Every new cryptocurrency being introduced tries to come up with something new and fresh. With that in mind a bunch of nerds decided to make a crypto out of Disney. Funny right?
Well, that’s not the entire crypto story but you get the picture. Dragonchain (DRGN) is a new altcoin (alternative cryptocurrency) that takes the Disney resources and a tech team based in Seattle to create a platform that has sky rocketed over the past months. This is a brilliant new innovation that has changed the crypto world as we are going to see.
In this article therefore, we are going to take a journey through the history of the Dragonchain cryptocurrency, its founders and some of its key features.
History of Dragonchain
Dragonchain is defined as a cryptocurrency network that acts as an incubator, business platform, blockchain and market place that functions by the use of the Dragons crypto. The cryptocurrency was developed in Seattle in 2015 and was initially known as Disney Private blockchain. The tech team used W3C blockchain community group to document and explore over twenty apps as well as their uses hence proving the relevance of Dragonchain.
It was then released as a form of open source software in 2016. The crypto is backed by the Dragonchain Foundation that started in 2017 as a non-profit organization with the aim of owning and maintaining the open source code.
The founders of this crypto didn’t create an altcoin to compete with big leagues such as Bitcoin or Ethereum. It was created to provide a whole new experience and make a far less risky and easier platform that will incorporate new systems within their cryptocurrency. The coin was first founded by Joe Roets.
Dragonchain seems to be an identical platform to Ethereum but it has key differences for instance the Dragonchain coin smart contracts differs from that of Ethereum in the following ways:
- Smart transaction contracts: here, business logic are captured for either deny or approve of the transaction.
- Broadcast smart contract receipts: this feature allows any user to execute a code whenever a given transaction has reached a given consensus level.
- Smart subscription contracts: here, the users have a chance to execute a code contrary to subscribed data or transactions from a different node.
- Smart Library contracts: here, the users allow the nodes to use or reveal reusable smart utility contracts.
- Scheduled or Cron smart contracts: here, the user is allowed to plan a timed or recurring execution of any business logic.
Understanding Dragonchain Cryptocurrency
Platform – This one of the few cryptocurrencies that is most talked about in social platforms. The coin is also decentralized hence there is no server as well as has an inbuilt data protection protocol for all business information established in a programming language.
Protection protocol – The protection protocol also makes a friendly environment for different developers who prefer different programming languages. That is either Node, Python or Java.
Incubator – In this cryptocurrency, there is an incubator that helps developers nurture their projects. Anyone can join and support the different projects in the incubator depending on their preference. It allows small projects to utilize the Dragons architecture hence accelerating their development. For instance, the fact that Dragonchain is based on the Ethereum platform but still has features and a token on its own. Other coins now have a chance to use the Dragonchain platform in the same way hence the name incubator
Marketplace – This is a feature that gives the developers a chance to access critical resources by allowing them to utilize the platform with smart library contracts, pre-qualified vendors, specialized experts and incubated projects.
The unique part of this cryptocurrency is that the blockchain is a hybrid system that allows most businesses to have a given blockchain and get consensus for every step to the public blockchain.
The crypto seems to be a unique one by its capability to support more than just a single currency on one chain as well as you will not have to utilize the given currency. The system allows a more controlled environment for exposure of business data and logic smart contracts. The fact that the platform is decentralized allows users to have a simple scaling platform that is very powerful. This is aimed at attracting more users to the platform and hence increasing its scalability.
Exchange platforms – Since the token sale of this cryptocurrency is over, you are able to obtain this coin through use of exchange platforms. Unfortunately, you cannot exchange the coin with a fiat currency since you will have to purchase a different crypto so that you can exchange it with dragons.
The fastest way to get the Dragoncoins is through first buying Ethereum or Bitcoin available at all major crypto exchanges through bank transfers. Afterward you can exchange it with the Dragons.
A wallet is an online software that enables you to store your digital coin in a safe way so that you can retrieve it for later use. It is much like the bank in fiat currencies. The wallet in this case is a bit different since it gives you a set of keys that resemble your actual currency in a given platform. The keys are private and only the users have them. It is always a good idea to identify a given wallet that will assure you of safety for your coins. Some of the wallets you can opt for include;
- Ledger Wallet
- Ethereum Mist Dapp
Dragonchain has a very strong foundation and seems to be useful for instance in the Disney Blockchain system. The tech team is able to ensure features that can be utilized by the developers as well as uttermost security for any new project. These are some of the reasons why Dragonchain will continue to impress new users and also flourish with each passing day. We hope to see nothing but the best in this coin. However, the future can be unpredictable especially in the crypto space.