Dragonchain

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.