The value of DRGN from Dragonchain surged by 115% today following the SEC dropping its lawsuit regarding securities violations in 2022. Originally launched by Walt Disney in 2014, the project transformed into an open-source blockchain. Dragonchain combines private and public blockchain features to enable companies to safeguard confidential data while utilizing public blockchains for verification, emphasizing compliance with regulations like GDPR and HIPAA.
Initially known as the “Disney Private Blockchain Platform,” Dragonchain was developed by a team at Disney’s Seattle office led by Joe Roets. In 2016, Disney released it as open-source software. Roets and his team later founded the Dragonchain Foundation and Dragonchain Inc. to enhance and commercialize the platform, disassociating from Disney. The blockchain gained popularity due to its hybrid architecture and interoperability, powered by its patented Interchain technology for integration with various blockchains like Bitcoin and Ethereum, as well as traditional systems and APIs.
Standing out in the blockchain landscape in 2016 with innovations like high transaction throughput, processing 250 million transactions within 24 hours in a live demonstration in 2020, Dragonchain also introduced quantum-resistant encryption methods ahead of its time to safeguard data against future quantum computing threats.
Following an Initial Coin Offering (ICO) in October 2017, where Dragonchain Inc. raised about $13.7 million, the DRGN token was launched, leading to a market cap surge to $1.3 billion by January 2018. In 2022, the SEC initiated a lawsuit against Dragonchain concerning the ICO, alleging unregistered securities offerings with the DRGN token at the core of the accusations, marking a legal tumultuous period for the project until the SEC's recent decision to drop the case as part of its broader crypto enforcement reduction efforts.
With the lawsuit dismissal, renewed hope emerged within the Dragonchain community, as reflected in the 115% increase in the DRGN market value today and 180% rise since last week. Dragonchain's promotional activities have recently concentrated on its blockchain utility and the SEC case resolution. Despite the evolving crypto landscape and the meme coin trend, Dragonchain remains steadfast in its dedication to enterprise-focused blockchain applications.