Dragonchain Blockchain
We are very familiar with the trilema surrounding blockchain network with some blockchain networks coming up with notable proposals which could be seen as a possible solution to the issue of blockchain not being able to achieve scalability, decentralisation and security at the same time be that as it may I will be writing about the Dragonchain blockchain helping us to grasp what it is and if it has really helped in solving the issues of trilema to know if it's truly decentralized, scaleble and secured.
What Is Dragonchain?
The Dragonchain was breathed into existence in by Joe Roets in Seattle in 2014 at the Disney company and by 2016 Dragonchain became a full open-source network.
This is a hybrid blockchain network as it is both public and private which makes it unique and the chain is suitable for developers as well as enterprises and small businesses as well and they allow legacy systems and even other external blockchain to be integrated in the network, this process of integration is being done through API's, integrating third party Oracles, supply chain and even interchain.
The Dragonchain network also functions as a smart contract network as developers are able to easily write their own smart contract in any coding language of their choice and they are being allowed to build decentralized applications just like other smart contract networks like Ethereum or Binance smart chain now in the case of dragon chain users are able to build this dApps both on-premise or in multi-cloud environment. Among other things Dragonchain is interoperable with other blockchain networks and with its interchain the blockchain network has been able to connect to Ethereum, BNB smart chain, Ethereum classic and even Bitcoin and they have shown that among other things their ability to migrate from of-chain to on-chain they accomplish this and still able to maintain its GDPR capabilities.
The blockchain network is unique also in that unlike other blockchain networks like in the PoW there isn't any minning rather the community itself is the validator, they function as a decentralized validator and notary service in such a way that while an enterprise is allowed to develop their applications on a private level 1 business node, it is now the Dragonchain community itself who will now run the level 2 validation, and the level 3 diversity as well as the level 4 notary nodes this is being done by its community members and maybe a few selected partners and then the final level which is the level 5 is being run by Dragonchain and managed by them or through a partner program thereby achieving interoperability to all blockchain.
Its Consensus Mechanism
Dragonchain operates on a very special consensus mechanism which is known as context based consensus mechanism, this unique consensus mechanism allows its users in every transaction to choose any level of verification they would require and run up to 5 levels of consensus.
The approach to consensus is quite different from other chains now in this 5 levels of consensus, in the L1 nodes that's where sensitive data business logic are run, in the L2 nodes that's where validation of block, header and signatures are done, in the L3 nodes that's for the network diversity of the validations done in the L2 nodes, L4 contains the notary functions while the last node of the consensus which is the L5 node is for the public checkpoint, yes this is typically how it is and it's worth noting that dragonchain actually uses proof of time as it foundation consensus mechanism and did not start off with proof of work or proof of stake common to many blockchains.
Did Dragonchain really Solved The Trilema
The blockchain trilema is one of the issues facing blockchain network over the years as it needs to accomplish all three of decentralisation, security and be scalable at the same time, now most pow blockchains like bitcoin are decentralized and secured but not scalable and most proof of stake network has shown that while they are decentralized and maybe relatively fast in carrying transactions they are more prone to attack and not as secured as proof of work algorithm, that makes us wonder if really a blockchain network can really be decentralized, secured and scalable at the same time.
Well some blockchain network like algorand network which works on pure proof of stake has shown it's possible by presenting itself as a scalable while decentralized and secured network now how about dragon chain working on proof of time or otherwise context-based consensus mechanism has it shown itself to posses all three of this, we will find out.
On the issues of bring decentralized;
When it comes to decentralization dragonchain takes a hybrid approach to the decentralisation in that the blockchain houses various blockchain on it platform both that of enterprises on a rather independent level within the platform, it functions in such a way that the level 1 business blockchain do actually form a block every 5 seconds and each of these blocks so formed by this independent business blockchain is being validated and verified within a mere seconds using a set of decentralized nodes that are present in the Dragon-net which then allows what we know as full decentralization to happen or take place in its public or external chains like BnB smartchain, Ethereum etc.
Now the decentralization of this public chains actually happens most times within minutes, of course it is completely dependent on the public chain and its network, the point being that the Dragon chain is being built and functions in a decentralized manner both for it and other interoperable blockchain networks on the platform, adding to the fact also that this block chain allows for the building of decentralized application and like other network like ethereum and binance smart chain it does not only support the building of decentralized applications but rather it is also a smart contract based blockchain as well this all goes to show that when it comes to decentralization that dragonchain is a truly decentralized blockchain network.
On The Issue Of Scalability
When it comes to the issue of scalability dragonchain has shown time and time again to be a truly fast blockchain network with it's ability to process high-volume transactions on a little time which shows it's ability to execute transactions in seconds. One case study was on January 7th 2020 doing a live stream event yes a live stream event for the world to see, nothing hideous at all it was for all to see, now how did dragonchain perform in this case well, they performed admirably well as they were able to execute over 250 million transactions over a 24-hour period.
During the live stream in fact on average it was found that every second they were able to carry out up to 1,500 transactions per second indeed there are very few blockchain network that can be able to carry out such transactions in a few seconds we have our very own trx for instance which could carry out 2000 transactions per seconds without any fee so the point being that only a few blockchain network could be able to execute this kind of transactions in a mere seconds so indeed a blockchain network that could execute over 250 million transactions in 24hours while averaging 1500 transactions on the run is truly scalable as bitcoin for instance could only afford 4-5 transactions per seconds so when it comes to scalability dragonchain is a truly scalable blockchain network.
How Secure Is Dragonchain?
Dragonchain security is indeed robust, security has been an issue for most blockchain network but dragonchain offers advanced capabilities which counter any security threat on the chain using IT tools and it's hybrid architecture, yes as a hybrid architectural blockchain it has got the features of a private and public blockchain as well, this means that when it comes to the privacy of a private blockchain it has it coupled with the features of a public blockchain which is transparency and most importantly security, yes they are truly secured like most public blockchain.
Also with the Dragon chain interchain technology coupled with the hybrid nature of the blockchain they are able to leverage on multiple blockchain which allows them to share data seamlessly without any risk of exposing private business data, the hybrid architecture nature of the blockchain allows it to make data breaching almost impossible as it removes such risk completely which means that anyone or anybody at all with any nefarious intent can't temper with the data and the chain is able to share only what they want to while protecting the business private data.
It is interesting to also note that this chain takes a rather decentralized security feature in that in dragonchain each one of the node on the interoperable hybrid network is functioning as an independent decentralized blockchain, now what does this mean, this means that the Dragon chain is enormously more resilient to a 51% attack this of course shows the Dragon chain is a very secure blockchain network.
So in conclusion can we see that baring this inexcusable fact that dragonchain did solve and not compromise the trilemma? yes indeed dragonchain has proven to be secured decentralized and at the same time a scalable blockchain network so with absolute certainty going with what we know the trilema to be that no blockchain network is going to be decentralized scalable and secure at the same time and considering that dragonchain has achieved all these three features of a blockchain network so with absolute certainty we can say that dragonchain has solved the blockchain trilemma issue.
Some Further Info On Dragonchain
Well as the image above shows Dragonchain is actually ranked at #845 currently on coinmarketcap with a market capitalisation of $8,062,597.84 with a 24 hour trading volume of $49,946.08.
It reached its all-time high around 2018 January 8 that's about 4 years and 4-5 months now of about $5.27 and it's historic all time low was actually recorded in this crypto bear market, infact it is this month may 12th 2022 that's about 19days ago and it has about 370,774,090 supply of dragonchain tokens in circulation with a total & max supply of 433,494,437 dragon chain tokens.
Dragonchain Price History
I will just walk us through some price changes in the price of dragonchain for a year now.
As of tuesday, June 1st of 2021 the price of dragonchain was at $0.153 at the time, well we all familiar with that period of may-june 2021 during the mini-crypto bear market which ended around lasted till late July beginning of august around the lunching of the eth london hardfork.
3 months that was around September 20th, 2021 the price had an increase from where it was around june and was as of then at $0.215.
And around November 15th 2021 the price hadn't change much, such a slight decrease and was at $0.171 at the time
And as of tuesday february 8th of this year which is 2022 the price has fallen more, no surprise to that though as the crypto market as been on decline this 2022, the price then was at $0.083.
And as recently as 29th of may the price was at $0.0198 as the pic below from coingecko.com shows and presently as of when am writing this post the price of dragonchain is at $0.02198 compared to where it was a year ago as of June 1st 2021 at $0.153 we could see that indeed the price has steadily decreased from then, hopefully it will recover and bounce back and even in years to come if there is nice development on the chain and maybe burning and some nice advertisement it may see it former all time high of $5 again and maybe even surpass it, ofcourse time will tell.
conclusion
Indeed the whole focal point being in the fact that dragonchain has really solved the trilema as we see in what the chain is able to do and from its design ofcourse we can't say prices have been favourable for such a nice blockchain able to process up to 1,500 transaction per second, I know this to be a nice blockchain network don't really know if is that much popular to people though seeing as it is ranked #845 on coinmarketcap and over 1000 on coingecko but irrespective of that you know a nice structured blockchain platform when you see one and I for one believe dragonchain to be one
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