Dragonchain
Crypto Overview
Purpose and Intended Use
Dragonchain was originally developed by Disney as a private blockchain platform in 2014 and later open-sourced in 2016. It is designed as a hybrid blockchain platform that allows businesses to integrate blockchain technology into their operations while maintaining data privacy. The DRGN token is used for accessing platform services, deploying smart contracts, and participating in the platform's consensus mechanism.
Business Model Analysis
The platform's business model focuses on providing blockchain-as-a-service solutions for enterprises, featuring a unique 'Dragon Factor' security model with five levels of consensus. The core operations involve legitimate technology services and do not inherently involve any prohibited activities under Islamic law.
Real-World Adoption
Current adoption appears limited, with reduced development activity in recent years. The project faced regulatory challenges in 2022 when the SEC filed charges against Dragonchain and its founder for allegedly conducting an unregistered securities offering. While this has impacted adoption, it does not inherently affect its sharia compliance status.
Platform Development
The platform's development activity has significantly decreased since its peak. While the GitHub repository shows minimal recent updates, the core technology remains functional for its intended enterprise use cases.
Token Distribution and Governance
Initially, 55% of tokens were sold in the ICO, with 20% reserved for development and 10% for the foundation. The remaining 15% was allocated to team members and advisors with various vesting periods.
Crypto Impact
To assign a comfort level investing in Dragonchain from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Dragonchain.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.