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What is DragonChain?

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DC3 - What is DragonChain?
FO6E3842CAC44 - What is DragonChain?

DragonChain is a blockchain-based company and ecosystem originally developed by Disney in 2014. The project started as the “Disney Private Blockchain Platform” and was later released as open-source software in 2016.

DragonChain currently operates as a nonprofit but will launch as a commercial enterprise (DragonChain Inc.) once the platform is fully rolled out.

What Does DragonChain Do?

In general terms, the purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.

More specifically, DragonChain is providing the serverless ecosystem that allows companies to start using blockchain applications in an easy, private, and secure way. They aim to give businesses a “turn-key” product that is compatible with the development stack that companies are currently used to like Java, C++, and Python. This means that businesses will now be able to build their own smart contracts (on the DragonChain platform) using common programming languages.

To look at a complete list of attributes for the DragonChain ecosystem, we’ll reference the DRGN whitepaper:

  • Serverless system and smart contracts
  • Established language support for smart contracts (Java, Python, Node, C#, Go, etc.)
  • Scalable – Amazon AWS and Google deployments
  • Secure – Protection of business data and operations
  • Advanced currency implementations
  • Smart contract libraries
  • Currency Agnostic

These key properties, discussed in more detail later, are what make up the environment for businesses to easily run their decentralized applications on. The properties work in combination to deliver lower development costs, faster speed to market for company projects, higher scalability for those projects, and significantly heightened levels of security.

How Does DragonChain work?

The DRGN ecosystem consists of three key components:

1) The DragonChain Platform

The Platform can be thought of as the backend aspect of DragonChain that stores and secures business-client data. This is where developers can create and store Smart Contracts in common programming languages. Also included in the platform is access to Amazon Web Services (a subsidiary of Amazon.com that provides on-demand cloud computing platforms).


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DC2 - What is DragonChain?

2) The DragonChain Crowd-Scaled Incubator

The Crowd-Scaled Incubator is where companies will be able to easily develop their blockchain projects by following DragonChain’s standardized process.

The “crowd-scaled” aspect of the incubator is meant to be of major benefit to company projects. This means that, after a business develops their blockchain project in the incubator, they can have it reviewed and scaled by a crowd consisting of people/investors from all over the world. If successful, the incubation process works to drastically reduce the resources needed for a client to get exposure on a developing project.

In terms of outcomes, the crowd-scaled incubator aims to allow business projects to launch and start producing market value much quicker. On DragonChain’s website, you can see that they’re currently taking applications from businesses looking to start their commercial platform and incubation process.

DC3 - What is DragonChain?

DragonChain currently has 5 projects under incubation: Look Lateral – Liquid Art, Seed2You, LifeID, IDPay, and ClevX.

More information on each of these projects is available in the DragonChain whitepaper.

3) The DragonChain Marketplace

Lastly, the DragonChain Marketplace is a support system for client companies. Here they can access a pool of verified Subject Matter Experts on topics like crypto, marketing, and software development. The Marketplace is also where DragonChain clients access the library of pre-developed smart contracts.

DC4 - What is DragonChain?

Together, these 3 components (the platform, the incubator, and the marketplace) make up the DragonChain ecosystem. The ecosystem is fueled by the Dragon Coin (DRGN), a token that is micro-licensed to serve as credit for each of the service components.

What sets DragonChain apart?

Chiefly, DragonChain aims to resolve the issue of existing platforms restricting the creation of truly secure and scalable blockchain applications in real-world business use cases.

Ethereum, for example, provides customers with an ecosystem that runs Dapps and Smart Contracts. DragonChain serves a similar purpose but is designed to be more secure than the Bitcoin and Ethereum protocols.

DragonChain’s whitepaper makes a point to emphasize the level of security proposed by their blockchain. Included in the DRGN platform is a system of five standardized levels of consensus. Security increases as the verification level for a block increases. These five levels are:

  1. Business (Approval) Verification
  2. Enterprise (Validation) Verification
  3. Network Diversity Verification
  4. External Partner (Notary) Verification
  5. Public Checkpoint Verification

DC5 - What is DragonChain?

This form of layered security works to add another dimension to the common blockchain model. DragonChain suggests thinking about their levels of consensus model as a “blockchain of blockchains.”

Which Industries Does DragonChain target?

Since the blockchain aims to replace traditional contracts and payment systems with a more secure process, industries that currently suffer from fraud/scams have high potential to benefit. This means that companies dealing in real estate or law, for instance, could remove significant losses to fraud through Smart Contracts within DragonChain’s ecosystem.


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DC6 - What is DragonChain?

Another potential use case is found in the gaming industry. FlowPlay, a gaming company with over 75 million users, wants to use DragonChain tokens to allow gamers to safely purchase virtual items. This will effectively create the first non-trust based marketplace for virtual goods, guaranteeing legitimacy.

A few more intuitive use cases of the platform include auditing, booking/reservations, and voting systems. To see a full list, reference this page made available by Disney.

Who’s on the DragonChain Team?

The DragonChain team is composed of eight members with Joe Roets as the CEO and Chief Architect. He formerly worked for Disney before leaving to commit full-time to the development of the DRGN platform. Joe Roets is also noted for his involvement in projects at Coinbase and Overstock.

DC7 - What is DragonChain?

The rest of the team consists of four core developers and three business/marketing professionals. More information on each member and their involvement is available on the DragonChain website.

Additionally, the team has a strong advisor board behind them. Jeff Garzik is likely their most experienced advisor in terms of blockchain technology. He serves as an established icon in the Bitcoin network and founded the blockchain company, Bloq. Another significant advisor is Ed Fries; VP of game publishing at Microsoft and Co-Founder of Xbox.

Token Distribution

Total Supply: 433,494,437 DRGN

Circulating Supply: 238,421,940 DRGN

The DRGN coin was offered on October 2nd, 2017 at .0663 USD at the ICO and surpassed $4 by January of 2018.

Public tokens make up 55% of the total tokens with the remaining 45% distributed accordingly:

DC8 - What is DragonChain?

Dragon Slumber Score

DragonChain offers benefits for those that hold their coin in the form of a Dragon Slumber Score. The more DRGN coins you own and the longer you hold them, the higher your Slumber Score will be.

A higher Slumber Score rewards you with a greater extent of the following benefits:

  • Everyone: bonuses for company ICOs in the future
  • Business Owners: discounts on smart contracts available in the DragonChain marketplace as well as other forms of tech that DragonChain plans to offer in the future

Where Can I Buy DragonChain?

DRGN is not mineable, but you can purchase it on the following exchanges:

  • KuCoin
  • CoinExchange
  • Gate.io
  • Tidex
  • Bancor Network
  • Token Store

A lot of the exchanges on this list are rather uncommon, leaving room for potential price jumps if DRGN gets adopted by larger exchanges like Binance. Of the exchanges on this list, KuCoin has the highest trading volume for DRGN by a large margin. Using KuCoin in this case then will allow your DRGN trades to be processed and fulfilled much quicker.

Where to Store DragonChain?

DRGN is an ERC-20 token so there are several options for where to store it, namely in an ERC-20-compatible wallet. If storing your tokens in an online ERC-20 wallet, DragonChain recommends using MyEtherWallet or “MEW”.


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If you’re looking for a more secure and offline method to store DRGN coins, you should look into using a hardware wallet like Trezor or the Ledger Nano S. Both wallets support all ERC-20 tokens including DRGN.

Final Thoughts

DragonChain’s platform is establishing a niche in the crypto world with its layered security feature. The 5-layer security model adds great credibility to their overall goal of facilitating business integration into the blockchain.

Additionally, DragonChain is seen as a strong rival to Ethereum because of the platform’s ability to scale; an issue that Ethereum has been notorious for. From a financial standpoint, if DragonChain is to rival Ethereum, then there is plenty of room for growth in the DRGN Market Cap. Ethereum’s market cap is currently over 120 times that of DragonChain’s.

DC9 - What is DragonChain?

As of January 2018, the DragonChain team is raising funds and finishing development of the platform. Although the exact date is currently unannounced, the DRGN platform is expected to fully launch sometime this year.

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Altcoin News

California Man Losses $1.8M In Crypto From AT&T Accounts-Files Lawsuit

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California Man filed a lawsuit against the wireless service giant AT&T alleging that the employees helped to initiate a sim-swap scam which resulted in the theft of more than $1.8 million in total including cryptocurrencies and more about it we read in the Altcoin news today.Seth Shapiro filed a lawsuit on October 17th where he claims to be a two-time Emmy Award-winning media and technology expert, author and adjunct professor at the University Of Southern California School Of Cinematic Arts. The Lawsuit alleges that between May 16 and May 18 AT&T employees transferred access to his mobile phone to outside hackers:
 “AT&T employees obtained unauthorized access to Mr. Shapiro’s AT&T wireless account, viewed his confidential and proprietary personal information, and transferred control [...] to a phone controlled by third-party hackers in exchange for money. [...] The hackers then utilized their control over Mr. Shapiro’s AT&T wireless number [...] to access his personal and digital finance accounts and steal more than $1.8 million.”
The document also states that the actions allowed the hackers to access Shapiro’s personal accounts on multiple crypto exchanges:
"While third parties had control over Mr. Shapiro's AT&T wireless number, they used that control to access and reset the passwords for Mr. Shapiro's accounts on cryptocurrency exchange platforms including KuCoin, Bittrex, Wax, Coinbase, Huobi, Crytopia, LiveCoin, HitBTC, Coss.io, Liqui, and Bitfinex."
The plaintiff also claims to own chat logs where the AT&T employees and hackers discuss how the stolen money should be routed and how much they should split. The California Man also claims that he fell victim to SIM-swapping multiple times and his personal information and online accounts have already leaked in the past. He also stated in the lawsuit:
 “AT&T’s Repeated Failures to Protect Mr. Shapiro’s Account from Unauthorized Access Are a Violation of Federal Law.”
More specifically, Shapiro alleges that AT&T violated the Federal Communications Act for failing to protect the confidentiality of his account information. He also claims that the telecom giant violated multiple California state laws including the Unfair Competition Law and the Constitutional Right to Privacy and the Consumers Legal Remedy ACT. Lastly, Shapiro accuses the company of two acts of negligence.
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Bittrex Exchange Is Shutting Down Down In 31 Countries

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An announcement on October 18 shows that the major Bittrex exchange is shutting down and withdrawing services from 31 countries by the end of this month. The cryptocurrency exchange announced that its Europe-based international trading platform is in a weak position - and cited regulatory uncertainty as the main reason behind the move.However, it still seems that Bittrex, which is originally based out of Seattle, Washington, has little to no presence in the vast majority of the markets that are affected by this seemingly large-scale withdrawal. This perhaps includes Venezuela and a couple of other countries.As the official announcement shows, traders using the Bittrex exchange will lose all access to their accounts on October 29, starting at 19:00 UTC/21:00 CEST. The affected customers have until that then to withdraw their deposits.The Bitcoin and altcoin news today show that customers must have a balance equal or higher than the minimum withdrawal limit to be able to retrieve their stash. In other words, this means that users must have at least thrice the amount in their accounts as the withdrawal fee. This is a rule that applies to all coins and tokens.As it stands, the withdrawal fee on the Bittrex exchange is 0.0005 and therefore, to be able to withdraw, users must have deposits which are worth at least .00150001 BTC. Furthermore, the move affects users based in these 31 countries:
Afghanistan, Egypt, Bosnia-Herzegowina, Botswana, Cambodia, Central African Republic, Democratic Republic of Congo, Côte d’Ivoire, Ethiopia, Eritrea, Ghana, Guinea, Guinea-Bissau, Guyana, Iraq, Laos, Lebanon, Libya, Maldives, Pakistan, Sri Lanka, Somalia, Sudan, South Sudan, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Venezuela, Yemen, Zimbabwe.
The crypto news today show that the Bittrex exchange will also initiate a downsizing process. Before getting started with the withdrawal process, customers must generate an address using the same wallet where they would like to get their deposits. There is even an informative how-to guide with detailed instructions so that users understand the process.As we reported before, Bittrex had significantly downsized its trading options for US-based traders on the platform by delisting 42 coins and tokens. All of this will affect users in a negative way and potentially impact the crypto market as a whole.
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Electroneum (ETN) Is Targeting Turkey With A New Initiative

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Electroneum (ETN) is an altcoin ranking at the 97th position in the coin market charts. As the altcoin news today show, the project managed to target the crypto-hungry country of Turkey. Aside from barely a crypto project, Electroneum has a lot to prove.The startup has been known as one that enables users to "mine" cryptocurrency on their smartphones. The recent news show that ETN is launching new services in Turkey - a country known for its inflation. However, Turkey is also known as the country that is leading the market when it comes to crypto adoption worldwide, with 20% of the population claiming to own cryptocurrencies.The UK-based platform has inked deals with all three of the country's telecom operators, potentially enabling users to pay for airtime with its cryptocurrency. The CEO of Electroneum (ETN), Richard Ells, recently said:
"The whole concept of the airtime thing was to give people an understanding that cryptocurrency has value. In Turkey, you have 20 percent ownership of crypto, but that’s still the richest 20 percent,” he said. “It isn’t the poorest people who are using cryptocurrency.”
The service by Electroneum (ETN) launched in Turkey last month and is available in South Africa and Brazil. Ells recently said that ETN is using the mobile top ups to combat the negative attitude that prevails to cryptocurrencies.According to the research by Ells in the crypto news, there are over 25 million unbanked people in Turkey which makes it a fertile territory for its top up service. In the next few weeks, Electroneum (ETN) also plans to launch a new platform that will allow users to learn, share and monetize their digital skills using ETN as a payment - with zero fees attached.Named "AnyTasks" - this new platform will allow for payment by traditional methods such as credit cards. Ells noted that "then the remittance takes place in ETN, so the person can be unbanked yet still able to sell their digital skills.” He also said that Turkey's 3.6 million refugees could also benefit from the new platform which is cost-free to people in all developing countries.
“There’s a great need for something of value that’s easily transferable, and easy to store and carry, especially for refugees,” he added. “It’s a really interesting place for us to be.”
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Synthetix: The Ethereum DeFi Project That Is Viral This Week

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The Ethereum community welcomes a new prospective project - named the Synthetix (SNX) project - which comes along with a token and an impressive technology behind it. If you haven't heard about this project in the ETH news, you are not alone.It all started going viral when the popular Silicon Valley venture capital firm Andreessen Horowitz (16z) bought up approximately $235,000 USD worth of SNX this week. This buy caused the token and its price to acutely surge by 38% but also put Synthetix (SNX) in the spotlight as something new and something groundbreaking.All of this caught the attention of the crypto economy users who haven't previously crossed paths with this project. When it comes to the value locked in it, it is currently at $66.9 million and the project has surged into the 3rd place on the tracker site DeFi Pulse.Simply put, Synthetix (SNX) is a platform that is built atop Ethereum and one that is designed to host on-chain synthetic assets - known as Synths - which are basically ERC20 tokens tied to the value of real world assets like stocks, indices and beyond.As the news showed, the platform started out as a stablecoin project which was dubbed Havven. The whitepaper's effort still refers to the project - but a rebrand occurred earlier this year, causing the Synthetix mainnet to launch again this spring.The SNX token is right now the native currency of the Synthetix Network, powering the creation of Synths. The project's builders last December described it as:
“The platform uses a token called SNX (the Synthetix Network Token), and holding this token allows you to create Synths. You do this by locking SNX into a smart contract and minting Synths against this value. In order to ensure Synths are fully backed, the system will only you to issue a fraction of the SNX value you lock.”
All of this suggests that Ethereum DeFi is on the rise and that Synthetix is just the latest comer to push up the prospects of the Ethereum DeFi space.Meanwhile, the aforementioned website DeFi Pulse also noted that the total value locked in DeFi (denominated in Ether) crossed the 3 million ETH mark for the first time ever.
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