There are more than 1300 cryptocurrencies in the world and the number is rapidly growing. One of the most popular ones is called DragonChain. It has quickly risen to the top-10 of the biggest crypto coins in the Universe and some people say it will keep its climb to the top.
Is DragonChain Legit? Is DragonChain a Good Investment? What is this project all about? In this article, I have gathered the information that I know about DragonChain. After you’ve read the text, I would be more than happy if you would share your own thoughts in the comments below.
Is DragonChain Legit And a Good Investment? – Video Review
In this video, I share my opinion and a few key thoughts about DragonChain. Watch the video all the way through and come back to my article. Usually, I show more details and facts in my articles and I highlight/underline a few key points in my cryptocurrency videos.
Launched: December 2017
Short Review: DragonChain has a strong team of developers working on this project. Pretty much all of them have been working on Disney and they have a strong knowledge of technologies. The goal of DragonChain is to provide turnkey solutions for business that would like to use blockchain technology. Investing in DragonChain seems like a good opportunity at the moment but there are risks, of course.
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What Is DragonChain?
DragonChain is a project that started originally in 2015 and 2016 in Disney’s Seattle office as the Disney blockchain platform. That part of Seattle is also famous for other technology companies and some people may call it as “Silicon Valley 2” because of the huge knowledge in a small area. DragonChain was founded mainly by Disney employees (you can find the whole developer team on their website or on the white paper).
The goal of DragonChain is to the most secure, flexible and business ready blockchain platform and ecosystem. Many companies would like to use the blockchain technology to improve their processes but they may find it too complicated. DragonChain wants to provide a “Turnkey blockchain platform for businesses”.
Some have called DragonChain as “Ethereum killer” because it uses similar technology like Ether. The developers of DragonChain say that using Ethereum can be complicated so they wanted to create an easier system.
Using their system can lead to several benefits:
- Faster speed to market
- Good scalability
- Lower development cost
- Better security
If you are interested in investing in DragonChain, I recommend that you read through their white paper because it gives you a thorough information about their goal, vision, team, and technology.
DragonChain Team – Open And Transparent
To be honest, some cryptocurrencies are complete scams. They don’t usually give any information about their founders. The only thing they are trying to do is to pump up the price to the sky. When the price has risen enough, founders sell all their coins and flee to the mountains (or to the pools of Thailand to sip Coca-Cola by the swimming pool). Probably the most famous example of Cryptocurrency Ponzi schemes is called BitConnect.
That’s not the case with DragonChain. They clearly show who are their team members. They have links to their LinkedIn profiles where anyone can see their work history and education. I think that’s a good thing also for their marketing because most of them have worked (and are working) for Disney which is a reputable company. People associate Disney to something good and successful which brings more interest to their project.
When people are showing their faces and working openly on the project, it means usually that they are doing their best. If DragonChain would be a scam, they would lose all their reputation and opportunities in the future. Nobody wants to work with scam artists. Therefore, I believe that DragonChain is a legitimate project by people who are trying to create something good and meaningful.
DragonChain Is Not a Typical Cryptocurrency
You probably know that a big part of cryptocurrencies including Bitcoin is being mined. A certain amount was distributed earlier and at the moment 1,800 new Bitcoins are being mined each day. In 2140 we’ll reach the final amount which is 21 million Bitcoins.
The circulating supply of DragonChain is 238,421,940 and you can see in the picture below how they were distributed.
Instead of being a currency DragonChain is rather a technology and platform that tries to make companies’ life easier. I don’t think that you could pay in McDonald’s, Subways or Expedia with DragonChain in the future like you can pay with Bitcoins already.
How to Buy DragonChain?
If you want to buy any cryptocurrency, you can always go to CoinMarketCap, scroll to your coin. Click to see the chart and then click, “Markets” to see where you can trade that coin. Let me show you where you can buy DragonChain at the moment:
I created an account to Kucoin and I’m probably going to buy DragonChain on their platform. Kucoin doesn’t accept fiat currencies so you need to buy Bitcoin, Ethereum or another cryptocurrency on other exchange. Then you can send Bitcoin/Ethereum to your wallet on Kucoin. Then you just exchange your Bitcoin to DragonChain on Kucoin.
You can buy Bitcoin, Ethereum, Litecoin or Bitcoin Cash on Coinbase and transfer it to DragonChain (you get also $10 bonus through my referral link). I recommend that you transfer Ethereum rather than Bitcoin because then you need to pay smaller fees. The fees for moving your Bitcoin from one wallet to another are much higher at the moment than the similar fee for Ethereum.
As you notice, buying DragonChain isn’t as easy as buying Bitcoin or other big cryptocurrencies at the moment. That must change if DragonChain wants to be one of the biggest ones. I believe that their team is trying to negotiate with other platforms so trading their coin would become easier. Otherwise, many people just bother to buy it because it isn’t that easy as buying Bitcoin, for example. However, for an investor, it may be a good opportunity at the same time.
When any cryptocurrency is listed on a new exchange, the price usually goes significantly up. Do you remember what happened to Bitcoin Cash recently? It was listed to Coinbase and the price tripled in a few days.
Conclusion – Is DragonChain Worth Buying?
DragonChain is still a relatively new coin. The first ICO was at the beginning of October 2017. You can also see in the picture above that CoinMarketCap started tracking the market cap since the beginning of December in 2017.
At the moment when I am writing this article, the price is around $0,80. It’s twice as higher than a few weeks ago but it has already dropped from its peak. The market cap is a bit less than $200 million at the moment. It’s not a huge amount if we compare to the biggest coins but think about it this way: A few guys in the Disney company started building something on the blockchain technology and now after 2 years people are willing to pay more than $200 million for these DragonChain coins. I guess we can call it a success story.
I think that DragonChain is worth investing at the moment especially if you are a supporter of a blockchain technology. The DragonChain team has a huge knowledge of technical things and they have a strong background. On the other hand, their project is still in its infancy (like many other cryptocurrency projects). That’s why I am not going to put a big part of my money to DragonChain at the moment.
One thing that you need to consider is that DragonChain doesn’t seem to be a similar “mainstream” cryptocurrency like Bitcoin, Litecoin or other ones that are designed using for transactions and purchases. Another thing that can hold back the growth of the market cap is the fact is that it can be bought in a few exchanges at the moment. Despite these facts, I think that it has potential and I have invested in DragonChain on Kucoin crypto exchange.
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What do you think about DragonChain?
Is it worth buying or not?
How much will the value be in the future?
Let’s discuss in the comments below! 🙂
(Disclaimer: All ideas and thoughts that I represented in this article are my personal opinions and not official investment advice.)