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What is DragonChain?



Uploaded ToWhat 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 that provides on-demand cloud computing platforms).

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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
  • 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.

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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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Decred Buyers Aim To Rally The Price Above The $20 Resistance Level




decred buyers
The Decred buyers are trying to rally the price above the technical resistance level at $20.00 while the altcoin has a bearish short-term and medium-term trading outlook. The four-hour time frame shows that there is a bearish falling wedge pattern forming, trapping the DCR/USD pair in a triangle pattern.As per the altcoin news today, the decred buyers follow the strong reversal from the $17.50 level that was reached earlier this week. The DCR/USD pair rallied by more than 30 percent from the November price low and is now trading around 10 percent above the December price low. The technical analysis shows that the DCR/USD pair is getting trapped in a large triangle pattern on the charts which a break above the top of the triangle pattern around the $20 level could start a strong upside move.If the bullish technical breakout takes place the $24 level will be the next target. The DCR/USD pair’s 200-day moving average is shifting to a neckline of head and shoulders pattern around the area. The four-hour time frame shows that a bearish rising wedge pattern is forming and breaking below the wedge could force the DCR/USD pair to get back to the November monthly low. The pair is also creating bullish higher lows and goes against the overall crypto markets which are a positive development.The relative strength index on the daily time frame is quite bullish while the MACD indicator gets close to the buying signal levels. According to the latest data sentiment, the short-term sentiment for Decred is neutral at 47 percent while the overall long-term sentiment for the crypto is quite bearish at 36 percent.  The four-hour time frame shows that a key technical resistance is now located at $20 and $24.00 levels. The key technical resistance over the medium term is standing at $29.00.The four-hour time frame shows that the DCR/USD pair is in a strong medium-term technical support towards the $17.50 levels. The critical long-term technical support for the altcoin is located at the $12.00 support level. Decred moving against the overall crypto market and tries to force a short-term breakout above the $20.00 level. The pair could easily rally towards the $24.00 resistance level if a bullish breakout happens soon.
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Enjin Coin SurgeD By 60% After Microsoft Partnership




enjin coin
Enjin coin surged after the world-famous technology company Microsoft and the coin platform have teamed up to make the project named Azure Heroes, a project that gives prizes to contributors to the community for posting content, creating demos, building sample code, and blogging about Azure as we are reading further in the altcoin news today.There is nomination for creators after which they receive a collectible “digital badger”, a digital badge that relates to the field to which they have given their contributions. These digital badgers have a very limited supply and cover certain categories like Content Hero, Mentor, and Maker.The badger heroes have been tokenized as assets on the Ethereum blockchain, and because of that, we can be certain that they are in limited supply. Every season the Microsoft & Enjin partnership will release a new set of badgers that will also be of limited supply. The ones that will be lucky enough to be selected to become an Azure Hero will scan their QR code, and the non-fungible token (NFT), the badger will be immediately transmitted into their own for their benefit.This statement was the reason why the Enjin coin surged by a significant 60%. Analyzing the hourly charts, Enjin grew significantly over the previous two days, growing by a total of 60%. This provoked it to smash the resistance at 1000 SAT, which is reinforced by the 200-days EMA.ENJ continued higher to reach the current trading price of around 1290 SAT – creating a fresh 7-month high that has not been seen since June this year. If the buyers continue in this manner, to force the market higher, we can anticipate abrupt resistance to be located at 1604 SAT and 1740 SAT. Beyond this, resistance is at the 1825 SAT (1.618 Fibonacci Extension level).Otherwise, if the sellers make a step back in and force the market lower, we can anticipate support at 1200SAT. Below this, support is located at 1000 SAT (200-days EMA), 900 SAT, and 800 SAT (100-days EMA). The RSI is advancing toward extreme overbought conditions, which can be a sign that the market could be overextended, which cannot pose a surprise when we will take into consideration the parabolic move.
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Brazilian IRS Creates New Penalty Code For Misreporting Crypto Taxes




Brazilian IRS
The Brazilian IRS is now watching closely on crypto deals and transfers thus creating a special penalty code for misreporting crypto taxes as we are about to read further in the crypto news below.If users fail to file a monthly report of crypto-asset movements, they will trigger the ‘’Revenue code 5720-Default for Default/ Incorrect/ Delay in reporting on transactions performed with crypto’’ as per the OBN news reports. The Brazilian IRS introduced this crypto regulation earlier in August and they claim to have received reports for about $14 billion in transactions in the past few months. It is still unknown how those figures were reached and whether it is based on transfers alone or trading as well.The IRS requirements only involved transactions related to trading which means that if you move actual coins it will be anonymous in most cases but when a coin is traded for fiat, a taxable event has to occur. For example, accounting for November trades has to happen by the end of December. Based on the volumes by LocalBitcoins, the interest in Brazil is relatively stable and the local exchanges are now highly active while the Brazilian real makes up to about $0.03% of the total BTC trading globally. The taxation approach in the country is very similar to one of the US IRS. The taxman also observes accounts and exchanges and brokerages. Holding BTC however, does not generate a taxable event despite the price fluctuations.The revenue services around the world, however, are also learning about the transparency of the Bitcoin network and the very potential to trace transactions directly. The principle that is reserved for criminal investigations is also known to the IRS. One of the major crackdowns on the BTC usage for 2019 happened with the Welcome to a Video website which was a darknet network that offered underage content. With the help of Chainalysis, the RIS managed to track the BTC addresses to account and real-world identities. The IRS reported:“By analyzing the blockchain and de-anonymizing bitcoin transactions, IRS-CI special agents were able to identify hundreds of predators around the world – even though those users thought that they could remain anonymous.’’
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BIS Believes Central Banks Could Become Less Attractive Due To Crypto




bis believes
BIS believes that the central banks will become obsolete due to crypto, according to Agustin Carstens who is the head of the Bank of International Settlements. He believes that the central banks cannot lose their role as gatekeepers of the entire financial system to cryptos but they are however still afraid.As per the recent cryptocurrency news, the US authorities claimed they have no plans to create a digital US dollar despite the many reports in the news along with other nations that are looking to float their own sovereign digital currency. In a speech delivered at Princeton University, Carstens explained that private cryptos should not be able to replace the central banks and that the crypto projects are ‘’gleaming skyscrapers’’ while calling the central banks providers of truth.The BIS believes that the primacy of mainstream finance which is a system that still hasn’t taken into consideration the 1.7 billion adults who remain unbanked while Bitcoin continues to gather greater financial inclusion. Bitcoin is the top cryptocurrency by market cap and has about $1 billion and $3 billion worth of transactions per day. While commentators such as Carstens stick to the primacy to mainstream finance, bitcoin gathers even more attention from the unbanked population.The BIS chief along with many members from the mainstream banking industry has a history of being anti-crypto. At the start of his mandate, Carstens called on regulators to propose stricter laws to govern the virtual currency market. however, Carstens’ remarks contain a high note of urgency missing from the comments back at the start of the year when he stated that there is no urgent need for the central banks to create a sovereign digital currency but that was when Libra still hadn’t published its whitepaper.Since Libra released its whitepaper, a lot of countries expressed plans to create their own national digital currencies just to try to prevent Libra from succeeding. For Carstens, the central banks should control the narrative of the emerging digital currency space and he even noted:
‘’We have a responsibility to be at the cutting edge of the debate. There is really no choice but to do so, as otherwise events will overtake us.’’
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