For whatever reason (world domination?), Disney recently decided that they needed to create another blockchain for their "good deed" to the world! Welcome to the "Dragonchain", Disney's new open source side chain! I wonder what Disney will create next?
and now Disney would like to present a new cryptocurrency called "mickeycoin"!
In their announcement they describe dragonchain as,"a distributed crypto ledger framework protocol that makes it easy to create cost-efficient business networks where virtually anything of value can be tracked and traded--without requiring a central point of control."
Back in late march Bitcoin.com said that Disney was looking for blockchain "interns" (AKA underpaid employees!); Yet there are other benefits to working with them. Disney says they are a group “forward-thinkers” from a team that provides “unparalleled creative content to audiences around the world.”
Fast forward to the future, Disney found their interns and had them slave away for 6 months, to finally release their own blockchain on the internetz! Good job Disney, now you have secured the existence of your future in technology!
What does Dragonchain bring to the Chain?
This image screams subliminal message, with the upside down "chain" and the N with the red line!
It seems as if Disney and Dragonchain want to pave the way to the future of blockchain and business working together like peas in a pod. With their goal of creating a side chain with advanced technology yet simple enough for any business owner to use. Here is a list of their goals on their github:
Bitcoin.com's Jamie Redman provides some deeper observations on the Dragonchain platform, noting that "the framework is similar to many blockchain prototypes with features such as timestamping, block ID, hashing prior blocks, PoW/ PoS capabilities, and digital signatures."
Although Dragonchain does bring unique aspect to the table. One of those thing being an absence of proof of work! Yet is seems like instead of completely removing POW, they are implementing it more as a hybrid with other methods combined with it. Supposedly users will have different choices on the matter. The document on dragonchain explains:
In this architecture, “proof” will be abstracted and may be implemented in one or more ways for a given blockchain. For some uses, one may desire to use a trust based system, for instance, in a fully private blockchain system. One may also find value in a hybrid proof configuration that would see trust applied alongside limited Proof of Work to add additional security against attack.
Another new thing that they have introduced is something called “context-based verification.” This is how Cryptocoinsnew.com describes it:
Their blockchain will have various types of nodes, and a “level 5” of these nodes will interact with an existing public blockchain like Bitcoin, notably providing a “public checkpoint” or “proof of existence” for the blocks within the permissioned ledger.
Here are the other levels of the Dragonchain:
- First level: This level is the business node, which will process transactions and be able to determine whether a transaction is approved or declined.
- Second level: is an enterprise verification node, which can determine the validity of data submitted by level one nodes.
- Third level: The purpose these nodes is to ensure requisite diversity of sources of information – it acts as a check against errant nodes which may be compromised, for one thing.
- fourth level: Calls for a third-party verification/“independent witness” of data at its level 4 nodes, to whit:
Hosted by an external partner, a level 4 node would cryptographically sign any level 3 verification records that it receives. This function allows the Level 4 node to act as an independent witness to level 3 verifications.
After level 5, which was described earlier, a business may implement other forms of verification for its own purposes.
Another feature of the dragonchain is that it is designed to keep all cryptocoins on equal grounds, unlike bitcoin where it is at the heart of the blockchain. If a base currency were to be required within an organization, then they believe a seperate node should manage it. For the purpose of the Dragonchain, though, a multitude of currencies should be considered. Quoting page 10 of the design document [PDF]:
this architecture should not define a “base” currency, or one that the system itself runs upon. If such a use case arises (as indeed it is very likely to see value in the availability of a currency whereby nodes may pay each other for verifications), it is the philosophy of this architecture that a node should be configured to create and maintain that currency. This will allow a more flexible development of marketplaces than any attempt to define that early in the development of the platform
So it seems that each business will have its own dedicated node to use soley for their establishment. With a goal of making a design intricate enough for all the techies and simple enough that any business can integrate into this new chain! It looks like Dragonchain has potential to become the next new "blockchain"!
The Future of Side chains
Will this become a new trend that Disney started? With huge corporations start creating their own side chain now?
In a recent post by @dantheman titled "are-blockchains-really-censorship-resistant" he talks about the possibility of ways that this "censorship proof system" could actually end up being controlled and manipulated!
Here he actually talks about the possibility of a side chain emerging with better services than the core blockchain. Looking at Dragonchain and the power behind Disney, this seems like a very real possibility!
What happens if a Bitcoin side chain emerges that offers better services than the core blockchain? What happens if the majority of actual Bitcoin usage occurs on the side chain even if it only represents a minority of total bitcoin supply? What if this side chain starts eating into fee revenue of the miners?
Do Bitcoin miners interfere with transfers to and from the side chain? Could a side chain render the original Bitcoin network irrelevant? What would happen if one day people woke up and realized they no longer required the actual Bitcoin network to have decentralized, low cost, transfers secured on a blockchain? Do you see the problem?
Seeing Disney creating this side chain being created brings a lot of question to my mind. Do they just want to implement their pre-existing business into the future of technology or will the try to use their power to take as much as they can from this new creation of theirs? Once adoption of Dragonchain starts will they start eventually eating into the fee revenue of the miners?
From the past history of the company, I tend to be a little suspicious of what their true intentions really are but I am going to give them the benefit of the doubt and say that they are doing this to keep there business up to date with the future of technology!
My Disclaimer:All of these thoughts, ideas and opinion I have written are owned by @ballinconscious (except those who I have stated otherwise) yet they do not necessarily reflect who I am in anyway, shape or form; Nor does it reflect anyone I've seen, known or those who have existed in the past