Dragonchain Celebrates Second Anniversary; The Good And The Bad

ยท 06 Oct 2018 in Crypto News

On October 3, Dragonchain celebrated the day it declared itself open-source two years ago. Since then the project has come a long way. The team has continued to develop the network and forge new partnerships with an aim of mass adoption.

Dragonchain’s Journey

Dragonchain’s journey began in 2014 when a team of developers (from Disney company) led by Joe Roets, the founder and CEO, dug into research and initial development of the project. In 2016, the team completed the development of the Disney Private Blockchain platform. Also, it was able to release the open-source code. In 2017, the project launched the Dragonchain Foundation and Dragonchain Inc. In 2018, the project is expected to launch the full platform and an in-house network incubator.

The project was initially developed under the Disney company. It was later handed over to a non-profit organization, Dragonchain Foundation, before going public.

About Dragonchain

The project provides a commercial platform for application developers to create blockchain applications. The platform is additionally a business platform, incubator, and marketplace. Some of the reasons that make this project special include; An in-house incubator and marketplace, support of multiple currencies on one chain, allows businesses to have their own chains through a hybrid system, smart contracts and more.

As we reported, this year the project has announced it will be releasing 7 new products. These products not only stand to revolutionize Dragonchain but the blockchain industry as a whole. The project termed the products as “innovative” and claims they will solve the most crucial problems facing the industry. Some of which include scalability and volatility.

DRGN Price Analysis

After its initial coin offering that ended on November 2, 2017, the coin had a slow start, trading at just $0.26. The coin was however steadily made its way up. By the end of the year, the coin had crossed the $1.00 mark which was a major milestone for it. During the first month of the year, the coin hit its all-time high of $5.00. This was followed by a bearish market that dragged prices low and by March, the coin has slipped below the $1.00 mark.

Although in April the bullish momentum in the market so it briefly reach over $1.00 it has since been below that mark. At the time of press, it is trading at $0.240721. The coin has found a support level of $0.1 and it is unlikely it goes below it. Its current resistance level is $0.36. To get back above $1.00, the bullish market will have to create a positive momentum. This will see the coin break the resistance level and establish a higher support level.

John is a finance and technology journalist with a growing interest in cryptocurrencies. Writing is his passion and when he’s not writing he’s listening to the Beatles.

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