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What is Dragonchain?
What is Dragonchain?
Blockchain

What is Dragonchain?

By Marco Cavicchioli - 10 Jun 2020

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Dragonchain is a hybrid public/private blockchain platform designed for businesses. 

It was originally developed in 2014, but released open source only in 2016. The code is managed by the Dragonchain Foundation, while the commercial platform is managed by Dragonchain Inc. 

The blockchain platform allows creating smart contracts or using existing ones, as well as building decentralized applications.

What is unique about this blockchain is its hybrid architecture, designed to keep sensitive business logic and data confidential, leaving users in control of what data are recorded on the public blockchain. 

Moreover, thanks to the use of Interchain, it is able to interact with other public blockchains, such as Bitcoin or Ethereum, on which it can record the hashes of private transactions.

Interchain is a patent registered in November 2018 by Dragonchain Inc., thanks to which it is possible to publish the hash of a private blockchain transaction, on a public blockchain, so as to keep sensitive data private, while at the same time allowing to show a public and virtually immutable proof of its existence. Dragonchain currently uses Interchain to record hashes on Bitcoin, Ethereum, Binance Chain and Ethereum Classic. 

Dragonchain’s hybrid blockchain is designed primarily for enterprise use, i.e. for large companies to whom it offers the possibility to create their own private blockchain relatively easily and quickly. 

When its DRGN token entered the crypto markets in December 2017, it was worth more than $0.2. 

In the middle of the speculative bubble, it even exceeded $5 in the first half of January 2018, before falling back to $1 the following month. 

However, during 2018 the enthusiasm for this token faded, to the point where the price fell below $0.6 in April. 

2018 proved to be a very difficult year for DRGN, which returned to around $0.2 in June and then plunged below $0.1 in December. 

In other words, in its first year on the crypto markets, it lost 50% of its value, but since then it has stabilized. 

In fact, it continued to fluctuate around $0.1 until mid-2019, when a new fall slowly brought it down to $0.02 in late 2019. 

At the beginning of 2020, it tried to go back over $0.06, but in mid-March the collapse of the financial markets brought the price down again to around $0.02. 

However, from the beginning of May 2020, a sustained growth began, bringing the price back to around $0.1. 

In short, after losing 50% of its value in the first year, it lost another 80% in the second, but in the last month, the value has increased fivefold, bringing it back to around half the initial price. 

Dragonchain Inc. recently announced a partnership with Medek Health, a Florida health service provider, thereby entering the healthcare sector. 

This news, along with the television series about its project, premiered on Discovery, has brought Dragonchain’s name back into the limelight, with increasing attention that most likely also affected the price of DRGN. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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