Have you ever wondered what a Disney cryptocurrency would look like? No? I neither, until I found out about Dragonchain, an ICO platform with a cool name, that has grown over 600% in recent months.
What is Dragonchain?
Created by a team under the ultimate control of Disney, before being given to the not for profit Dragonchain Foundation, Dragonchain (DRGN) uses the Dragons cryptocurrency to operate an incubator, marketplace, blockchain and business platform. Initially, Dragonchain was drafted by a team under Disney.
How was Dragonchain Distributed?
DRGN was first distributed by an ICO that ran between October and November 2017. For the ICO, Dragonchain had no cap on contributions, meaning contributors were given a number of tokens that was equal to their share of the total contribution.
Despite not meeting its target for funding, Dragonchain decided to continue with the project anyway. The ICO distributed 55% of Dragons, whilst the rest were split up as follows:
- 20% to the Dragonchain fund
- 10% in reserve
- 10% to the Dagonchain foundation
- 5% in the Dragonfund.
- The thing worth noting is, DRGN has increased in value by 600%.
What is the Dragonchain Incubator?
The “Dragonchain Crowd Scaled Incubator” helps smaller projects to accelerate their growth through the use of its existing infrastructure. It’s a little ironic, given that Dragonchain started in the same way, using Ethereum’s blockchain, just like Monaco and OmiseGo. Dragonchain’s platform can be used to run ICOs, meaning that they are able to function even before features are fully developed.
Users of Dragonchain will be given early access to projects that make use of the Dragonchain platform, some users will also get access to discounts depending on their “slumber score”. This score is calculated through the multiplication of the quantity of coins owned by a user, and the length of time they have stored them.
The Slumber Score does not get calculated by Dragons held on an exchange, only those held in a wallet to which you own the private keys. If you make a transaction, your slumber score will be reset, creating an incentive to hold coins, reducing their supply in the market.
Calculating Slumber Score
The official Dragonchain website provides a calculator, where you can enter your ERC20 address. Once it has this, it will calculate your slumber score. If you want to know the math behind the score, see the formula below.
Dragonchain’s Other Features
Dragonchain’s marketplace allows Dragon tokens to be exchanged for smart contracts and services such as software development, recruitment, legal and marketing.
For these smart contracts, Dragonchain intends to offer high levels of privacy. These “smart contracts” trigger when a condition is met, and are stored on the blockchain, making them totally decentralized. But these contracts contain sensitive information, including customer records — so Dragonchain aims to keep the information private, whilst making it accessible and usable.
Although Dragonchain is coded in Python, flexibility is built into the marketplace. Allowing smart contracts to be written in C#, Python, Java, and Node. This multi-language support is important for cryptocurrencies, providing flexibility to businesses that use languages different to that of the cryptocurrency.
Ethereum does not have this flexibility, instead of requiring projects and smart contracts to be written in Solidity. However, this language is not very suitable for beginners, and it is not commonly used.
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.
How to get Dragons
At present, Dragons can only be purchased through KuCoin and EtherDelta. As Dragonchain is not currently listed on any major cryptocurrency exchanges.
Etherdelta allows you to trade from your own Ether wallet, as it is a decentralized exchange.
Despite not being listed on it, Dragonchain’s headquarters are based right next to Bittrex’s office in Seattle, Washington. Perhaps this will help to get Dragons listed soon, which should help to increase the price of the coin.
Binance, another major exchange runs a “coin of the month” contest, asking for votes from the crypto community to decide on which new coins should be added to the exchange. This could be an opportunity for Dragonchain. Given that Dragonchain came third in this contest in January 2018, being beaten by Raiblocks and Experience Points, so we may see it winning “Coin of the Month” soon.
If this doesn’t work, Binance allows for paid listings to its exchange. Although no official information can be found, it is speculated that paid listings can cost around $100,000 USD.
Can Dragonchain be Mined?
No. Because Dragonchain runs on the Ethereum blockchain, it cannot be mined, although they are thinking about adding “sidechains” which may allow for mining in the future. Once the fixed number of Dragons (433,494,437 DRGN) are released into the market, no new coins will be created.
Is Dragonchain Open Source?
Yes. The Dragonchain source code can be found on the official Dragonchain Github.
What makes Dragonchain Special?
The Dragonchain team answered this question themselves on their website, stating:
- Hybrid System that allows businesses to have their own chain
- Limited exposure to smart contract data
- Multiple currency support, on one chain
- Multi-language smart contract interactivity
- Serverless architecture via Amazon Web Services (AWS)
- Its own incubator and marketplace
Since they share similar aims, and they share technology, it will be interesting to see how Dragonchain fares against other cryptocurrencies like Enigma, Ethereum and Cardano. Certainly, Dragonchain’s unique features, like its incubator and slumber score system, definitely help to make it stand out from other crypto options.
The Dragonchain Community
1,181 users have joined the Dragonchain Reddit community, this is quite a small number in comparison to other major coin projects. Although, since that it is a new project, having recently started trading, the number may begin growing soon. @dragonchaingang on Twitter fares better, with a follower count of 29,000, so there might be a growing following here.
The Future of Dragonchain?
Dragonchain has some pretty cool features in development, so it would be cool to see what happens next. To keep track of what happens, follow the official Dragonchain Twitter account here and check its price.