Posts about Dragonchain
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutesThe demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
How it works & scales
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees TableHow to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
Run it
More information can be found in our Get started documents.
Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
APIs (on chain & off)
Known issues or tradeoffs
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on EthereumSolutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational multi-cloud
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction FeesWhen we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable
Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points
Public, third-party implementation review available or in progress
See above
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Preferred license
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document
The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
First off, I'm amazed that I have over 20k subscribers and 370 people in the subreddit. Thanks for joining the Full Value party. I actually don't like making YouTube videos and I do a lot of research/reading things that will either make me money or save me money.
I'm going to release a video in a few days on Dragonchain (DRGN). I am heavily invested and I will explain why in great detail. The price has been pretty bad over the past 3 years, but I believe in it. I'll be holding until I'm rich or rekt.
100% don't invest in DRGN. I'll start it off that way. I don't want to be responsible for anyone losing money. With that said, I've been holding DRGN coins for the past 3 years and can't stop buying it. If you know why it's a bad investment, please tell me why.
If you think it's a good investment, you can make that decision yourself and never invest more than you can afford to lose.
--------------
What is Dragonchain?
Dragonchain originally started as a project within The Walt Disney Company and has since branched off into its own entity. As of this moment, there is no active partnership with The Walt Disney Company.
Dragonchain is a HYBRID blockchain that combines elements from Public and Private blockchains. This allows businesses to use blockchain while protecting sensitive data. Examples:
· You need your ID to buy alcohol. The vendor doesn’t need to know your birthday, full name or home address. They JUST need to know that you are at the legal drinking age.
· You are applying for a job. The employer asks for your social security number for a background check. The employer just needs to verify if you are a legal citizen and your criminal history. This can be done without having to reveal your personal information.
· You go to checkout page for any website and just scan a QR code from your wallet. Your wallet will provide your name, address, credit card info so you can checkout without having to type in any information. That is possible with Dragonchain. Your personal data and transactions will remain private between you and the website. The website hosting this data will be secured if it's in the Dragonchain ecosystem to prevent data breaches.
Potentially, you can create a profile that has all your personal information: full name, address, social security number, employment history, medical records, vaccine records, credit card info, bank account numbers and release any of that data as needed with Dragonchain ecosystem. As data is verified between Dragonchain business owners and customers. Private data can be revealed securely with controls by each person.
I would love to see this applied to online purchases. Just provide your unique wallet address and broadcast the signature from your wallet, then all your information is loaded into the post of sale system.
How do Dragonchain token holders benefit?
Price: Like any investment, early investors benefit as the token price increases in value.
Earn TIME: For every DRGN token you hold in your wallet (not on exchanges) you start earning 1 TIME. The more TIME you have attached to your DRGN tokens in your wallet, the more you can earn through TIME lending or running verification nodes. You will need to be able to connect your wallet holding DRGN token to MyEthereumWallet to attach your TIME to your Dragonchain Console account.
Have DRGN tokens in your wallet? Check your TIME here: https://dragonchain.com/community/time/
Lend TIME: Within the Dragonchain Console, you can connect your Ethereum Wallet and lend out the TIME you’ve earned from holding DRGN tokens. This can be found the in CTLC section (Captured Time Lending Contracts). Any leased time will be available in the DRGN marketplace for businesses to purchase. Current rate (March 2021) is a 150 DRGN reward for lending out 1,000,000 TIME for 3 months.
Verification Nodes: DRGN token holders can run verification nodes. A verification node will cost about $10/month to run and on average will earn 0.033 DRGN for every 1 Million time they have committed. So if you only have 1 Million time you will make 1 DRGN in a month while spending $10 to run a node. It is currently not profitable for token holders with a low amount of TIME.
Who is leading DRGN?
I stole this from: https://dragonchain.com/about/
Joe Roets is the Architect, Founder, and Chief Executive Officer of Dragonchain. He has over 20 years of experience in software architecture, focused primarily on security and scalability. He has created and led multiple technology startups, beginning in the mid-1990s. Joe is a visionary and thought leader in blockchain technology having led or contributed to projects in the space since 2010 at companies such as Overstock, Coinbase, Symbiont, and The Walt Disney Company.
https://www.youtube.com/channel/UC2_StJYNWFrQz2wiL8n6hoA
Joe has been doing weekly updates on the Dragonchain YouTube Channel for 2 years now. The channel doesn’t normally seem more than a 1k views per video and the DRGN token price performance has been very low. They could have just given up on this project and relaunched the same idea with another coin and hyped it up. But they kept moving forward to develop Dragonchain, protect their intellectual property with patents, onboard new businesses to run on Dragonchain and much more.
https://den.social/p/cab6d19d22ec4bdfad4f99760d33312b/
Joe is also very active on Dragonchain’s official social media side, Den. You can find him helping the community in the Den Support Lair.
Interchain (Trademarked and Patented)
You enter a 10-person online poker tournament. To buy-in, you can send any cryptocurrency you want. Each of the 10 players sends in their own crypto preference: BTC, ETH, BNB, LTC, NANO, DRGN, etc. With Dragonchain’s patented Interchain, each blockchain can be supported so the winner can take all of the different cryptocurrency. Fees to move the coins from their respective Blockchain would still apply or all assets can be converted to a specified cryptocurrency.
If you translate this same idea to a business, the door opens up to mass adoption. You can go to a store and pay with your cryptocurrency of choice. Interchain allows users to operate on multiple blockchains and includes using smart contracts on Dragonchain and other public blockchains.
Smart Contract Orchestration (Patented):
With Dragonchain you can have a smart contract trigger another smart contract. In the online poker tournament example:
· You could have one smart contract to allow people to buy into the poker game.
If 10 people join, then the next smart contract is triggered to begin playing the game.
If 5 people join and no one else joins for the next 5-minutes, the next smart contract can trigger the game to start
· With multiple smart contracts working together, you can set up whatever you want.
With Dragonchain, you can create smart contracts in ANY programming language. Smart contracts are also editable if you want to make any modifications for your business needs.
Dragonchain is currently processing the transaction on the Beaxy crypto exchange. When a trade is placed, Dragonchain can verify when the order is placed and if it was placed by a real person. This is done to prevent price manipulation through front running.
Front running is a form of insider trading. An exchange or Market Maker receives a large order, which will in turn raise the price of the crypto or stock being bought. Before they execute the order, a small order is placed on behalf of the exchange or market maker. Once the bigger order is executed, the smaller order is sold at a higher price for profit.
https://dragonchain.com/blog/beaxy-proof-systems-fraud-market-manipulation
Eternal is a feature provided by Dragonchain that you can use to archive a Tweet, Web Page or Text. Drop anything into Eternal now and watch how the transactions get processed through the 5 levels of nodes: https://eternal.report/
As a test, I posted several tweets to Eternal then deleted it:
· Text and link only: https://eternal.report/transaction/f568eb60-e099-4b25-b82c-9a52389fc9ab
· Image: https://eternal.report/transaction/ad4dd26e-7cc5-4f06-9de4-a94d3a32e125
· Video: https://eternal.report/transaction/0f35f77c-0695-41c7-b1ba-91a66194d345
· Video (not deleted): https://eternal.report/transaction/94beccf6-e1bf-4735-845d-896d216c070c
Being able to save pictures, text, and short videos to the blockchain are just a few examples of what Dragonchain is capable of. Eternal will save tweets that have text, links and images. Videos that have been deleted from Twitter will not be saved.
I’m not sure if the videos not being saved is because of the load on the blockchain or if it has to do with video piracy. It would be really bad if someone released a new movie on the internet that could be easily accessed and permanently only a blockchain.
Eternal Report: https://eternal.report/
Archive things to the DRGN blockchain.
Den Social: https://den.social/
Like Reddit, but built on blockchain. Users earn rewards for engaging with content (public beta)
Dragonchain Academy: https://academy.dragonchain.org/
11 free and very detailed courses on blockchain, Dragonchain, Cybersecurity and Smart Contracts
Dragonchain Console: https://console.dragonchain.com/
Run DRGN verification nodes with TIME earned from holding DRGN.
Dragonchain Metrics: https://metrics.dragonchain.com/
Dragonchain stats for nerds
1. Patented interoperability technology - US Patent US10666426B2
a. https://patents.google.com/patent/US10666426B2/
b. Process smart contracts between multiple blockchains
2. Patented scaling technology (TIME) - US Patent US10565386B2
a. https://patents.google.com/patent/US10565386B2/
b. DRGN token holder TIME as a system of network trusts (instead of PoW or PoS)
3. Patented enterprise smart contract orchestration - US Patent US10922309
a. https://patents.google.com/patent/US10922309B2/
b. Allowing a smart contract to trigger the use of another smart contract.
L1 Node: Sensitive Data/Business Logic/Smart Contracts
Business transactions gets processed and sensitive data is removed as the transactions moves forward with verification. Smart contracts are initiated in the L1 node. Business transactions aren’t limited to financial transactions and can include data management and media. L1 Managed business nodes can be purchased through the Dragonchain Console for $99/month or the USD equivalent in DRGN tokens.
L2 Node: Validation
Transactions are verified and processed. Each L2 node will sign the transaction with the node owner identity, location and key management authority information.
· DRGN Token holders can run an L2 node if they have at least 1 million TIME.
L3 Node: Diversity
Verifies that the L2 node verifications come from unique node owners, locations and management authorities. This is to make sure the transaction isn’t being verified by hacked L2 nodes. A hacker would have to take control of a lot of different nodes to bypass the L3 verification.
· DRGN Token holders can run an L3 node if they have at least (10) L2 nodes.
L4 Node: Notary
Level 4 signs the level 3 verification. It's saying, “L3 did their job correctly.” Kind of like a supervisor.
· DRGN Token holders can run a L4 node if they have at least (5) L3 nodes or 100 million TIME. To run an L4 node, you will be required to go through KYC and an interview with Dragonchain.
L5 Node: Security Interchain
Leveraging other blockchains (BTC, ETH, ETC, BNB) by placing a hash of an artifact for proof of existence. The hash is later used as a reference to prove that the transaction happened and because it is recorded on other chains. This ensures that a hacker would have to also manipulate another blockchain to manipulate the transaction.
As I’m writing this (March 2021), the price of Dragonchain has remained under $0.25 for almost 3 years now. The price performance has been pretty poor compared to the bull run seen with all the other cryptocurrencies throughout 2020.
Possibility 1: As a US company that complies with all of the US regulations when it comes to cryptocurrency, they cannot solicit or pay for an exchange listing. This makes it difficult for more users to have access to DRGN tokens.
Possibility 2: DRGN token holders are incentivized to HODL their tokens by awarding them with TIME. TIME is needed to run DRGN verification nodes and to secure the Dragonchain network
Possibility 3: Not many people believe in the project.
This could be the worst investment which is why you should do your research. If it’s a good project, in the long term the price will go up. If it’s a bad project, you’re going to get rekt.
About 75% of all the DRGN trading volume happens on KuCoin. To find all the available market pairs, you find it here on Coinmarketcap: https://coinmarketcap.com/currencies/dragonchain/markets/
If you haven’t used KuCoin before, there is no KYC. Anyone can use KuCoin but you can only fund your account with cryptocurrency. You won’t be able to directly change crypto and fiat on KuCoin unless you go through KYC, which is only available for non-US residents. Going through the KYC process is optional, so anyone (even US citizens) can use KuCoin. I have a tutorial on KuCoin here: https://youtu.be/ImNAuU1QksI
If you haven’t signed up, this is my KuCoin Referral Link: https://www.kucoin.com/ucenter/signup?rcode=E5aBm7
You can ignore by Dragonchain price prediction because it’s a meaningless guess. Dragonchain would be a serious competitor to Polkadot because of Dragonchains Interchain patent and to Cardano with the smart contract orchestration patent. For fun, if we compare Dragonchain’s token to its major competition to Polkadot and Cardano at a $40 billion market cap, the price would be:
Cardano: $1.25
Polkadot: $44.00
Dragonchain: $108.50
If the marketcap of all these coins were the same, we could see 1 DRGN token going for over $100. That’s a crazy longshot but Dragonchain is a sleeping giant.
Once again, I am invested in Dragonchain so I am a shill. Don’t trust anything that I write here, just do your research and at least verify that these statements are true. People can say anything on the internet.
On average, Visa does 150 million transactions all over the world every day. Those transactions need to happen fast and remain secure.
The Dragonchain team did a live 24-hour demonstration of using Dragonchain with more transactions than visa. Over 250 million transactions were processed over 24 hours on the live production network. Transactions remained fast, fees remained stable and data stayed safe.
· Event in 1 minute: https://twitter.com/dragonchaingang/status/1372570112566382592
· Full 24 Hour Event: https://www.youtube.com/playlist?list=PLWNHP5OGZqMa9aXP1IiQpPdlfjKZl85K-
· They did this at the beginning of 2020 (over a year ago)
Block time for a (L1) business node takes 5 seconds and a total time of about 16 seconds to get to L4 node verification. L5 can take up to 2 hours depending on the network traffic on other chains because L5 verifications are done on BTC/ETH/ETC/BNB.
What does that mean? Business transactions can be processed in 5 seconds at the L1 Node. The additional node levels are securing the transaction to the blockchain, protecting business/customer data, and verifying the transactions happening within each node are not being manipulated.
Dragonchain can handle the massive transaction volume from a credit card issuer like Visa. With 1 transaction per second or 1,000 transactions per second, Dragonchain fees remain low and transactions speeds are consistently fast.
There are many different cryptocurrencies trying to solve real world problems. But, they are all competing in hypothetical use-case scenarios. Dragonchain has actual enterprise clients and is on-boarding businesses to the world of blockchain:
· Everyone is making coffee, but no one is making coffee cups.
· Everyone is an amazing architect, but no one is doing any construction.
· Everyone is planning a trip to Disneyland, no one is selling pants. You need pants to go to Disneyland. Anything to cover your junk, at a minimum.
In a sense, people are creating things with the hope that it will bring on mass adoption and turn itself into a successful business. For example, we can look at DENT (https://www.dentwireless.com/) which is a coin that allows people to buy cheaper mobile data and phone packages. You can pay for services with their token. My understanding is only on a light level, but it doesn’t make sense. DENT focuses on data and voicecalls. If you have DATA you can already make voice calls with so many different apps.
Why would you go through the trouble of buying a cryptocurrency to pay for a phone service that MIGHT save you a little money on your current service. And if you wanted to pay for your phone service with cryptocurrency, there are a few ways to do that indirectly, by just converting your cryptocurrency to fiat. To me, DENT has very niche use case. With internet data growing cheaper daily and with Starlink currently in its beta stages, the competition for cheaper/faster internet is already on the way.
Dragonchain is a platform that can onboard any type of business and can secure their data for a fraction of the cost when compared to the current cybersecurity options. Dragonchain partnered with CloudFace in December 2020. Cloudface specialized in Cybersecurity and Healthcare Supply Chain Management.
· Patents:
Interoperability: can handle smart contracts between different blokchains
Smart Contract Orchestration: Smart contracts can trigger other smart contracts
TIME (scaling method): Alternative to Proof-of-Stake and Proof-of-work
· Current Partnerships:
Government Blockchain Association (not the actual US government)
Cloudface Cybersecurity/Medical Supply Chain
Global Blockchain Business Council
Beaxy Exchange
· Smart Contracts:
Can be written in ANY programming language
Can be written to work with multiple smart contracts
Editable Smart Contracts
Smart Contracts Marketplace (Buy/Sell)
· Follows all US regulations for Blockchain and US based (can operate in the US)
· Infinitely Scalable: Dragonchain did a demonstration where they processed 250 million transactions in 24 hours to prove that transactions speed remain fast, the network remains secure, and transaction fees remain low.
· Blockchain for business (15 million business transaction over the past month on Dragonchain)
· Dragonchain Academy (explained above)
· Den Social (explained above)
· Eternal Report (explained above)
· Hybrid blockchain based for semi-private transactions (criteria set by business or smart contract)
I’m absolutely invested in Dragonchain and have been since 2017. I haven’t sold any and will continue to hold even if this goes to $0.
Do your own research or join me getting rekt. I’m having trouble understanding why this is a bad investment. If you think DRGN is a scam or a bad investment, let me know why.