Incorporating Blockchain into Business: DragonChain and what does It Offer?
DragonChain is a blockchain-based company that was initially launched by Disney in 2014. The idea of the project was to enable more secure, private transactions that neither Bitcoin nor Ethereum could support back in the day.
In 2016 Disney announced they are no longer involved in the development of DragonChain, so the blockchain was later released as open-source software and was adopted as a non-profit organization. Today, it’s a commercial company. What makes it interesting is the potential of this company as a commercial enterprise.
So, what is DragonChain? What makes this blockchain system different from other blockchain systems, and what can it offer to investors, business owners, regular people? Check out the article to learn more.
What is DragonChain?
The main idea of the platform is to offer businesses an easy solution to incorporate secure blockchain tech into their applications. DragonChain offers a solution to build various applications and projects by using existing programming languages like Python, Java, etc.
For a business, DragonChain offers a solution with better security, lower fees, safer transactions, and more control over the privacy of their data. It also provides a serverless ecosystem consisting of three main components – platform, incubator, marketplace.
How does DragonChain Works?
The idea of DragonChain services is to enable businesses to reduce the developer costs on their projects, to advertise with more efficiency, and to overall reduce the costs of launching business projects or applications by using smart contracts.
The DragonChain system consists of three components that are described in more detail:
- The platform. The platform safely stores data of the company and allows developers to use a common programming language to create smart contracts and incorporate the blockchain into their businesses.
- The incubator. This is a crowd-scaled component when other developers or potential investors from all around the world review the project. If it’s a good idea, the project already gets recognition and interest from potential investors.
- The marketplace. It’s a system that supports DragonChain ecosystem clients. Users get support on software development, get access to some already developed smart contracts, etc.
To use the platform, you need to have the tokens – DRGN. The current price of 1 DRGN is 0.1318 as of November 23, 2021. Currently, users can buy Bitcoin first to get DRGN, perhaps in the future, it will be possible to use fiat money.
What Makes DragonChain Different?
The idea of creating the DragonChain platform is to offer a more secure way of implementing blockchain into real-world businesses. DragonChain aims to solve the privacy and security problems that current platforms, like Ethereum, have.
The platform aims to provide businesses with a better level of security. DragonChain offers a 5-level verification process. Each level offers security, but it gradually increases as the business incorporates each level up to the last one.
The following are the 5 levels of verification offered by the platform:
- Network diversity.
- External partner.
- Public checkpoint.
This verification process should serve as a way of adding more security as opposed to common blockchain models. The process aims to help those industries that often face fraud and scams when completing transactions.
Another distinctive feature of the platform is the fact that users can develop applications by using common programming languages within the blockchain. These users can create smart contracts by using such languages as Python, Java, C++, etc. Moreover, users can save their time and use pre-created smart contracts shared by developers.
Does DragonChain Token DRGN have the Potential from an Investor’s Point of View?
DragonChain is a rather new cryptocurrency even considering that the launch of the platform was back in 2014. The company only recently has transferred to a commercial project, but the token, DRGN, is already getting some hype.
It’s not news that investing in crypto can be a profitable venture, especially when invested wisely. It seems that DragonChain might be offering some advantages for businesses when it comes to incorporating smart contracts and incorporating blockchain into business applications. So, it seems to offer a solution for real-life businesses.
When a blockchain offers a solution to real-life problems, the platform will likely be used, and the coin will rise in price. But it should be noted that the platform has competitors, one of the most famous ones is Ethereum. So, when it comes to investing in DRGN, every praise of the coin should be taken with a grain of salt.