Dragonchain, the open-source blockchain platform, originally developed at Disney, will be holding its ICO on October 2nd. The Initial Coin Offering (ICO), aims to bring the power of blockchain technology to business applications with a secure, server-less, scalable platform running in the cloud. Dragons, the tokens issued in the ICO, will provide access to platform services, project incubation, and professional services to support start-ups and entrepreneurs building applications on the platform.
Dragonchain provides a commercial platform for application developers to rapidly and securely deploy blockchain applications using established programming languages, resulting in a significant cost and go-to-market advantage. The Dragonchain architecture is designed to allow nodes to handle approval of transactions based on five levels of network consensus to provide a spectrum of trust to data consumers, a level of security and flexibility unseen in the market by current blockchain solution providers.
Joe Roets, Founder and CEO of Dragonchain, Inc. said: “When we created Dragonchain, we wanted to build an easy-to-use hybrid blockchain platform that has all the benefits of immutable proof on the public blockchain, in a flexible business-focused package. Unlike existing platforms, with Dragonchain you retain complete control of your data. Sensitive business logic and smart contract functionality is kept proprietary.”
Dragonchain simplifies the process of integrating blockchain functionality into business applications. It addresses a number of the key security concerns when building smart contract applications on other platforms, because businesses retain complete control of their sensitive business data and proprietary business logic.
Innovating on existing public blockchain implementations, the hybrid blockchain introduces context-based verification. This method offers five levels of verification from basic transaction verification up to public blockchain verification on Bitcoin or Ethereum to provide independent witness or “proof of existence”. The benefit is that applications can achieve consensus in stages, from a private trusted context up to a trustless public blockchain.
This results in a very flexible method of implementing business-focused systems. The platform is designed such that traditional software engineers can easily and quickly build secure smart contracts into their applications with no prior experience with blockchain technology or platforms.