A Beginner’s Guide to Dragonchain: An Innovative Cryptocurrency and ICO Platform
What do you get when you combine an innovative cryptocurrency, the resources of Disney and the tech-talent of Seattle? Answer: a very interesting project, team and ICO platform that has grown over 600% over the past few months.
What is Dragonchain?
Dragonchain (DRGN) is a business platform, incubator, marketplace and blockchain that operates through the use of the cryptocurrency Dragons. Dragonchain was drafted by a team under Disney. It was later handed off to the non-profit Dragonchain Foundation.
How was Dragonchain Distributed?
Dragonchain was initially distributed via an initial coin offering that took place from October 2nd until November 2, in 2017.
Dragonchain’s initial coin offering had no cap on contributions, which means contributors received the amount of tokens equal to their total percent contributed. Dragonchain did not actually meet its funding goal, but decided to continue work on the project.
55% of Dragons were distributed through the ICO. 20% was given to the team, 10% placed in reserves, 10% given to the foundation, and 5% placed in the Dragonfund.
What in the World is Dragonchain’s Incubator?
The Dragonchain Crowd Scaled Incubator is a platform that allows smaller projects to use Dragonchain’s existing infrastructure to accelerate projects.
An example of this is what Ethereum is to Dragonchain. Dragonchain runs on Ethereum’s blockchain similarly to OmiseGo or Monaco, but has its own tokens and features. ICOs can be run on Dragonchain’s platform, which will allow them to function before their own features are developed.
Dragonchain users will have early access to these projects and discounts depending on their Dragonchain slumber score. The slumber score is calculated by multiplying the amount of coins you own by the length of time that you have been storing the coins.
Holding Dragons on an exchange will NOT contribute to your Slumber Score. In order to get your score rolling, you will need to hold it on a wallet to which you own the private keys. Any transaction will reset your slumber score. This provides incentive for users to hold coins, which takes more of them off of the market.
Here is a short video of how the Dragonchain Crowd Scaled works (1:19):
How to Calculate Slumber Score
If you are interested in calculating your Dragonchain sleeper score, the official Dragonchain website has a calculator that lets you enter an ERC20 address. The calculator will scan your address, find its balance and spit out your score. Below is a more in-depth formula for the score.
Other Dragonchain Features
The Dragonchain marketplace is a decentralized exchange where smart contracts and other services related to marketing, legal, software development and recruiting can be exchanged with the Dragon tokens.
Dragonchain plans to bring privacy to smart contracts. Smart contracts are conditional contracts that trigger when a certain condition is met. These contracts are stored on the blockchain, so they are completely decentralized.
The information in these contracts can contain sensitive data such as customer records, so Dragonchain is trying to make the information as private as possible, while still allowing the data to be accessed and used.
Another key feature of Dragonchain is coding flexibility. While Dragonchain is coded mostly in Python, its smart contracts support the following languages:
It is important for a cryptocurrency to support several programming languages, as not all businesses will use the same one. Ethereum, for example, requires projects and smart contracts to be written in Solidity, which is not the most beginner friendly or commonly used programming language.
Dragonchain is an ERC-20 token, which means it runs on the Ethereum blockchain. Dragonchain plans to eventually launch their own platform in 2018, but for now it uses Ethereum.
Dragons can be stored on myEtherWallet, as well as the Ledger Nano S. The Ledger Nano S will support all ERC-20 tokens, including Dragonchain.
Full Dragonchain support was recently added, so it is no longer necessary to add it as a custom token. Learn more about storing your Dragons here.
How Do I Get my Hands on these Dragons!?
Kucoin is a Chinese exchange that lists several up and coming coins such as Dragonchain, as well as established coins like Bitcoin, Ethereum and Litecoin. Etherdelta is a decentralized exchange where you can trade from within your own Ether wallet.
Ironically, Dragonchain’s headquarters in Seattle, Washington are right next to Bittrex’s offices. This seems rather convenient for an exchange addition, and could boost Dragonchain’s price even more.
There are two routes I see in order for Dragonchain to be added to a different major exchange: Binance. Binance holds a coin of the month competition every month in which the community votes for a coin to be added.
In January 2018, Dragonchain got 3rd place behind Raiblocks and Experience Points. It is very likely that we will see Dragonchain winning Coin of the Month in February, which would do wonders for the project and price.
Binance also offers paid listings to their exchange. We were unable to find reliable information on pricing, but it seemed to be in the range of $90,000 to $100,000 USD.
Can I Mine Dragonchain?
Since Dragonchain is a token that runs on top of the Ethereum blockchain, it is not mineable. They have said that in the future that they are considering adding several sidechains, which may the potential to be mined. Dragonchain has a fixed supply of 433,494,437 DRGN and after that, there will be no more new Dragons created.
Is Dragonchain Open Source?
Yes, and if you are interested in viewing Dragonchain’s source code, you can check the official Dragonchain Github.
So, What Makes Dragonchain Stand Out?
On the Offical Dragonchain FAQ they answer the question: What makes Dragonchain different/better?
They list the following reasons:
- Hybrid System that allows businesses to have their own chain.
- Limited exposure to smart contract data
- Multiple currency support, on one chain.
- Multi-language smart contract interactivity
- Server less architecture via Amazon Web Services (AWS)
- Its own incubator and marketplace
It will be interesting to see how Dragonchain compares to its competitors such as Ethereum, Enigma, and Cardano, as they all have similar goals and roadmaps. Dragonchain’s incubator and slumber score system, as well the marketplace definitely stand out against those coins.
Dragonchain has an active Reddit community of 1,181 readers. Although this is small relative to many other top coin projects, it is understandable given that Dragonchain is a relatively new project that has only recently begun trading.
Dragonchain’s Twitter followers enjoy a much higher count — there are over 29,000 people following the @dragonchaingang Twitter account.
What’s Next For Dragonchain?
Dragonchain has some impressive things in the works, and I am excited to see where this project goes. If you want to keep up with the project, you can check its price here, and follow the Dragonchain team on Twitter.
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