Just like other digital currency Dragonchain is also a cryptocurrency blockchain protocol that was originally formulated by the Disney company that will enable more data privacy compared to other already prevailing blockchains like Bitcoin and Ethereum. It has been in the trend recently and so many crypto users are willing to buy it. So let us find the Dragonchain price prediction for 2021-25.
What Is A Dragonchain Cryptocurrency?
As mentioned earlier Dragonchain is a digital currency blockchain protocol that enables better privacy compared to others. Unlike other forms of blockchain, Dragonchain works on distributed ledger technology. This enables the users to get a transparent and secure means of digital transaction.
Initially, Dragonchain was used as an internal project for Disney when it was formulated in 2014. But later in 2016 Disney discontinued its connection with Dragonchain and released that as an open source.
In the year 2017 Dragonchain launched their initial coin offering (ICO) as DRGN and it raised an average amount of $13.7 million.
How Does Dragonchain Work?
The key capabilities of Dragonchain technology are to provide security for data of crucial businesses and operations. It supports multi-currency, the agnosticism of currency, and also easy incorporation with various business applications.
It also depends on a “context based verification system” that uses five base level nodes and also Level “X” nodes. The five base levels are:
- Level 1 involves the Business Node which is the base level that processes transactions and also approves or declines any transaction.
- Level 2 involves The Enterprise validation Node that determines the validation of data decisions that level one node submits.
- Level 3 involves The Network Diversity Node which keeps a check on the erring nodes that can be compromised ensuring there are multiple sources of information.
- Level 4 is The External Partner Node which is a third party verification structure that is designed to witness the data reviewed and verified in level 3.
- Level 5 involves The Public Checkpoint Nodes that interact with other public blockchains like Ethereum.
Why Is Dragonchain Different From Other Blockchains?
One of the key characteristics that segregate Dragonchain from all other blockchain technology is its flexibility that allows easy smart contracts that can be used and constructed using programming languages like Java, Python, C++, or even Nodes JS. Dragonchain was built to simplify these with the help of smart contracts.
Past Performance Of Dragonchain
As of April 21, 2021, the valuation of Dragonchain is over $0.26 and the market capitalization of this digital currency is $96,794,191. According to Market Cap, it is positioned at 426th coin. When this cryptocurrency was delivered to the market in the year 2017, it was priced at $0.26. But it took just two weeks for Dragonchain to cross $1. And about 1 month later it was valued at $5.12 per 1 Dragon. The market capitalization of DRGN then was $1,133,257,628.
After that, the price for Dragonchain started to fall as low as less than a dollar. And by March 2018 it fell to $0.06. But again in the Middle of April, the price saw a bit hike around $1.5 for 1 DRGN.
In April 2019 Dragonchain was traded at $1 but that did not remain for long. The market capitalization of Dragonchain started to fall. In the next months the market cap was going up and down in relation to $20 million. And from September 2019 to January 2020 the market capitalization of Dragonchain was as low as $10 million. Though that started to improve after February 2020.
Dragonchain Price Prediction For 2021-25
Though the valuation of DRGN keeps on fluctuating but here is a Dragonchain price prediction for 2021-25. Let us see what the crypto experts have to say about this cryptocurrency.
In the current days, DRGN has a functional interchain with other cryptocurrencies like BTC, ETH, BNB, ETC. It is also heard that the company is planning to increase the number of interchain projects. There is a rise in interest in this project. It is predicted that by the end of May 2021 the valuation of Dragonchain will hit $1 for 1 DRGN. If this coin gets forecasted on several other exchanges then this prediction is likely to be true.
As the project will develop to continue it is believed that DRGN will be listed on more exchanges in the future. There already exists a demand for this currency and it is believed that in the coming years the demand for this currency will increase. This can be said as the Binance coin is already interchain with Dragonchain. The involvement of Dragonchain with Binance gives us positive hope.
It seems a bit difficult to predict the position of Dragonchain in 2025 as there exist a lot of market scenarios that influence any currency in the market. And above that, the long term plan of the company is not clear so nothing can be stated with surety.
Considering the consistency of work that Dragonchain has continued to give us to date people can gain confidence in investing in DRGN. The company will start new projects as well to get listed in various other exchanges and they have started as well. Here is a Dragonchain price prediction for 2021-25.