On January 7th, 2020, the Disney built blockchain known as Dragonchain announced its partnership with a company called Creator Works and opened to the public a social media platform called Dragon Den.
The Den will take advantage of Dragonchain's network and enable 4 key features:
- Cryptographic tokens
- Time and loyalty
- Fractionalization of ownership
Some of the benefits include:
- A social media platform free of disinformation, bad actors, spam and fake accounts.
- Content creators and content evaluators get rewarded directly from their followers without a central authority manipulating traffic and/or rewards.
- Ad-free social platform.
They had a Livestream of their performance demonstration and they begin discussing Dragon Den starting at the 2:36:42 mark
What is Dragonchain?
They are a blockchain company that was created by the media powerhouse Disney in 2014. It was a private blockchain but became open-sourced in 2016. Dragonchain is a hybrid public/private blockchain that was built for enterprise use and now the public sector. The Dragonchain Foundation was created and was placed to oversee the open-source project, Joe Roets left Disney to work on the Dragonchain platform and head the Foundation.
While many believe Disney is no longer affiliated with the project, having former employees make up the foundation and its board members, and also make a statement at the bottom of their site. The project does not reflect the views of the Disney company and does seem they do have an affiliation. Just not the typical way most are familiar with.
If they were no longer affiliated, there would be no need to make this statement and mention "or any affiliated companies".
Not to mention the blog post that Dragonchain wrote on the idea of integrating a rewards program for Disney+ mentioned in the post below.
At the time of writing, DRGN is ranked #200 by market cap at a price of $0.04 cents.
DRGN coin had an ICO on October 2nd, 2017 at $0.0663 USD and reached a high of about $5.50 USD.
Dragonchain allows a quick and easy deployment for companies to integrate blockchain to their business models and enjoying the benefits of utilizing smart contract features, scalability, and being "blockchain ready in an hour".
How Dragonchain Works?
Dragonchain was built with these solutions:
- Serverless system and smart contracts
- Established language support for smart contracts (Java, Python, Node, C#, Go, etc.)
- Scalable - Amazon AWS and Google deployments
- Secure - Protection of business data and operations
- Advanced currency implementations
- Smart contract libraries
- Currency Agnostic
There are 3 parts to the Dragonchain ecosystem:
- The platform itself
- Crowd-scaled incubator
The platform of Dragainchain allows developers easy access to deploying Smart Contracts in common programming languages and Amazon Web Services (AWS).
Their Crowd-Scaled Incubator allows companies to develop their blockchain projects and be apart of the incubation process to have an increased potential for market success. Their projects can be reviewed by investors and find support to reduce the resources needed to promote a project.
The Marketplace is a support system for companies that are involved with Dragonchain's ecosystem. Companies can access a list of "Subject Matter Experts" on various blockchain topics such as marketing and software development.
What Makes it Different?
Instead of starting with a pre-set economic model for Dragonchain, they allowed for development and integration to gather data to then begin monetization.
Source: Dragonchain Whitepaper
Their architecture for the chain features 5 levels of "standardized levels of consensus".
Level 1. Business (Approval) Verification
Level 2. Enterprise (Validation) Verification
Level 3. Network Diversity Verification
Level 4. External Partner (Notary) Verification
Level 5. Public Checkpoint VerificationAs the verification level increases for a block, security increases, risk decreases, and measure of risk becomes possible.
The level of verification and data will help provide better trust to consumers and where risk can be minimized. Read the full details in their Whitepaper.
An Incentive for Disney+?
With the recent launch of Disney+, Disney's competitor to Netflix's video streaming service wants to get as many people on its platform with its large library of original content. With the success of The Mandalorian series that is a part of the Star Wars franchise, a loyalty rewards program using Dragonchain could be appealing to the boomers and millennials that are fans on Disney+.
Creating a blockchain-based loyalty rewards tracking system could provide:
- Incentives to promote the success of new films an series
- A creative way to increase offering content, the involvement of subscribers, and external content creators.
- Expand to other branches of the company.
At this point, this is all speculation but the potential of something like this coming to fruition is a possibility to create a business model around Dragonchain. With always needing the new generation of content and viewers, this could be a way for Disney to gain a larger exposure to new audiences. New blood is the lifeblood of any business.
With the launch of another social media platform that is blockchain-based, it seems the race is on. The recent news of the EOS blockchain launching its Voice platform next month makes it a more competitive market for this category of blockchain use.
Will Disney take over the global content media space? They have been doing a heck of a job til now.