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Summary of Dragonchain
Key Points
- Dragonchain is a hybrid blockchain platform for small businesses, enterprises, and developers.
- Originally developed in 2014 by Joe Roets at The Walt Disney Company in Seattle.
- Open-sourced in 2016.
- Allows integration with external blockchains and legacy systems through Interchain™.
- Proved interoperability in 2016 and currently connects to Bitcoin, Ethereum, Binance Chain, and Ethereum Classic.
- Developers can write smart contracts in various coding languages.
- Notable capabilities include quantum encryption, behavior systems, social forum, and governance marketplace.
Case Studies
About Dragonchain: Empowering Innovation Through Blockchain Technology
Dragonchain is a proprietary hybrid blockchain platform catering to small businesses, enterprises, and developers. Initially developed within The Walt Disney Company in Seattle in 2014 by Joe Roets, it was subsequently open-sourced in 2016. This public/private hybrid blockchain platform facilitates seamless integration with external blockchains and legacy systems through Interchain™, incorporating third-party oracles, APIs, IoT, supply chain, and other business data. Dragonchain successfully demonstrated its interoperability in 2016 and currently leverages Interchain™ to connect with Bitcoin, Ethereum, Binance Chain, and Ethereum Classic. Developers can effortlessly migrate from off-chain to on-chain, ensuring GDPR compliance. Furthermore, developers can craft their own smart contracts in a wide range of coding languages, including C++, Go, JavaScript, Java, Python, Ruby, Shell, C#, Hy, Rails, and PHP, enabling them to build decentralized blockchain applications on-premise or in multi-cloud environments. Notable features include quantum encryption and signing, behavior systems, social forums, governance marketplaces, predictive analytics, and complexity science for supply chain management, as well as environmental tracking and accounting.
On January 7, 2020, Dragonchain showcased an impressive feat by processing over 250 million transactions during a 24-hour livestream event, achieving an average of 1,500 transactions per second. Later that year, Medek Health collaborated with the City of Apopka to launch Covid SafePass, leveraging Dragonchain’s blockchain solutions in accordance with the FDA’s guidance on Digital Health Policies and Public Health Solutions for COVID-19. Furthermore, Dragonchain developed several in-house solutions on top of its open-source platform, including Dragon Factor (decentralized identity), Den (decentralized social media), Provably Fair Contest System (contests, casinos, lotteries, and giveaways), Lyceum (on-chain training courses and certificates), and Eternal (archiving, legal proof, and predictions).
What is Cryptocurrency Mining?
In a departure from traditional mining, the community assumes a decentralized role, providing validation, diversity, and notary services. Notably, one of the patents granted to Dragonchain pertains to loyalty and rewards on the blockchain. While enterprises develop their applications on private Level 1 Business nodes, the Dragonchain community and select partners operate their own Level 2 Validation, Level 3 Diversity, and Level 4 Notary nodes. Furthermore, Level 5 nodes serve as public checkpoints, facilitating interoperability with external blockchains such as Bitcoin, Ethereum, and Binance Chain. These Level 5 nodes can be managed by Dragonchain or the specific blockchain itself through a partner program, thereby bridging the gap between disparate blockchain ecosystems.
For Dragonchain community members operating nodes, the duration of TIME devoted to a particular level determines their rewards. TIME is a loyalty metric built upon the DRGN token. By holding DRGN in a non-exchange wallet, community members automatically accrue 1 TIME loyalty score per day. The greater the TIME allocated to an L2, L3, or L4 node, the more substantial the reward bestowed when their node is selected through the matchmaking process. Community members securing Dragon Net’s five tiers of trust can participate in pooled nodes or operate their own unmanaged nodes.