Dragonchain listed on Bitfinex amid release of L5 nodes

Seattle-based blockchain venture Dragonchain (DRGN) is now tradable on cryptocurrency exchange Bitfinex and Ethfinex, coinciding with the release of L5 nodes and proof of existence capabilities.

Prior to the listing DRGN was traded on FatBTC, Kucoin and LAToken, having struggled to make it onto a major exchange after launching in November 2017.

However, the Bitfinex announcement will give a much needed boost in liquidity for the token, which struggled to gain over $1 million daily trading volume in the month of October, a far cry from the $23 million daily trading volume in January of this year.

Dragonchain was one of the most prominent cryptocurrencies during last year’s bull-market, reaching an all-time high of over $5 after being sold for just $0.06 at ICO stage.

The company provides a cloud platform service to businesses who wish to build blockchain applications and smart contracts. It simplifies and streamlines the integration of blockchain within preexisting companies.

Transactions on the Dragonchain blockchain are verified through Dragon Net, which is made up of five layers of independent nodes that are ran by Dragonchain users, commonly referred to as the consensus network. Data remains private on the level 1 node, but can be made public on the ETH, NEO, ETC and BTC chain using interchain capabilities.

The company said the following in an official statement: “By connecting data across private and public blockchains, you can provide transparency and real-time sharing, thus boosting efficiency and minimising risk. Using a public / private Interchain for Proof-of-Existence allows for business to demonstrate transactions in a public and decentralised way, while keeping their data private and secure.”

It continued: “By using Proof-of-Existence, businesses can prove that a transaction occurred or that a transaction didn’t occur. The next time someone asks you, ‘If a tree falls in the woods, did it really fall?’ with Proof-of-Existence, you’ll know the real answer.”

Dragonchain was once Disney’s blockchain project, only to be outsourced to a number of former employees including CEO Joe Roets, who aside from Disney, has also worked for Overstock and Coinbase.

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