Draken (DRK) Price, Charts, and News | Coinbase: drk, drk price, drk token

What is Draken (DRK)?

Draken DeFi Chain, abbreviated as Draken, functions as an all-in-one blockchain-based platform that supports a multi-tiered smart contract system to facilitate a wide range of real-life use cases and achieve blockchain mass adoption. The platform was developed to form a complete financial ecosystem on-chain (on the blockchain), and the main focus is on privacy and portability. 

The forum seeks to overcome various challenges currently faced by blockchain ecosystems. Such as an expensive and time-consuming infrastructure. Other problems include:

• Low transaction throughput due to the lack of horizontal scalability. 

• The ability of extension: Difficult to a new protocol without affecting the rest of the network.

• Energy costs, depending on the miners: With the fierce competition of computing power, specialized mining computers have come into play, leading to an increasing requirement of nodes – controlled mainly by a select number of mining pools. In addition to this, energy consumption has also risen, adversely impacting the environment.

• Uncompetitive Applications: Presently available consumer applications are still not capable of handling millions of active users daily. 
  DRK chain was built to be anonymous, sustainable, scalable, and decentralized. According to its whitepaper, the platform has invented scripting tools to support smart contracts and provide “privacy on demand” through a DaRK mode, facilitating privacy blockchain technology. Draken also allows developers to port their smart contracts to other decentralized technologies. Besides this, the network charges less transaction fees, and the chain integrates the feature of ‘finality’ wherein each block sealed is irreversible; thus, the past actions cannot be undone.

Draken works on Proof-of-Honor (PoH), an upgrade from Proof-of-Stake, that ranks nodes based on the amount of stake and transactions to encourage Dapp developers to serve as many users and generate as many transactions as possible. POH is also helpful in removing all cheating and slacking miners to preserve the network’s longevity via its advanced incentive system.

Therefore, Draken seeks to improvise on its key features that include privacy-on-demand, decentralized exchange, decentralized social network, payment gateway, and decentralized games.

DRK is the ecosystem’s native digital token that allows holders to participate in the on-chain governance through which holders can determine critical parameters and consensus nodes that maintain the network’s chain.

References:

https://drive.google.com/file/d/1mHtV50CktdFCyD_NaH370sZ8sOBehgce/view

https://draken.tech/

https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain

https://www.coinbase.com/learn/crypto-basics/what-is-a-smart-contract#:~:text=Smart%20contracts%20allow%20developers%20to%20build%20a%20wide%20variety%20of,like%20any%20other%20crypto%20transaction

https://help.coinbase.com/en/wallet/other-topics/what-is-a-dapp#:~:text=DApps%20are%20created%20by%20a%20third%20party%20and%20not%20owned%20by%20Coinbase.&text=DApps%20are%20conceptually%20the%20same,a%20popular%20DApp%20is%20CryptoKitties

https://www.coinbase.com/learn/crypto-basics/what-is-a-token#:~:text=Technically%2C%20%E2%80%9Ctoken%E2%80%9D%20is%20just,they%20are%20technically%20also%20tokens

https://www.coinbase.com/learn/crypto-basics/what-is-defi