What is Dragonchain?

What is Dragonchain

Dragonchain is combing innovation and the advantages of blockchain technology to help businesses develop, test, and deploy enterprise blockchain applications faster and gain time-to-market advantage. Dragonchain is a hybrid blockchain platform for enterprises and developers. It was originally developed at The Walt Disney Company in Seattle in 2014 and then open-sourced in 2016. Despite extensive speculation, there is no current relationship between Disney and Dragonchain. The commercial blockchain platform is maintained by the commercial entity named The Dragon Company.

  • It is very simple to follow a paper trail in the blockchain for internal (and governmental) auditing purposes because the accuracy of the data is guaranteed.
  • IBM Blockchain focuses on permissioned blockchain networks for enterprises.
  • Gartner, a leading research and advisory company, projects that the blockchain industry will grow to $3.1 trillion by 2030.
  • A hybrid blockchain solution is often used where multiple parties, trust, data access management and sharing, friction and decentralization is involved.
  • Including but not limited to public, private and consortium blockchains.

There are approximately 235,000,000 DRGN in the circulating supply. When run independently, public and private blockchains have a myriad of flaws. This is the enterprises or businesses own private blockchain and the location for placement and integration of “real world” value in the form of transactions and business logic. This information is configured by the business or blockchain user and executed by a blockchain node.

What Is DragonChain Cryptocurrency ? What is Dragon Coin (DRGN)

This level contains all of the confidential information and business logic that an organization needs to encrypt. Its five-layered security model adds reliability to their goal of integrating blockchain into business applications. The platform is also scalable which makes it a strong rival to Ethereum which has many unresolved scaling issues. However, the DRGN platform needs more developers to build on the platform and also financial muscle. This cryptocurrency network is offering a wide range of solutions to businesses and firms. The firm is working with a learning management system called Lyceum that provides traceable proof of course progress, completion and scoring, among other things.

CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. Ethereum, for example, provides customers with an ecosystem that runs Dapps and Smart Contracts. DragonChain serves a similar purpose but is designed to be more secure than the Bitcoin and Ethereum protocols.

How Does Dragonchain Work?

It will enable businesses to integrate smart contracts without specialized blockchain expertise. Dragonchain Console is a user interface that developers can use to create and manage nodes, wallets, smart contracts, and applications that are running within the Dragonchain ecosystem. The Console removes the need to have a deep technical understanding of blockchain and smart contract development. You can leverage the easy-to-use interface to create your own blockchain in minutes. This allows projects to be reviewed and scaled by people or investors from across the world.

Dragonchain is very business-oriented, striving to make integration of business applications simple, while also focusing on currency agnosticism, protection of data and the support of different currencies. Such a smart contract is the ideal that all platforms of this nature should work towards. The final level of consensus involves anchoring the transaction data to a public blockchain, such as Ethereum or Bitcoin. This step provides the highest level of security, as it leverages the immutability and transparency of a public blockchain network. Decentralized systems such as bitcoin are not controlled by any single organization or authority and all transactions on the network are public. On the other hand, Centralized blockchains require permissions to participate and have control over the data.

Where to Store DragonChain?

A portion of the transaction holding a cryptographic signature to allow parties to prove the source and/or that the contents of the transaction are unaltered since the signing (i.e. tamper evident). Alternatively, a client system, for example, may invoke a process of multi-party signing prior to transaction submission. https://www.tokenexus.com/ Either way, the node’s transaction service component should cryptographically sign any inbound transaction that it accepts for processing (with its configured key pair). The Dragonchain platform is designed to be currency agnostic, this means that a created blockchain can function without the need for a currency.

Dragon Den is built to reduce the amount of spam, misinformation, and trolling that is common on popular social media platforms like Facebook and Twitter. These nodes are hosted by third parties that cryptographically sign data that emerges from level 3 nodes. Dragonchain is an ERC-20 token, meaning that it runs on the Ethereum blockchain, although it plans to separate from this, launching their own platform at some point in 2018. For storing Dragons, being an ERC-20 token, myEtherWallet, and the Ledger Nano S both support Dragonchain.

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. DRGN is offered on some smaller exchanges such as CoinExchange, EtherDelta, KuConi, Bancor What is Dragonchain Network, and several others. 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.

What is Dragonchain

Many times when looking at blockchain solutions; flexibility tends to be a big problem. This is prevalent when evaluating blockchains that are only public. Public blockchains may store sensitive business data on a public ledger, which is not ideal or an option for most enterprises. Real businesses with real customers require control over their sensitive data.

Dragonchain is a public/private hybrid blockchain platform that allows integration with other blockchain protocols, legacy systems, oracles, and API’s. Developers can use existing smart contracts from the library or write their own smart contracts to build (decentralized) blockchain applications in known languages. In 2020, Medek Health launched Covid SafePass with the City of Apopka, using Dragonchain blockchain solutions in line with the FDA guidance on Digital Health Policies and Public Health Solutions for COVID-19. Dragonchain is an enterprise-ready blockchain platform that offers public and private blockchain solutions in the way of smart contracts, decentralized applications, and more. Dragonchain was built by the Dragonchain Foundation to enable more rapid development of blockchain-based applications.

  • We manage all the necessary tasks and activities to keep your blockchain solutions operational.
  • DRGN tokens act as a tokenized a micro-license (TML), an improvement to legacy software-licensing models which typically require a fixed annual payment for every computer that is running the software.
  • It was originally developed at The Walt Disney Company in Seattle in 2014 and then open-sourced in 2016.
  • The fact is that the majority of these public blockchain initiatives are in a proof of concept phase and it is far too early to tell if they can be effective or not.
  • In August 2018, they will launch the marketplace promotion and partnerships.
  • The original software licencing models such as Microsoft Windows 3.1 or Adobe Photoshop 7.0 serve different purposes.
  • Interchain allows them to post the hash of a transaction from a private blockchain, on to Bitcoin’s public blockchain.

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