What is Dragonchain?
Dragonchain originally started as a project within The Walt Disney Company and has since branched off into its own entity. As of this moment, there is no active partnership with The Walt Disney Company.
Dragonchain is a HYBRID blockchain that combines elements from Public and Private blockchains. This allows businesses to use blockchain while protecting sensitive data. Examples:
- You need your ID to buy alcohol. The vendor doesn’t need to know your birthday, full name or home address. They JUST need to know that you are at the legal drinking age.
- You are applying for a job. The employer asks for your social security number for a background check. The employer just needs to verify if you are a legal citizen and your criminal history. This can be done without having to reveal your personal information.
- You go to checkout page for any website and just scan a QR code from your wallet. Your wallet will provide your name, address, credit card info so you can checkout without having to type in any information. That is possible with Dragonchain. Your personal data and transactions will remain private between you and the website. The website hosting this data will be secured if it’s in the Dragonchain ecosystem to prevent data breaches.
Potentially, you can create a profile that has all your personal information: full name, address, social security number, employment history, medical records, vaccine records, credit card info, bank account numbers and release any of that data as needed with Dragonchain ecosystem. As data is verified between Dragonchain business owners and customers. Private data can be revealed securely with controls by each person.
I would love to see this applied to online purchases. Just provide your unique wallet address and broadcast the signature from your wallet, then all your information is loaded into the post of sale system.
How do Dragonchain token holders benefit?
Price: Like any investment, early investors benefit as the token price increases in value.
Earn TIME: For every DRGN token you hold in your wallet (not on exchanges) you start earning 1 TIME. The more TIME you have attached to your DRGN tokens in your wallet, the more you can earn through TIME lending or running verification nodes. You will need to be able to connect your wallet holding DRGN token to MyEthereumWallet to attach your TIME to your Dragonchain Console account.
Have DRGN tokens in your wallet? Check your TIME here: https://dragonchain.com/community/time/
Lend TIME: Within the Dragonchain Console, you can connect your Ethereum Wallet and lend out the TIME you’ve earned from holding DRGN tokens. This can be found the in CTLC section (Captured Time Lending Contracts). Any leased time will be available in the DRGN marketplace for businesses to purchase. Current rate (March 2021) is a 150 DRGN reward for lending out 1,000,000 TIME for 3 months.
Verification Nodes: DRGN token holders can run verification nodes. A verification node will cost about $10/month to run and on average will earn 0.033 DRGN for every 1 Million time they have committed. So if you only have 1 Million time you will make 1 DRGN in a month while spending $10 to run a node. It is currently not profitable for token holders with a low amount of TIME.
Who is leading DRGN?
I stole this from: https://dragonchain.com/about/
Joe Roets is the Architect, Founder, and Chief Executive Officer of Dragonchain. He has over 20 years of experience in software architecture, focused primarily on security and scalability. He has created and led multiple technology startups, beginning in the mid-1990s. Joe is a visionary and thought leader in blockchain technology having led or contributed to projects in the space since 2010 at companies such as Overstock, Coinbase, Symbiont, and The Walt Disney Company.
Joe has been doing weekly updates on the Dragonchain YouTube Channel for 2 years now. The channel doesn’t normally seem more than a 1k views per video and the DRGN token price performance has been very low. They could have just given up on this project and relaunched the same idea with another coin and hyped it up. But they kept moving forward to develop Dragonchain, protect their intellectual property with patents, onboard new businesses to run on Dragonchain and much more.
Joe is also very active on Dragonchain’s official social media side, Den. You can find him helping the community in the Den Support Lair.
Dragonchain Use Case Examples:
Online Poker Game
Interchain (Trademarked and Patented)
You enter a 10-person online poker tournament. To buy-in, you can send any cryptocurrency you want. Each of the 10 players sends in their own crypto preference: BTC, ETH, BNB, LTC, NANO, DRGN, etc. With Dragonchain’s patented Interchain, each blockchain can be supported so the winner can take all of the different cryptocurrency. Fees to move the coins from their respective Blockchain would still apply or all assets can be converted to a specified cryptocurrency.
If you translate this same idea to a business, the door opens up to mass adoption. You can go to a store and pay with your cryptocurrency of choice. Interchain allows users to operate on multiple blockchains and includes using smart contracts on Dragonchain and other public blockchains.
Smart Contract Orchestration (Patented):
With Dragonchain you can have a smart contract trigger another smart contract. In the online poker tournament example:
- You could have one smart contract to allow people to buy into the poker game.
- If 10 people join, then the next smart contract is triggered to begin playing the game.
- If 5 people join and no one else joins for the next 5-minutes, the next smart contract can trigger the game to start
- With multiple smart contracts working together, you can set up whatever you want.
With Dragonchain, you can create smart contracts in ANY programming language. Smart contracts are also editable if you want to make any modifications for your business needs.
Beaxy Crypto Exchange
Dragonchain is currently processing the transaction on the Beaxy crypto exchange. When a trade is placed, Dragonchain can verify when the order is placed and if it was placed by a real person. This is done to prevent price manipulation through front running.
Front running is a form of insider trading. An exchange or Market Maker receives a large order, which will in turn raise the price of the crypto or stock being bought. Before they execute the order, a small order is placed on behalf of the exchange or market maker. Once the bigger order is executed, the smaller order is sold at a higher price for profit.
Dragonchain demo: Eternal Report
Eternal is a feature provided by Dragonchain that you can use to archive a Tweet, Web Page or Text. Drop anything into Eternal now and watch how the transactions get processed through the 5 levels of nodes: https://eternal.report/
As a test, I posted several tweets to Eternal then deleted it:
- Text and link only: https://eternal.report/transaction/f568eb60-e099-4b25-b82c-9a52389fc9ab
- Image: https://eternal.report/transaction/ad4dd26e-7cc5-4f06-9de4-a94d3a32e125
- Video: https://eternal.report/transaction/0f35f77c-0695-41c7-b1ba-91a66194d345
- Video (not deleted): https://eternal.report/transaction/94beccf6-e1bf-4735-845d-896d216c070c
Being able to save pictures, text, and short videos to the blockchain are just a few examples of what Dragonchain is capable of. Eternal will save tweets that have text, links and images. Videos that have been deleted from Twitter will not be saved.
I’m not sure if the videos not being saved is because of the load on the blockchain or if it has to do with video piracy. It would be really bad if someone released a new movie on the internet that could be easily accessed and permanently only a blockchain.
Dragonchain Products You Can Use Now:
Eternal Report: https://eternal.report/
Archive things to the DRGN blockchain.
Den Social: https://den.social/
Like Reddit, but built on blockchain. Users earn rewards for engaging with content (public beta)
Dragonchain Academy: https://academy.dragonchain.org/
11 free and very detailed courses on blockchain, Dragonchain, Cybersecurity and Smart Contracts
Dragonchain Console: https://console.dragonchain.com/
Run DRGN verification nodes with TIME earned from holding DRGN.
Dragonchain Metrics: https://metrics.dragonchain.com/
Dragonchain stats for nerds
- Patented interoperability technology – US Patent US10666426B2
- Process smart contracts between multiple blockchains
- Patented scaling technology (TIME) – US Patent US10565386B2
- DRGN token holder TIME as a system of network trusts (instead of PoW or PoS)
- Patented enterprise smart contract orchestration – US Patent US10922309
- Allowing a smart contract to trigger the use of another smart contract.
5 Levels of Verification: The Most Secure Blockchain
L1 Node: Sensitive Data/Business Logic/Smart Contracts
Business transactions gets processed and sensitive data is removed as the transactions moves forward with verification. Smart contracts are initiated in the L1 node. Business transactions aren’t limited to financial transactions and can include data management and media. L1 Managed business nodes can be purchased through the Dragonchain Console for $99/month or the USD equivalent in DRGN tokens.
L2 Node: Validation
Transactions are verified and processed. Each L2 node will sign the transaction with the node owner identity, location and key management authority information.
- DRGN Token holders can run an L2 node if they have at least 1 million TIME.
L3 Node: Diversity
Verifies that the L2 node verifications come from unique node owners, locations and management authorities. This is to make sure the transaction isn’t being verified by hacked L2 nodes. A hacker would have to take control of a lot of different nodes to bypass the L3 verification.
- DRGN Token holders can run an L3 node if they have at least (10) L2 nodes.
L4 Node: Notary
Level 4 signs the level 3 verification. It’s saying, “L3 did their job correctly.” Kind of like a supervisor.
- DRGN Token holders can run a L4 node if they have at least (5) L3 nodes or 100 million TIME. To run an L4 node, you will be required to go through KYC and an interview with Dragonchain.
L5 Node: Security Interchain
Leveraging other blockchains (BTC, ETH, ETC, BNB) by placing a hash of an artifact for proof of existence. The hash is later used as a reference to prove that the transaction happened and because it is recorded on other chains. This ensures that a hacker would have to also manipulate another blockchain to manipulate the transaction.
Why does the price suck?
As I’m writing this (March 2021), the price of Dragonchain has remained under $0.25 for almost 3 years now. The price performance has been pretty poor compared to the bull run seen with all the other cryptocurrencies throughout 2020.
- Possibility 1: As a US company that complies with all of the US regulations when it comes to cryptocurrency, they cannot solicit or pay for an exchange listing. This makes it difficult for more users to have access to DRGN tokens.
- Possibility 2: DRGN token holders are incentivized to HODL their tokens by awarding them with TIME. TIME is needed to run DRGN verification nodes and to secure the Dragonchain network
- Possibility 3: Not many people believe in the project.
This could be the worst investment which is why you should do your research. If it’s a good project, in the long term the price will go up. If it’s a bad project, you’re going to get rekt.
Where do you buy Dragonchain?
About 75% of all the DRGN trading volume happens on KuCoin. To find all the available market pairs, you find it here on Coinmarketcap: https://coinmarketcap.com/currencies/dragonchain/markets/
If you haven’t used KuCoin before, there is no KYC. Anyone can use KuCoin but you can only fund your account with cryptocurrency. You won’t be able to directly change crypto and fiat on KuCoin unless you go through KYC, which is only available for non-US residents. Going through the KYC process is optional, so anyone (even US citizens) can use KuCoin. I have a tutorial on KuCoin here: https://youtu.be/ImNAuU1QksI
If you haven’t signed up, this is my KuCoin Referral Link: https://www.kucoin.com/ucenter/signup?rcode=E5aBm7
Dragonchain Price Prediction
You can ignore by Dragonchain price prediction because it’s a meaningless guess. Dragonchain would be a serious competitor to Polkadot because of Dragonchains Interchain patent and to Cardano with the smart contract orchestration patent. For fun, if we compare Dragonchain’s token to its major competition to Polkadot and Cardano at a $40 billion market cap, the price would be:
- Cardano: $1.25
- Polkadot: $44.00
- Dragonchain: $108.50
If the marketcap of all these coins were the same, we could see 1 DRGN token going for over $100. That’s a crazy longshot but Dragonchain is a sleeping giant.
Once again, I am invested in Dragonchain so I am a shill. Don’t trust anything that I write here, just do your research and at least verify that these statements are true. People can say anything on the internet.
Dragonchain vs Visa
On average, Visa does 150 million transactions all over the world every day. Those transactions need to happen fast and remain secure.
The Dragonchain team did a live 24-hour demonstration of using Dragonchain with more transactions than visa. Over 250 million transactions were processed over 24 hours on the live production network. Transactions remained fast, fees remained stable and data stayed safe.
- Event in 1 minute: https://twitter.com/dragonchaingang/status/1372570112566382592
- Full 24 Hour Event: https://www.youtube.com/playlist?list=PLWNHP5OGZqMa9aXP1IiQpPdlfjKZl85K-
- They did this at the beginning of 2020 (over a year ago)
Block time for a (L1) business node takes 5 seconds and a total time of about 16 seconds to get to L4 node verification. L5 can take up to 2 hours depending on the network traffic on other chains because L5 verifications are done on BTC/ETH/ETC/BNB.
What does that mean? Business transactions can be processed in 5 seconds at the L1 Node. The additional node levels are securing the transaction to the blockchain, protecting business/customer data, and verifying the transactions happening within each node are not being manipulated.
Dragonchain can handle the massive transaction volume from a credit card issuer like Visa. With 1 transaction per second or 1,000 transactions per second, Dragonchain fees remain low and transactions speeds are consistently fast.
There are many different cryptocurrencies trying to solve real world problems. But, they are all competing in hypothetical use-case scenarios. Dragonchain has actual enterprise clients and is on-boarding businesses to the world of blockchain:
- Everyone is making coffee, but no one is making coffee cups.
- Everyone is an amazing architect, but no one is doing any construction.
- Everyone is planning a trip to Disneyland, no one is selling pants. You need pants to go to Disneyland. Anything to cover your junk, at a minimum.
In a sense, people are creating things with the hope that it will bring on mass adoption and turn itself into a successful business. For example, we can look at DENT (https://www.dentwireless.com/) which is a coin that allows people to buy cheaper mobile data and phone packages. You can pay for services with their token. My understanding is only on a light level, but it doesn’t make sense. DENT focuses on data and voicecalls. If you have DATA you can already make voice calls with so many different apps.
Why would you go through the trouble of buying a cryptocurrency to pay for a phone service that MIGHT save you a little money on your current service. And if you wanted to pay for your phone service with cryptocurrency, there are a few ways to do that indirectly, by just converting your cryptocurrency to fiat. To me, DENT has very niche use case. With internet data growing cheaper daily and with Starlink currently in its beta stages, the competition for cheaper/faster internet is already on the way.
Dragonchain is a platform that can onboard any type of business and can secure their data for a fraction of the cost when compared to the current cybersecurity options. Dragonchain partnered with CloudFace in December 2020. Cloudface specialized in Cybersecurity and Healthcare Supply Chain Management.
- Interoperability: can handle smart contracts between different blokchains
- Smart Contract Orchestration: Smart contracts can trigger other smart contracts
- TIME (scaling method): Alternative to Proof-of-Stake and Proof-of-work
- Current Partnerships:
- Government Blockchain Association (not the actual US government)
- Cloudface Cybersecurity/Medical Supply Chain
- Global Blockchain Business Council
- Beaxy Exchange
- Smart Contracts:
- Can be written in ANY programming language
- Can be written to work with multiple smart contracts
- Editable Smart Contracts
- Smart Contracts Marketplace (Buy/Sell)
- Follows all US regulations for Blockchain and US based (can operate in the US)
- Infinitely Scalable: Dragonchain did a demonstration where they processed 250 million transactions in 24 hours to prove that transactions speed remain fast, the network remains secure, and transaction fees remain low.
- Blockchain for business (15 million business transaction over the past month on Dragonchain)
- Dragonchain Academy (explained above)
- Den Social (explained above)
- Eternal Report (explained above)
- Hybrid blockchain based for semi-private transactions (criteria set by business or smart contract)
I’m absolutely invested in Dragonchain and have been since 2017. I haven’t sold any and will continue to hold even if this goes to $0.
Do your own research or join me getting rekt. I’m having trouble understanding why this is a bad investment. If you think DRGN is a scam or a bad investment, let me know why.