General Idea
Dragon Coin project is about revolutionizing the gaming industry, so that the players can benefit from the blockchain technology. Dragon Coin will cooperate with junkets, who have connections with experienced bettors and especially high-rolling VIP players. They are essentially the major influencers and drivers of Asia’s gaming industry. Dragon Coin wants to improve the gaming and gambling field by creating a token, which will make the whole process not only much more convenient, easier and faster, but most importantly significantly cheaper.
Junkets
There are hundreds of high-rolling players, who travel to Macau to take part in Junkets, which are a VIP gaming rooms. Their lowest possible stakes reach millions of dollars, therefore that’s why these players have the greatest impact on the Asia’s gaming industry. Dragon Coin wants to make Junkets more convenient and eliminate unnecessary costs and fees, which take a huge toll on the overall profits of both individual players and rooms managers.
Current problem
The problem lies in that big money, which takes part in these games. As setting up the Junkets requires a bit of work, there are few points where fees are takes. They reach around 5-7%, which may not seem high, however while talking about millions of dollars, they take a significant toll on the service, VIPs and potential rewards. A major junket in Macau might be hosting more than 100 elite gamers at any one time, often producing a rolling turnover in more than $250 million a day.
Moreover, as the solution lies in the blockchain technology, the cryptocurrency can also solve another gambling and casino-related problems like for example “value ownership”. Additionally, Dragon Coin wants to operate under the KYC/AML procedures, which with the proper use of digital tokens can lead to the improvement in the fight against the black market sector and money laundering, which is a huge problem of the gambling industry. Thanks to the blockchain technology, which assures the transparency of all transactions and cannot be cheated or forged easily.
The Macau gaming market
Macau has been chosen as the focus of the Dragon Coin project, because of how well it’s gaming industry is developed and how much money is being transferred there. Macau is an autonomous region on the south coast of China, across the Pearl River Delta from Hong Kong. The situation of the gaming market there is well governed by the Gaming Inspection and Coordination Bureau (DICJ). It licenses all gaming operators, monitors market throughputs and issues forecasts. In a recent report, DICJ announced that gross gaming revenue in July 2017 was up 29% over 2016, and stood at US$2.86 billion. Revenue over the first seven months of 2017 reached US$18.5 billion. The numbers are already impressive and the market is still developing.
Blockchain usage
From the technical point of view, the project will be based on the blockchain technology. A special cryptocurrency will be issued to make all of the transactions related to the operations of casinos and games. There are numerous of advantages when it comes to the comparison of digital tokens and regular fiat money wires. The most important aspect is the overall cost. Cryptocurrency transactions allow to cut off any unnecessary intermediaries, banks and third-party services. Moreover, the transactions are almost instant and get directly to the users wallets. Every information is stored within the blockchain, which means there is no place for any mistakes or money laundering or other illegal activities connected with money, as everything is transparent and can be checked. This is very important aspect when it comes to gambling, which can move big sums of money between various people.
Hotels and casinos
Once Dragon brand is established in the Manau area for good, they plan to expand their casino and gaming services. They plan to build their own hotels and casinos. The main advantage of them would be the cashless aspect, as they will operate fully and only with the Dragon tokens.
The token
The Dragon Coin Token (DRG) acts as the main payment method within the whole Dragon platform. It is a proof of membership and allows the person to access Dragon Junkets and other casinos and sites, which adopted DRG.
There will be also a second type of tokens, called Dragon Global Chips (DGC), which will act solely as gaming token. While price of the DRG will be influenced by the market and exchanges, DGC tokens will be fixed to a specific fiat currency. Therefore you don’t have to worry, that any sudden market fluctuation will impact your winning in any game. Members can only acquire DGC by conversion of DRG. Gamers will therefore need to own DRG in order to buy DGC.
ICO Phase
Dragon Coin has successfully finished their pre-ICO phase. The main public crowdsale will launch in February 2018 once their first Junkets are fully set up. This may be a good strategy, as they will be able to showcase their fully working product, therefore encourage even more investors to support the further development of the project.
The team
The team consists of people with a years of experience when it comes to managing huge projects, programming and operating in the finances market. They combine all of the needed and necessary skills to successfully deliver a fully working platform, just as they promise. When it comes to their advisory board, there are successful Junket operators and people connected with the gambling and gaming industry.
Final Thoughts
Dragon Coin undoubtedly looks to be very well prepared. The site’s design is neat and it’s easy to find all of the information about the project. They easily explain all of the aspects, even when it comes to specific terminology connected with gaming and casinos. The market, which they are targeting is a billion dollar industry, with huge sums of money being transferred among many people. There is a place for such project and moreover, they have a chance of making a digital revolution when it comes to casinos and especially junkets and VIP rooms. The blockchain technology will allow players to enjoy bigger rewards, as all of the fees will be limited to the bare minimum and unnecessary intermediaries will be cut.
