June 03, 2020

What is Dragonchain?

What is Dragonchain?

Dragonchain is an enterprise-ready blockchain platform that offers public and private blockchain solutions in the way of smart contracts, decentralized applications, and more. Dragonchain was built by the Dragonchain Foundation to enable more rapid development of blockchain-based applications. The Dragonchain Foundation oversees the protocol’s open-source code and the blockchain itself is maintained by Dragonchain, Inc. 

The Dragonchain platform gives developers much less cumbersome and much more efficient tools to create and maintain a public and private blockchain as well as the decentralized applications running on them. 

Dragonchain enhances individual blockchain’s utility through their patented Interchain technology, which allows participants of the Dragonchain platform to interact with and publish data to external blockchains, which include; Bitcoin, Ethereum, Neo, and Ethereum classic. Dragonchain developers are working to build interoperability between additional blockchains.   

When run independently, public and private blockchains have a myriad of flaws. Dragonchain’s public/private hybrid architecture gives enterprise developers more flexibility by enabling them to keep confidential information encrypted within a private blockchain while allowing data that needs to be published to be stored on a public blockchain. 

How Does Dragonchain Work?

There are five node levels that perform different functions needed to verify and properly store public and private information on the blockchain. Let’s take a deeper look at how this works.

Private Business Node

This level contains all of the confidential information and business logic that an organization needs to encrypt. It exists on the enterprise’s own private blockchain.  

Level 2 Nodes

At this level, blocks and individual transactions from the private blockchain are validated. This task is performed without revealing the encrypted data and business logic that stays in the private business node. 

Level 3 Nodes

Level 3 nodes ensure that data from level 2 nodes were validated by an adequate number of sources. This allows nodes on the network to determine the network effect by viewing the scale and diversity of level 2 nodes. Level 3 nodes also enhance the protocol’s security by distributing the attack surface of databases that live in the Dragonchain ecosystem.

Level 4 Nodes

Level 4 nodes act as the platform’s notary service. These nodes are hosted by third parties that cryptographically sign data that emerges from level 3 nodes. 

Level 5 Nodes

Level 5 nodes act as a border between the Dragonchain ecosystem and the external blockchains. Once a transaction has received level 5 verification, the data contained within can be published via interchain to the Bitcoin, Ethereum, Neo, or Ethereum Classic blockchains.

Now that we’ve looked at the structural blockchain model underpinning Dragonchain, let’s look at the additional products and solutions they offer as a part of the Dragon product suite.

Additional Products on the Dragonchain

Dragonchain has pre-built business-ready applications:

1. Dragon Factor

2. Dragon Den

3. Dragonchain Academy

4. Dragonchain Console

Dragon Factor

Dragon Factor is an access-security solution that makes storing and using passwords safer and more efficient. By creating a Factor, you can encrypt your passwords and store them on an immutable blockchain. You can then use your public key to securely and easily access different websites and applications. This is more secure than saving passwords in your google account or keychain as your login credentials are no longer susceptible to attacks on third-party services. Passwords stored using Dragon Factor are encrypted with hashes before being recorded. 

Dragon Den

Dragon Den is a tokenized social media platform built on top of Dragonchain. Dragon Den segments content based on different topics and interests. The platform utilizes tokenization to incentivize content creators to post accurate and useful information. Dragon Den is built to reduce the amount of spam, misinformation, and trolling that is common on popular social media platforms like Facebook and Twitter. 

Dragonchain Academy

The Dragonchain Academy is a tokenized blockchain education program. Beginners and experts alike can earn rewards for completing courses and developing blockchain-oriented skills. Rewards earned by students who complete courses are paid out by the Dragonchain Foundation. The academy provides certifications for proficiencies gained in various aspects of the Dragonchain ecosystem. They even offer in-person workshops to present the courses to large groups of individuals interested in learning how to develop on a blockchain.

Dragonchain Console

Dragonchain Console is a user interface that developers can use to create and manage nodes, wallets, smart contracts, and applications that are running within the Dragonchain ecosystem. The Console removes the need to have a deep technical understanding of blockchain and smart contract development. You can leverage the easy-to-use interface to create your own blockchain in minutes. 

DRGN – The token

DRGN, referred to as Dragon, is the native asset of the Dragonchain ecosystem which can be utilized by the platform’s participants to access different features of the blockchain like the smart contract library. Dragonchain users can earn DRGN for their participation on the network as well as by completing blockchain-based courses in the Dragon Academy. DRGN tokens act as a tokenized a micro-license (TML), an improvement to legacy software-licensing models which typically require a fixed annual payment for every computer that is running the software. DRGN tokens were originally distributed to token sale participants that provided early funding to further develop the Dragonchain platform. There are approximately 235,000,000 DRGN in the circulating supply. The maximum supply that will ever exist is 433,494,437 DRGN. 

Check the Dragonchain Price on Beaxy

You can buy, sell, and trade DRGN on Beaxy, who’s DRGN-BTC pair is the most liquid global market for DRGN tokens. Beaxy’s trading platform features Tradingview’s professional charting tools and easy-to-use order forms. Click here to sign up today, complete verification in less than 5 minutes, and be all set to trade DRGN.