOs.
If you hold some dragons, you’ll be able to access any part of the dragon chain platform. The cryptocoins will allow you not only to access the advanced smart contract libraries, but you will also gain access to incubated projects and enroll for data feeds.
DRGN tokens are not mineable. The company developed 433,494,437 coins. These are the coins that will ever be in circulation with no new creations.
How to buy Dragonchain?
Here is a guideline to obtain DRGN,
First of all, you need a DragonChain wallet
DRAGONCHAIN is an ERC20 token. Thus it can be stored on any ERC20 compatible wallets. With such wallets, you can store, receive or spend your DRGN crypto-coins. The wallet secures the private keys, digital security code, required to interact with the blockchain.
Although a wallet provides cryptocurrencies safety, it is incumbent on the wallet owner to further harness the account security by choosing the right cryptocurrency wallet and backing up the private key.
The following cryptocurrency wallets may be used to secure and spend your Dragons;
Myetherwallet (MEW) >> MEW is an Ethereum wallet. It allows accessing the Ethereum blockchain from a web browser. With a computer hard disk or hardware wallet, you can activate MyEtherWallet.
Mist >> Ethereum Mist is a desktop hybrid application. Mist has a safe and a user-friendly interface which enhances additional security by providing users with a multi-signature wallet.
Metamask >> Metamask is an Ethereum wallet which bears browsing features. It allows you to access dApps and smart contracts without having to download the cryptocurrency blockchain or install software. With a google chrome extension, you are good to go.
Ledger Nano S >> It is a cryptocurrency hardware wallet. It is a wallet for Bitcoins, Ether, and more altcoins. Ledger Nano S is a storage facility for cryptographic assets as well as a secure digital payment method. It is one of the safest options for storing DRGN.
Buy BTC or ETH at either CEX.io or Coinbase.
On coinbase, you have the alternative of purchasing BTC or ETH using local currency.
Sign up for a Coinbase account>connect it to your bank account>complete the verification requirements>start purchasing the coins.
The platform will complete the order and deliver the BTC/ETH.
On cex.io; this platform requires no special skills to operate. You can acquire the cryptocurrencies using a visa card or Mastercard.You only need to enter your card details. You will provide a few verification details after which you can go on with the purchase.
Choose your preferred exchange from the list below
EtherDelta is a well known decentralized exchange that trades ERC-20 compliant crypto-tokens on its platform. While trading, you require a small amount of ETH in your wallet to act as the trading fee.
How to buy Dragonchain on EtherDelta
- Create an account.
- link your Ethereum wallet to Ether Delta.
- deposit Ether from your wallet to the platform.
- select trading pair(DRGN/ETH).
- key in the amount you want to trade.
- double check the transaction details.
- click on the buy button.
It is one of the latest cryptocurrency exchanges. Gate.io floats more than 20 digital coins on its platform. The exchange does not support fiat currencies; it is a crypto-only exchange. It charges a standard fee of 0.2% for trading. Also, withdrawal fee applies. For security purposes, it offers two-factor authentication and encrypted cold storage feature.
How to buy Dragons on Gate.io
- Sign up for a Gate.io account.
- choose the pair you want to trade (DRGN/BTC or DRGN/ETH).
- place an order with the preferred amount of trade.
- click on buy.
This exchange has good customer support with unlimited methods for contacting the support team. It is a crypto-to-crypto exchange that does not support fiat currencies. KuCoin is a new and secure cryptocurrency exchange. Verification is not required. A 0.1% fee is applicable while trading.
How to buy DRGN on KuCoin
- Sign up to Kucoin exchange.
- Transfer, BTC/ETH to KuCoin Exchange.
- click on ‘markets’.
- insert ‘DRGN’ and select the pairs, DRGN/BTC or DRGN/ETH.
- Insert amount of DRGN to purchase.
- click on ‘buy.’
Move your newly acquired Dragonchain coins to your ERC20 wallet to keep them safe.
- Retaining the coins on the exchange account is risky and can lead to a loss of funds.
Dragonchain’s platform is cutting space in the world of cryptocurrency with its enhanced safety measures. It seeks to achieve its goal of facilitating business integration into the trading blocks. Dragonchain is posing stiff competition to Ethereum.
- The platform allows for the development of smart contracts in various programming languages. This feature has improved Dragonchain’s accessibility even for Dapp programmers in comparison with Ethereum.
- However, Dragonchain needs to exceedingly expand to match Ethereum’s financial stand which is over 120 times that of Dragonchain. In March, Dragon’s commercial version is launching on Amazon’s AWS. This integration will enhance serverless deployment of its services.
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