Blockchain startup Dragonchain has concluded a $15 million initial coin offering (ICO) for its enterprise blockchain platform that originally began as a prototype at Disney’s innovation-focused Seattle office.
Disney had originally conceived Dragonchain in 2014 as a blockchain-based asset management platform, but two years later it shelved the project and released it as open source software. Earlier this year, a group of former Disney employees resurrected the project and decided to raise funds through a utility token crowdsale that ran from October 2 to November 2.
The startup had already raised $1.4 million during a presale for its dragon tokens (DRGN), and it added approximately $13.7 billion during its public ICO, bringing its fundraising total to near $15.1 million.
As explained on the project website, the Dragonchain platform is a hybrid public-private blockchain solution that enables companies to maintain full control over sensitive internal data while also serving as a bridge to bitcoin and other public blockchains.
“We’re attempting to mix a “tried and true” classical software architecture (security and scalability) with a decentralized blockchain system, with simplified integration for those without blockchain experience, whilst allowing an organization to retain complete and explicit control over its data, processing, and network without worry about the community or public network,” the website states.
The developers are also building a commercial platform that will run on top of the blockchain and provide companies with turnkey blockchain products including pre-coded smart contracts. Programmers will also be able to use the platform to code smart contracts using established languages such as Java and Python. Dragon tokens – which the developers maintain are utility tokens and not securities – will be accepted as payment for these commercial elements of the platform.
According to the project roadmap, the platform is tentatively slated for a full roll-out in 2018. This release will coincide with the launch of an incubator program for startups developing tools designed for use within the ecosystem.