What is Dragon Coin DRG?
Dragon Coin is a cryptocurrency that has one specific goal; building decentralized ad currency for players and casinos and in the process, helping to bring gaming up to speed with the 21st-century world.
Dragon Coin acts as a tool for casinos, thanks to being low-cost and seamless. It is being operated by a development team (Dragon); a team comprised of members who are vastly experienced with blockchain technology and online gaming. This wealth of experience will be employed to bring the above-stated goal to fruition.
In December 2017, Dragon announced that they planned to raise $400 million; a feat that will see the cryptocurrency crowned as the one with the largest Initial Coin Offering on Earth. The goal is to be able to enter the Asian gambling market (one which they see as the fastest growing gambling market in the world) as well as China’s junket industry.
Today, wealthy individuals in China are being charged between 5% and 7% in transaction fees by the country’s junket industry in exchange for getting connected to ideal gambling casinos. With the use of blockchain technology, Dragon is hoping to lower the cost to about 1%, thereby making it easier and cheaper for these individuals to participate in their favorite past times.
Who is Behind Dragon Coin?
The Dragon team is led by Chris Ahmad (CEO) and Paul Moynan, both of whom act in the capacity of co-founders.
Dragon Coin was first formed as an idea in December 2016 and in November 2017, the developers organized a private pre-sale in which over $20 million was raised.
However, in an interview with Reuters, the development team stated that they had already been able to get in contact with four partners in the Chinese junket industry. These partners, according to them, had forked out $265 million in a private sale.
In a move that sparked controversy, a signing ceremony for Dragon Coin was attended in person by Wan Kuok-Koi (also known as “Broken Tooth”), a gang boss based in Macau who served 14 years in jail for various crimes, including money laundering, loan sharking, and attempted murder. However, the developers were quick to come out and deny his involvement in their operations or connection to their junket partners.
How Does Dragon Coin Work?
Dragon Coin works with a simple operational module, which includes the following steps:
- Dragon Coin (DRG) can be purchased online at the moment. Purchase it from an exchange.
- Put DRG as an exchange for DGC. If you’re looking to use Dragoon Coin in the casino, then you’ll need to exchange the DRG ERC20 coins for Dragon Global Chips (DGC). You can make the exchange at a junket or casino.
- Winnings are paid out to players. If you wish, you can convert your winnings to DRG (or any other cryptocurrency). You can also get a fiat currency payout.
- DRG tokens are bought back with a portion of the profits. They are burned to reduce the total supply of tokens inn circulation.
The Dragon Coin Market
Currently, there are 500 million Dragon Coins in circulation. The tokens are represented by ERC20 on the Ethereum blockchain.
Out of the total supply, junket partners will receive 53%, and early supports get 12%. The development team receives 10%, 10% goes to a reserve fund, a treasury receives 7%, the public is entitled to a public sale for 7%, and the remaining 1% goes to the company advisors.
There was a pre-ICO, which ended on the last day of 2017. By February 2018, there is an expected public crowdsale. Dragon Coin will be available on various exchanges by the 1st of January, although its first junkets will be launched in the Chinese New Year.
Dragon Coin DRG Token Conclusion
So from the above, we can draw the following:
Dragon is a unique project that is targeted at the gambling and junket industries in China and Macau. It is a frictionless technology that can be used to make deposits at casinos and player are free to withdraw into fiat currencies or even other cryptocurrencies.
With blockchain technology, the company is looking to help reduce the costs of entering the junket scene from between 5% and 7% to just 1%.
Junkets are services in China that help to connect wealthy gamblers to casinos abroad where they can engage their gambling skills, and four of these junkets have already committed to Dragon Coin.
The Dragon team aim to integrate blockchain technology into how these junkets work and provide seamless and cheaper services to their customers.