How to buy Dragonchain (DRGN) in Australia

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.

Where to buy Dragonchain Dragons (DRGN)

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• What wallet do I need for DRGN?

  You can hold DRGN in MyEtherWallet by adding it as a custom token. You can then link that wallet to a Ledger Nano S hardware wallet for offline storage.

  To add a custom token, follow these steps.

  1. First check whether it’s already available. It may have been added recently. If so, you don’t even need to go through these steps.
  2. On the “Send Ether & Tokens” page of MyEtherWallet you’ll see a button labelled “Add Custom Tokens”. It’s in the Token Balances box. Click on the Add Custom Tokens button.
  3. You’ll now need to input an Address, Symbol and Decimal. These will indicate the token that you want to add to your wallet. Go to https://ethplorer.io/ to find these. We’ve also put them below, but it’s a good idea to check for yourself.
  4. At ethexplorer, search for the name of the token in the search bar. Add the listed Address, Symbol and Decimal to the fields in MyEtherWallet.

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  • Where’s the Address? The Address is found right at the top of the page. It’s the long string of numbers and letters below the token name. It’s also in the “Contract” in the Contract Information section.
  • Where’s the Symbol? This is just the currency symbol. It’s in the token information section.
  • Where’s the Decimal? The decimal is also in the token information section, labelled as “Decimals.” It will be a number from 1-18.

  The details for DRGN are:

  • Address: 0x419c4dB4B9e25d6Db2AD9691ccb832C8D9fDA05E
  • Symbol: DRGN
  • Decimal: 18

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.

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.