Do I Own a Shitcoin?




Dragonchain - Shitcoin Review

on Sep 26, 2018


BAAS DRAGONCHAIN DRGN



We’re all dreamers in the crypto space.

Moons...lambos...pumps (without dumps)....the list goes on.

There is one project that might be your magic ticket to the moon (or not, who the heck knows..).

Today’s review is a project originally started by Disney - WHERE DREAMS COME TRUE.

If you hadn’t guessed, today’s review is Dragonchain.

 

Let’s dig in...

 

Dragonchain (ticker: DRGN)
Mid-Tier Shitcoin (with upward momentum)

 

Wtf is this shit?

Across the web there is lots of confusion around what Dragonchain really is...so per usual, we’ll break this shit down for you (n00b). Dragonchain is a Blockchain as a Service (BaaS), basically offering a public/private hybrid blockchain solution. RELAX, we’ll explain.

Bunch of n00bs have been asking, “when mainnet?” “when mainnet launch” “when own blockchain, DURRR.” Well, the Dragonchain team has clearly mentioned that they do not intend to launch their own mainnet. It is possible they may in the future, but if you understand their vision, then you will see that it is not necessary.

Dragonchain wants to provide an ecosystem where companies can easily launch their own blockchains. These are private blockchains, running on AWS and similar. BUT, Dragonchain plans to interchain with other blockchains to offer large, decentralized networks that these companies can utilize for the transparency, computing power, and other benefits that we all know these public chains offer.

 

Wtf is an interchain?

An interchain is basically a smart contract that connects one blockchain to another...so that they can communicate. In the case of a company running their own blockchain (thanks to Dragonchain and its services), they can now communicate with other blockchains such as Ethereum, NEO, Bitcoin, etc. This means businesses have complete control on the level of exposure of their data. Some may be completely internal, private, and permissioned...while some can be completely public on the chains you and I know.

A couple use cases could be:

  • A large enterprise (tens of thousands of employees) can tracks sales, completion of milestones within different departments, and any other data they wish to log. Additionally, they can take advantage of a public network, say Ethereum, to log and record data publicly...this may be certain financials, for marketing purposes OR legal reasons, for further validity..especially if it's a public company.
  • Say a coffee shop gets 10 different types of coffee delivered each month from random suppliers. Each supplier uses a different chain (NEO, ETH, ARK, LISK, etc) to update clients (the coffee shop) on the status of their delivery, prices, etc. The coffee shop can utilize Dragonchain to monitor their suppliers across different chains.

 

Got it...tell me more about wtf is going on

Remember, Dragonchain is a service, so they also offer marketplaces and other shit we’ll explain.

The marketplace is focused on offering a library of pre-made smart contracts that serve different purposes and perhaps connect to different chains or outside vendors. Developers will be able to upload contracts that can be purchased and used by companies.

The process is not 100% ironed out yet, but in an interview they mentioned that the developer will be able to set their own price for their product. There also may be ways where they can set the payment model (monthly subscription, based on usage, one time payment, etc). Dragonchain will take a small cut, and the rest goes to the developer. Obviously, DRGN is the currency (token) used for these transactions.

Developers can write the smart contracts in Python, Java, Node, or C#...

Dragonchain will also offer Dragonscale. Dragonscale is basically a network to help growing companies, or those looking to startup. Dragonscale offers their marketplace (library of scripts and shit they can utilize), the commercial platform to launch their own blockchains, pitching sessions (pitch to be a part of their incubator), and offer connections to partnered VCs, angels, and other investors.

Another aspect to Dragonchain’s efforts is the Dragon Days of Slumber Score (DDSS...and they really need a new name for this in our opinion). DDSS accounts for both your Dragon balance and the length of time that you held each Dragon for. Based on these factors, you are scored. As a result of your score, holders gain priority access to token sales, pre-sales and various deals from inside the Dragonchain incubator. Pretty neat..this helps both DRGN holder and the incubating companies...exposing them to more investors.

Lastly...we want to briefly touch on their consensus. They emphasize five different layers of consensus for different applications (this is a bit technical, but will do our best to explain simply):

  1. Business (Approval) Verification - This level is where nodes can execute business logic defined by the organization and define a payload associated with the contract for their purposes.
  2. Enterprise Verification - This level validates and checks the transactions and blocks network wide to be sure that block signatures, transaction signatures, and transaction headers are accurate.
  3. Network Diversity Verification - Level 3 nodes also perform a network wide check, but ensures the diversity of verification (checking from where different data came from, which business units, etc).
  4. External Partner (Notary) Verification - (Level 4 node, lol)...basically think of this like partnering with an external party that will also validate your transactions on your chain...more peace of mind.
  5. Public Checkpoint Verification - A level 5 node bridges you to public networks like Ethereum, Bitcoin, etc when needed.

There’s always more to say, but all in all this should give you a solid idea.

 

TL;DR: a blockchain as a service company allowing companies to easily create their own blockchain...and communicate with public blockchains as desired. They are a service, using interchains...so, no mainnet.

 

Who tf is behind this shit?

As crazy as it sounds, Dragonchain was initially created by Disney (yes, Disney) in Seattle, but was then open-sourced as a non-profit under Dragonchain Foundation. So, there is definitely reputation for the team to uphold.



All in all, based on market conditions and following, it is a mid-tier shitcoin, but we can feel their upward momentum. Let’s see how they do...this is the crazy crypto world after all.

 

Hope you learned some shit.

 

Chat soon!

- Mike and Aaron