Will Disney's side chain, called "Dragonchain", one day replace the blockchain?
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
What are your thoughts on Dragonchain? Could it actually make the core blockchain obsolete?
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Good read.
I do not understand why a company like disney is starting a blockchain project? Would be better if they would join forces with ETH ... Disney has not the team or the people to make this project succeed ...
Interesting. Can we call this MMM (Mickey Mouse Money) instead?
ha ha
For the first time, mickey mouse will become a currency!
Ha, yeah we can actually, we can call it anything until it actually exists. You know there is actually a very real possiblity of disney creating their own coin! I imagine most likely it would be a mickey mouse who would be featured.
Actually, we have lots of companies already sort creating their own money already. Those gift vouchers - not sure how popular it is in America and all sorts of stored value cards like few coffee chains in Singapore issue including Starbucks. That's how I view them. :-)
Well, that is partially true. You are talking about gift cards, right? The difference between those and crypto-currency is that gift cards can only be used in their stored. Cryptos on the other hand are easier to use and exchange to a broader amount of people.
Yes, that's that gift card and before Christmas, some of the coffee stalls sold out. LOL, that's lost opportunity.
Yeah, it has always surprised me why people use gift card when they can just keep their money and have the option to spend it anywhere. Wow, Christmas is a crazy time of year:p
Walt Dizney is Hitler.
Mikey Mooxse should have entered public domain long ago, but dizney got the govern-cement to extend copyrights for longer and longer and longer, and made fair use more and more restricted. They are an evil corporation
The movies dizney makexs are supposed to be for children, but they are anything but child safe. And then they hold the movies hostage, only releasing them every once in a while. Dizney corp is evil.
If they are getting into blockchain, then what is happening is most likely they are trying to use their good name to get everyone on board. Just like the Federal Reserve Bank (the name is what sold it).
Yeah, that is why I said I was suspicious of their intentions!
Interesting, I did not know that! I definitely know that they are one of the six corporations that own all the media!
Yeah, I know that too! Most of their employees are guilty of writing the word "sex" in their cartoon subliminally in the background. It is a common practice though of big monolithic companies!
Well everyone is already on board the blockchain! But they are trying to get people to transfer over to their chain. As @dantheman pointed out, the concern is that they could start eating into the fee revenue of the miners! Yet if that happen miners on the blockchain could start blocking transaction from the blockchain to dragonchain!
there was a video of daffy duck , as a nazi. BTW I do miss duck dodgers , best western animation for the past years.
Truly did break up the monotony of simpsons/family guy/ south park.
Where do I buy? that is my question.
Well, I guess you buy on the Dragonchain!
Their use case list is sensational, thank you for bringing this to my attention. I feel like steemit is getting me on the cutting edge. I sent a link to all of my bosses lol.
Yeah, I am actually surprised too! Yeah, it really is. I love how the truth movements are supported here so much. I have not done that but I also have no bosses :p
You can buy on etherdelta.com now
You can buy on Kucoin, need a referral code?
seems a bit overpriced now, missed the boat on this one
IDEX Exchange is where I get mine
Tweeted @ballinconscious
https://twitter.com/BallinConscious/status/821909721036849154
Just a heads up, Microsoft has updated their policy for privacy and personal information :D I bet they love cookies and Windows10 :D
https://privacy.microsoft.com/en-us/privacystatement
Thanks for the heads up! Not surprising though, Microsoft is constantly trying to catch up with google and facebook because they want to be able to own everything too :p
MMMmmm Cookies! New Privacy policy is we are the cookie monster and all of your cookies belong to us!
I get why they do it, but its a bit extreme , especially in the case of facebook and google , facebook are a market monster and will just do good business , same as google , they will expand and buy out the small fry , Microsoft is no better, they are the same as google , albeit a little old fashioned and always trying to catch up, forgetting they made the playground :D , but yes I don't like their policy, first it was a rush to secure the proprietary sector and get as much as possible off linux, then there were the apple wars :D for the private sector and afterwards they have trailed off to mobile , it's a shame they've went with the mainstream , rather than continue to innovate and push hard, they just do their yearly program , buy a big company once , push out some windows every 3-4 years , get the business side , jack the competition , use your leverage to buy some big company, so yeah so far if it fits in their marketing plan it will be bought, Skype, Linkedin , gone to MSoft , Google is a bigger beast tho , they have more ongoing projects and with all the information they've collected must be pretty well off, patents, documents, emails, whole libraries, so their tech departments will really focus on "innovations" basically they are a tech conglomerate so far , MSoft is the code with their past libraries and work in the last 20 years, but they are tech too, just phones mainly, or so we are told :D
And facebook is way past its inception, kind of wish they would have gone a different route , but they want to grow and have their own millions of billions so marketing and marketing :D
b the way , how would you like to get sidetracked, there is a "contest" for a tribute piece
reward is 15 steem , but it's distributed for the winners and there isn't much of a ranking system , either there will be two winners with 10 and 5 , or more with less, anyway just a heads up :)
I completely agree, it is extreme. It is like the jealous neighbor who realizes there house is suddenly small than the person next door! Facebook just accidentally made a perfect business model and google has been slowly but steadily been growing to take over!
Oh yeah, Microsoft and apple essentially stole their best ideas from linux and then copyrighted them :(
Yeah Microsoft gets jealous of the ipod and make their own ZUNE. Then they get jealous of android and iPhone and make their windows phone. Always trying to "catch up to compete"!
Yeah that is essentially their marketing plan! completely mainstream, haven't created anything new in a long while because they still have a monopoly on the computer market!
Yeah, google follows a similar business model except they have "innovation" teams like you are saying!
It is such a different world that these huge companies live in!
Yeah I will participate! Is it your contest or someone else? Where is the link to it?
nice , many of those I wasn't aware of, for the contest I'm not hosting any, so far I have to pick up my posts and make something out , contribute a tribute to win 15 steem :)
Yeah, neither was I until recently! You'll get there, it just takes a little bit time. Awesome, I will check out the contest now! Thanks
Here's a step by step guide to setting up a wallet and buying Dragonchain: https://getcrypto.info/dragonchain/
https://steemit.com/disney/@bibitcoin/disney-what-is-dragonchain-drgn-where-to-trade-video