Dragonchain, a startup Blockchain company, has completed a $15million first coin offering (ICO). The company’s enterprise blockchain platform began as a prototype at Disney’s innovation-focused Seattle office. Originally Disney had received Dragonchain in 2014 as a blockchain based asset platform for management. After two years they shelved the project and realized it was open source software.
The Dragonchain project was, however, resurrected by Disney’s former employees. They raised funds via utility token crowd sale from October to November. During the presale of dragon tokens (DRGN) the startup raised $1.4 million. During the public ICO more $13.7 million was raised. This made the total amount raised $15.1 million.
Dragonchain has explained on its website that the platform is a very hybrid public-private blockchain that enables institutions to have control over sensitive internal data. They have also explained that it serves as a bridge to other Blockchains like Bitcoin.
According to Dragonchain’s website, “We are trying to bring together a classical software that is secure and scalable having a decentralized blockchain system. It also has a very simple integration to enable people who have not interacted with blockchain before to have a simple time. This will also help organizations have full control of their private data. The blockchain will also ensure sharing of confidential information without the worry of community or public exposure.”
Dragonchain Smart contracts
A commercial platform is also being developed. This platform will have many products that will include pre-coded smart contracts. Different programmers will be able to use this platform to code other smart contracts using established languages such as Java and Python.
The Dragon tokens will be accepted as payment for all commercial essentials of the platform. According to developers plan the Dragonchain platform will be fully operational in 2018. The launching will coincide with the launch of a startup program for all startup developing tools made for use within the ecosystem.