Casinos are one of the most lucrative businesses. However, strict regulations in many countries make it impossible to harness its full potential.
Enter DragonToken.
This decentralised platform aims to meet the needs of casino’s and players by creating a community around its digital token. The junket sector is particularly big in Macau with players bringing in billions of dollars once every year. DragonToken will primarily focus on the island with the aim of solving the high friction financial costs.
Dragon Inc. the company behind the Dragon Token was registered in the British Virgin islands in 2017. The team envisions a community gradually growing from the network and spreading its wings internationally.
The Dragon Inc. team has a wide experience in gaming industry particularly with VIP players who drive the industry in Asia. High rollers typically stake in excess of $1 million. Junkets will arrange for other services and stake the money in for the VIP guest.
Without these junkets, gamblers will have to fly in with huge sums of cash and out with their winnings. Obviously, this is a very risky affair. Junkets are there to smoothen the process. Now, Dragon Token is expected to further make the process seamless with the use of the digital currency.
The use of digital currency is merely meant to facilitate the process and not circumvent government oversight, the team says. Dragon Inc. will even invite an audit firm to inspect its own books.
It is estimated that the industry brings in $50 billion every year to Macau mostly from junkets. Macau is a licensed gambling region in China hence the huge inflows.
What You Can Do with DRG Tokens
Holders of Dragon Token abbreviated DRG become automatic members of the community although they cannot claim assets or have a say in the distribution of profits. They can however access the benefits and privileges of the being in the platform. They can even operate casinos and other services for the community.
The Dragon platform supports a family of utility Tokens called Dragon Global Chips or DGC. Players can purchase these tokens using DRG. The DGC tokens are reserved for members.
DGC tokens can be exchanged for gaming chips which are non-negotiable. Players can elect to receive their winnings either through cash or via digital currencies.
Choosing cash means the gamer gets fiat currency to his wallet. Alternatively, digital currencies can be credited to his wallet. This is done through a secure “gamer cashier,” through WIFI or mobile data or secure NFC.
Profits are used by the company to buy back DRG tokens which are burnt to reduce their supply.
Why You Need Dragon Token
DRG tokens allow you to participate in the ecosystem. Players get charged between 5%-7% in transaction fees to enter the junket industry at the moment. The Dragon Inc. team hopes to bring this to 1%, which will be a substantial reduction.
The utility token is based on the Ethereum platform. The public crowdsale is now live. Each token goes for 0.005 ETH but this price will be adjusted on a weekly basis. After the crowdsale ends, you can buy DRG tokens from cryptocurrency exchanges but most likely at a higher price. The target is to raise $400 million.
According to the team, a total of $20 million was raised in pre-sale. Chinese partners in the junket industry gave $265 million. With only a few tokens remaining, it is easy to see why the Dragon ICO will be one of the hottest. The public is only entitled to 7% of the tokens.
The Dragon Inc. team has several years experience in online gaming and blockchain headed by Chakrit Ahmad as Founder and CEO. Paul Moynan is co-founder in charge of Business Development with Panchat Chayutthana who is the Director of Business Development and Finance.
The Process
- Purchase DRG tokens from an exchange
- Purchase Dragon Global Chips (DGC) using your DRG tokens to participate in Casino.
- Convert your winnings back to DRG if you wish or get a pay out in fiat.
- DRG tokens will be gradually bought back and burned to reduce their supply.
Summary
Dragon Inc. has a solid vision to streamline the gaming industry in Macau and mainland China using the blockchain technology. Asia has one of the fastest growing gambling industries and Dragon Token couldn’t have come at a better time.
Dragon Token will be hosted on the ethereum platform for security and extra functionalities like smart contracts. Using DRG tokens will make it easier for players to make deposits or make withdrawals in fiat or cryptocurrencies.
Dragon Token comes in to solve the problem of high transaction fees in Asia’s gambling industry. With the significant cost reduction, it is easy to see players scrambling to buy DRG tokens.