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Blockchain Startup With Disney Roots Completes $13.7 Million ICO

Dragonchain, the blockchain startup that began as a Disney prototype, has raised approximately $13.7 million in an initial coin offering (ICO).

According to the Dragonchain site, roughly 30,521 ether and 622.47 bitcoin were contributed during the two-stage token sale, which began with a pre-sale in August and ended with the conclusion of a public sale that concluded earlier this week. The pre-sale itself raised approximately $1.4 million (152.25 BTC and 2357.53 ETH).

In statements, representatives for the firm said that the funding will go toward development as well as establishing a market for the firm’s Dragon token.

“Our goal was to determine market price of a Dragon and raise enough to deliver our roadmap,” CEO Joe Roets told CoinDesk in an email.

Dragonchain will distribute all of the 238,421,940 coins designated for the public sale proportionally to the value in bitcoin of all the funds contributed in the public offering (contributions in ether will be valued as bitcoin at the exchange rate of the time of contribution). The distribution will occur after audits are complete.

There were 5,388 transactions in the sale, with a median contribution of $290.77 (the largest was $1,046,754.33), the startup said, though it added it doesn’t have a definite figure on the total number of contributors.

The sale was open to anyone in the world, and it did not limit the sale to accredited investors nor require any form of identification to participate, according to the site’s FAQ.

As Business Insider reported, Dragonchain started as an internal project at Disney in 2014, until the company dropped the project in 2016 and open-sourced its work. Disney is no longer involved in Dragonchain.

Dragon sculpture image from Shutterstock.

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Ethereum Challenger Built from Project Incubated by Disney

As of late September 2017, the nonprofit group Dragonchain Foundation is planning to commercialize the Blockchain technology-based Dragonchain in order to compete against enterprise-oriented Blockchains like Ethereum.

The foundation has also established the commercial company called Dragonchain Inc. to assist other firms in adopting the technology quickly and easily.

According to Dragonchain Inc CEO, Joe Roets, the Dragonchain platform features a built-in encryption and obfuscation technology that resolve the real world issues hindering public Blockchain.

“We realized some of the real world problems are that companies have access to traditional engineers, but they don’t necessarily have a crypto background. If you go even further into Blockchain, you need an economist or a game theory expert.”

Previously incubated in Disney HQ

In 2014, the technology-focused office of Walt Disney Company in Seattle, Washington commenced the development of the Dragonchain Blockchain protocol. The protocol was designed to be more private than the leading Blockchains such as the Bitcoin and the Ethereum protocols. The project aimed to create a secure asset management system that will be used by the company in its internal operations.

However, in 2016, Walt Disney decided to abandon the project and opted to make Dragonchain an open source platform. The Dragonchain Foundation was then established by a group of former Disney staff to manage the upkeep of the protocol. The group is now eyeing to look for funds to finance the commercialization of the protocol.

Hybrid immutable digital ledger

Dragonchain aims to be the digital ledger that employs complex algorithms to record transactions in a way that cannot be easily altered. But unlike the Bitcoin and Ethereum protocols that are public, the Dragonchain protocol is hybrid, meaning that some of its information is private and some is public.