Although we admit that we’re a little late to this fantasy but back in 2014, Disney came up with its own blockchain called Dragonchain. Many of you might not be aware of it, or at least that’s what I’m hoping, but it was developed for internal purposes. Their reason for developing was similar to most; transparency.
These new and exciting applications of blockchain remind us that there is more than just one way to use this innovative technology.
What is it used for?
It’s quite similar to Ethereum as the basic function remains the same that it can be used by companies to secure transactions and protect their date. However, this is easier to work with as it allows developers to work on existing coding languages like Java, Python, Node, etc.
Apart from that, Dragonchain is built in a way that you can test out new projects before implementing them. It also operates as a marketplace where smart contracts allow easy flow between the vendors, experts, and resources. Some of the ways it can be used in are; ticketing system, legal contracts, loyalty programs, online booking system and etc.
Is Dragonchain a currency?
Now here is where I was confused as well but to clear any doubts, it is a blockchain network and not a currency. However, it is powered by a token called Dragon (DRGN) which can be exchanged on the network in order to complete certain tasks.
Although, the value of the token does increase and decrease much like any other crypto coin.
Can you buy anything with it?
Well… this isn’t cut out for that function. If you really looking for something like that then you must check out Bitcoin, Ethereum, Litecoin etc.
However, there are other ways you can make use of it in such as identity systems, ticketing, decentralized processing, computing and storage framework, voting systems, smart contracts, reporting and compliance, funding and accountability, and even reservations. This platform could really help those suffering from frauds and scams.
What do YOU do then?4
While you can’t use Dragonchain to buy a cup of hot chocolate but you can use them for the products and services built on the Dragonchain blockchain. They are used to grant more voting power in certain projects.
To put it simply, the number of Dragons you have and the amount you hold it for determines the amount of voting power you possess in Dragonchain projects. The voting power is referred to as Slumber Score.
But they are more useful to the programmers working on active projects in the blockchain.
It might not be of much use currently but its good to keep it on your list. It could very well become a contender in the smart contract’s market.