What is Dragonchain?
There are different cryptocurrency networks in the market, and one of them is called Dragonchain (DRGN). The main goal behind this blockchain network that started as an open-source project back in October 2016 is to provide a commercial platform for developers to deploy their own applications.
In this guide, we will share with you all the information you need about Dragonchain and how you can start using this network. Moreover, we will tell you how the DRGN digital currency has performed in the last years and how you can start using it as well.
Understanding the Dragonchain Ecosystem
Dragonchain is based on three main concepts. The first one is the Dragonchain platform. Here you can start sharing data on the network with the different participants that are involved. Furthermore, you will also be able to create smart contracts if you are a developer.
This project is also composed of an incubator that would allow companies and firms to work on their blockchain applications and start using the Dragonchain ecosystem. This is something that many decentralized networks do not have and struggle with the fact that they have few users.
Third, Dragonchain works with a marketplace in which users can easily acquire smart contracts. The important thing about Dragonchain is related to the usage of a digital asset called DRGN. This token is one of the most important things you will find in this network considering that all the transactions and interactions would require it to work.
Dragonchain works with a hybrid model in which users can share data on the public blockchain without having to risk data or businesses. Other blockchains that work with centralized or decentralized models have many issues and can be certainly not as efficient as Dragonchain in order to share data from users and parties on the network.
All the smart contracts executed on the Dragonchain network run on top of a trusted node. Indeed, Dragonchain was also using Amazon Web Services with its Lambda product.
There are other Dragonchain competitors that are working on a wide range of solutions and that could certainly be an alternative to Dragonchain. Some of these projects include Ethereum itself, which is the second-largest crypto in the market and one of the largest blockchain networks in the world.
Another project that could compete with Dragonchain is R3, a software development company that has been working on the Corda solution, which would enable the next-generation blockchain for businesses and built on top of distributed ledger technology.
One of the companies that are working on the R3 project includes Ripple, representing the third-largest digital asset in the market: XRP. This is why it is going to be certainly important for XRP to
The DRGN cryptocurrency is currently the 149th largest in the cryptocurrency market in terms of market capitalization. It has a valuation of $24.13 million and a price per coin of $0.1012. DRGN reached a valuation of over $1.19 billion back during the Initial Coin Offering (ICO) craziness. Each DRGN coin could be acquired for $5 at that time.
Now, things are a little bit different. Not only for DRGN but also for all the other digital assets in the market. If you want to buy Dragonchain right now, you would have to pay just $0.10. This shows the devastating effects of the bear market of 2018 and 2019.
Users will also have a dragon slumber score that can be calculated by multiplying the number of coins that a user holds by the length of time that these coins have been stored. If a user makes a transaction, the score would be reset to zero.
The larger the Dragon slumber score, the larger the bonuses for Initial Coin Offerings (ICOs) that take place on the Dragonchain platform. Furthermore, business owners can receive better rates on the different contracts that are currently available on the Dragonchain marketplace.
There are different cryptocurrency exchanges around the world that are currently supporting the DRGN cryptocurrency. Some of the exchanges that are currently supporting DRGN we have KuCoin, Bittrex, IDEX, VCC Exchange, HitBTC, BitFinex, Bancor Network, COSS and many others.
However, 80% of its trading volume – or even more – is concentrated on KuCoin through different trading pairs: DRGN/NEO, DRGN/BTC and DRGN/ETH. It is surprising to see that there is a trading pair with the NEO cryptocurrency rather than with the traditional digital assets that are traded in the market.
Dragonchain seems to be in one of the best moments in the last years considering that we have been in a clear bear market. However, things can change at any moment and affect the price of this digital asset. Thus, it is good for Dragonchain to have tough competitors because it shows that there is a huge possibility in the industry and it has the chance of becoming one of the most powerful and game-changing crypto and blockchain networks in the world.
Dragonchain Smart Contracts and Privacy
Dragonchain is currently offering privacy solutions to its smart contracts. Other platforms are using smart contracts that do not have enough privacy for users. This makes it unlikely for companies that manage financial information and data to use these smart contracts.
Developers on other networks need to use sensitive business logic separately, making the smart contracts more complicated to be created and coded. Ethereum developers are currently working with the Solidity programming language, which is different than other traditional programming languages, making it more difficult for developers to start working with it.
Dragonchain, this, works with a hybrid model that aims at becoming more secure than Ethereum and that allows developers to decide whether their information and data are private or not. Dragonchain is also allowing users to code in a wide range of programming languages including Python, Java, Node.js and C#.
Dragonchain aims at changing the whole payments industry with better processes powered entirely by blockchain technology. There are several firms, such as those operating in the real estate market that could benefit from the system implemented by Dragonchain and its developers.
Other firms such as law companies could also be very useful to reduce losses related to fraud and smart contracts. There are some projects that have implemented the DRGN digital assets and are accepting payments with this digital currency for goods and services. Nevertheless, the expansion of the virtual currency is still far from commercial usage.
Dragonchain is a blockchain network that has been working on the last years and that aims at changing the way in which the payments industry is currently working. There have been several developers that used this platform to deploy smart contracts and start offering services to some companies and firms.
Although it may take some time for Dragonchain to be considered a worldwide network used by thousands of companies, they are offering real and tangible services to companies and industries in the market.
At the same time, the DRGN digital asset that is used on the network had great moments in the market with massive price spikes over the last years. Many could use this digital asset as a speculation tool and investment rather than as a utility token.