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How to buy Dragonchain (DRGN) in Australia
What Dragonchain is all about and what to know before buying, selling and trading.
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Dragonchain hatched inside Disney in 2014 and moved out in 2016 when Disney cancelled the project. It raised US$13.7 million in a late 2017 ICO, enjoyed some prominence during the crypto-mania at the end of 2017 then started serving as an incubator for other blockchain startups, some of which then launched entirely new public ICOs of their own via Dragonchain.
These rapid and persistent fundraising efforts put Dragonchain squarely in the path of the ensuing ICO crackdown. By mid 2018 it was tangled in a regulatory web, and quickly fading from prominence.
The project and token continued though. In 2020 its founder appeared on the Discovery Channel show Open Source Money to discuss his experiences with the US regulatory environment.
Quick guide: How to buy DRGN
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy DRGN. Compare some other options in the table below.
Where to buy Dragonchain Dragons (DRGN)
You can buy, sell or trade Dragonchain on many exchanges. To find the right fit, compare exchanges by supported fiat currencies, deposit methods and more.
How does Dragonchain work?
Dragonchain Inc. is basically a commercial enterprise that offers commercial blockchain solutions to support new and existing businesses, and the DRGN coin is basically a license to use Dragonchain.
The total supply is set at 433,494,436 Dragons, and there will never be any DRGN mining or token creation.
Owning Dragons lets people use Dragonchain systems to develop their own blockchain solutions. This means they get a quick and easy way to access the full benefits of a blockchain system, which they can tailor as needed.
According to Dragonchain, its features include the following:
- Dragonchain uses serverless blockchain systems provided by Amazon Web Services and Google cloud computing for decentralisation, reliability, scalability and security.
- Dragonchain uses smart contracts with established language support for Java, Python, C# and other common programming languages. This essentially means that developers without any specific blockchain experience could create their own systems, including smart contracts, easily. It also comes with a smart contract library to let businesses immediately start using exceptionally useful features.
- The Dragonchain system has built-in protection for business data and operations for more reliability and security.
Must read: The multi-layer consensus system
One of Dragonchain’s technical features is a multi-layer consensus system. Essentially, a user can run their systems across any of the five layers as needed.
Each block can be run at a different layer for an extremely granular degree of control over individual transactions.
- Business verification. This is the most basic layer, and it’s basically secured by trust. It doesn’t offer any of the usual blockchain validation mechanisms because this layer should only be used for already-trusted data.
- Enterprise verification. Data on this level is verified by form, signature and required data elements. This layer essentially just ticks the boxes as needed for a rudimentary level of validation.
- Network diversity verification. This layer checks that everything on level two was validated by appropriately diverse sources. It prevents tampering of information from outside sources.
- External partner notarisation and verification. This adds an external notarisation function to the level three diversity check for demonstrably secured data.
- Public checkpoint verification. This layer connects to public blockchains, such as the bitcoin or Ethereum chains. It verifies to the levels required to seamlessly bridge with those chains.
This means the following:
- Users can prove the security of individual transactions, which may be required to satisfy a business partner or different regulations.
- Users can get a measurable risk level for each layer to make more informed decisions about which layer to operate on.
- Users can trust the validity of external data to specified levels or levels required by regulation.
- Users can bridge with public blockchains to integrate a wide range of features from outside chains.
Put together, Dragonchain says these features can theoretically offer some of the following:
- Lower development costs
- Faster speed to market
- High security
- Multi-currency support across fiat and supported cryptocurrencies
- A longer period of no-monetisation to encourage riskier projects
- The ability to create a novel and powerful blockchain solution without needing developers that have specific experience with the technology
What to consider before buying Dragonchain
Blockchain has vast applications. However, it’s hard to say how much a Dragon should be worth or how exactly the tokens will work. It’s a fairly unconventional token, and these questions should probably give holders pause.
Other than the prices on exchanges, the closest thing to an official valuation is Dragonchain’s assertion that “Dragons are modeled to reflect the value of Dragonchain fundamentals.”
Its developers have also suggested that there might be side chains in the future which may come with their own mining or inflation systems.
Blockchain-as-a-solution is becoming increasingly common, and Dragonchain has a lot of competition from both inside and outside the cryptocurrency space.
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