Technology and innovation are helping business become more streamlined and efficient than ever before. One of the most exciting and cutting-edge technologies that can be of major assistance in the business world and its many industries is blockchain. Blockchain technology blew up in a big way in 2017, and this will likely continue into 2018 and beyond.
However, adopting and adapting to the new technologies out there (like blockchain) isn’t always easy, especially for businesses already deeply engraved with other processes or technologies. A company and platform that is looking to be the solution to that technology integration problem is Dragonchain. This article will give you an overview of Dragonchain (which is also known as DRGN), what they are trying to do, the features of the platform and more.
What is Dragonchain?
At its core, the purpose of Dragonchain is to assist companies and businesses with incorporating blockchain into their business. There are many benefits to making the switch to blockchain as it not only increases the speed and efficiency of transactions, but also much more secure and cost-effective as well.
Dragonchain was actually originally designed by Disney in Seattle back in 2015, and was set to be their foray into blockchain and was called the Disney Private Blockchain Platform. It was later released as an open-source software in 2016 and in January of 2017, the Dragonchain Foundation was created to maintain the ownership of the open-source code and to also be responsible for it.
Dragonchain essentially serves as an ecosystem in which companies from all different kinds can begin to easily and quickly use blockchain applications of all kind to benefit their business. They will ensure a business’s projects are not only more efficient but also more secure as well.
How Does it Work?
So that all sounds great and extremely helpful for businesses, but how does it actually work? Well, in order to understand how Dragonchain works, you need to understand the ecosystem within. The Dragonchain ecosystem is made up of three different components, which are the platform, the incubator and the marketplace.
The platform is basically the backend of Dragonchain that keeps the various data of the businesses stored safely and securely. This is the location where developers will build their smart contracts in some of the most common and known programming languages such as C++ and Python.
The Incubator is where companies will go to develop their very own blockchain projects in accordance to the standardized process set out by Dragonchain. The incubator is crowd-scaled, which means that once the project is developed, a company can have it reviewed by people from all over the world. This also helps the project get out there and gain some notoriety.
The marketplace can be seen as the support system for client companies. This aspect of the ecosystem allows companies to reach out to experts on certain topics like cryptocurrency, development, marketing and more. The marketplace will also be populated with smart contracts that have been pre-developed that your companies can utilize.
The Features of Dragonchain
To fully understand and appreciate Dragonchain, you also need to be aware of the various other features and benefits of the ecosystem. Each of the aforementioned components has their own variety of features that we have looked at, however, there are many more as well.
Another great feature of Dragonchain is their high level of security. In fact, security is perhaps the most important thing for Dragonchain. They feature five levels of security so that businesses of all shapes and sizes in different industries can ensure their data and projects are safe.
Another great feature is the ability for projects to be compatible with common programming languages and also for them to scale quickly, thanks to Dragonchain using Amazon AWS and Google deployments.
This makes it much quicker and easier to adopt Dragonchain and blockchain itself into your business. In addition to increased security and efficiency, features exist like: lower development costs and the ability to get to market extremely quickly with your project.
These features set Dragonchain apart from the other options on the market such as Ethereum. Dragonchain is simply one of the most secure options in the space, and we all know how important security is, especially in the technology space. A variety of different businesses and industries could benefit from Dragonchain and their features.
As with most blockchain based ecosystems/platforms, Dragonchain also features a cryptocurrency, which is known as DRGN. They had a successful ICO back in late 2017 that raised millions of dollars. The DRGN token can not only be held as an investment, but is also used as a utility token within the ecosystem to build or use smart contracts, and various other uses in the ecosystem.
The coin is currently trading at just over $1 USD per DRGN and can be purchased or traded on a variety of different exchanges, however, most of them are fairly uncommon, which means the DRGN coin could see a dramatic rise in price if/when larger exchanges pick the coin up. 55% of the total DRGN coins are public and the other 45% is distributed to the team, reserve, foundation and the DragonFund.
Meet the Team
Dragonchain features a very strong leadership group, which is led by architect, CEO and Founder Joe Roets. Roets has decades of experience in software, with a large focus on security. He has been involved in many different start-ups since the mid-1990s, and is the right person to lead this team. Their core is rounded out by other experts with dozens of years of collective experience in a variety of industries such as HR, marketing, finance, engineering and more.
In addition to their core, Dragonchain has a solid roster of advisors including the founders of Bloq, as well as the VP of Payments for Starbucks and a former assistant director from the FBI.
The team has a vision of providing a variety of different services and products to businesses that are looking to adopt blockchain technology. Various industries and companies will eventually make the change to blockchain when the benefits cannot be ignored anymore, and Dragonchain hopes to be there to support these changes.
In conclusion, Dragonchain is hoping to make transitioning into blockchain technology easier for companies from all over the world. They are still a fairly new coin and ecosystem, and hope to fully launch sometime later in 2018.