What is Dragon Coin ICO and Why You Should Invest?

Dragon Coin ICO

Dragon Coin is a new cryptocurrency which has been created by as a decentralized digital currency system specifically for casino operators and gamers. The gaming industry is one of the largest industries in the world, specifically located in Las Vegas and Macau. Industry statistics show clearly that Macau has overtaken Las Vegas to emerge as the largest casino and gaming destination in the world. Statistics collected by the Gaming Inspection and Coordination Bureau (DICJ) show that Macau is on track to surpass the US$30 billion mark in gaming wins, compared to US$11 billion generated in gaming wins by Las Vegas casinos in 2016. Industry watchers are bullish on the industry and with the Japanese government working out modalities to allow for the commencement of organized gaming in Japan as from 2018, the industry is going to grow.

DRG Token

This indicates that there is a huge and growing market for the Dragon Coin, which is being positioned as a digital currency that will take care of the cost challenges being experienced by a subset of the industry presently.

The product is described here, and for which an Initial Coin Offering (ICO) is being proposed is Dragon Coin (symbol: DRG). DGG is an ERC20 / Ethereum Utility token that enables users to participate in the Dragon blockchain ecosystem.

The Investable Idea

Every business idea that has gone on to make huge amounts of money has always had one factor going for it: the ability to provide a solution to an existing problem suffered by millions of people, or by a few people who control large amounts of money.

The Problem

The bulk of the VIP gaming industry in Macau is centred around the junket rooms in large casinos which hosts lots of elite players and operate 24 hours a day, 7 days a week. These gaming activities usually involve a lot of money, and the organizers need to be able to arrange several millions of dollars in staking cash to provide the liquidity necessary for the stakes of each player. Arranging such high volumes of cash is expensive and can cost as much as 5% of total stake amount. Imagine a situation where $5million has to be paid in fees and commissions just to pool together $100million for elite gamers in Macau. This cost structure is a huge impediment to the junket room gaming business. Elite gamers in junket rooms have to pay even more; sometimes as much as b7% to be able to repatriate their winnings. When you consider that some junkets in Macau host more than 100 gamers at a time, the level of money paid out in fees by both gamers and junket room providers can only be imagined.

The Solution

A two-way system which will enable the conversion of fiat money into digital currency, which can be used by players to purchase gaming chips for elite gaming, and which also permits repatriation of winnings within the ecosystem in a secure manner prior to re-conversion to cash, is the envisaged solution. This system dramatically reduces the cost of mobilizing and moving around money used in gaming. The cost savings that can be achieved ends up reducing the costs to junkets and gamers down to 1%. This not only allows junket operators to retain more money as profits but also enables gamers to keep more of their earnings.

Pricing of Pre-ICO and ICO

The Initial Coin Offering for Dragon Coin will be done through the sale of the DRG tokens. These tokens will be sold on a Pre-ICO basis for early bird investors, and will then be available for public purchase in the ICO. Following the conclusion of the ICO and other processes, the DRG tokens will be made available on cryptocurrency exchanges, where they can be purchased by investors & casino/junket players so that they can perform their elite gaming activities using the Dragon’s Blockchain facilities that will serve the partner junkets.

A private pre-sale was performed in November 2017 to institutions and private investors, yielding $20million. The pre-ICO sale commenced on December 8, 2017, and is expected to end on December 31st, 2017. As at the time of writing this review, sale of DRG tokens (only in the Pre-ICO):

  • 9 BTC
  • 1953.13 ETH
  • $815,360

Overall, Dragon Coin ICO raised more than $315 Million so far in the Private sales and Pre-ICO.

Following the pre-ICO sale, the ICO will commence in February 2018, but not before the launch of the Dragon Gaming Chips on selected junkets and casinos in Macau in January 2018.

Proposed Fund Allocations

The Dragon Coin and the ICO is the brainchild of Dragon Incorporated Ltd, a company based in the British Virgin Islands and headed by Chris Ahmad as CEO and Founder. Average daily junket flows in Macau are estimated to be about $300million. By the time the Chinese New Year 2018 comes up, the first company-branded junket (Dragon Junket), run in partnership with the most successful junkets in Macau, will be up and running. The Dragon Global Chips will be deployed as the only gaming currency. $265million of funds raised from the sale of DRG tokens through the ICO will be used as an initial deposit to cover staked monies.

Here are the specifications of the DRG tokens:

  • Token Symbol: DRG
  • Total Token Supply: 500,000,000
  • Token Type: ERC20

Token Allocations:

  • 53% Junket Partners
  • 12% Early Supporters
  • 10% Team
  • 10% Reserve
  • 7% Treasury
  • 7% Public Sale
  • 1% Advisors

Get more Info: Dragon Coin ICO listing (click here)

Proposed Benefits

The benefits of using the Dragon Coin as the gaming currency of junket operations will provide the following benefits:

  1. Enhanced speed and security of gaming procedures with regards to registration, securing the guarantees for the stakes and gameplay.
  2. The Dragon Junket will break down elitist barriers to gaming by making it more accessible to a broader user base, while at the same time retaining the exclusivity of the product.
  3. Marked reduction in costs incurred by junket operators and fees paid by gamers to repatriate winnings.

As the Dragon Coin becomes widely adopted by the industry, the value of the tokens purchased in the ICO is expected to rise over time, which returns value to investors who partook of the pre-ICO and ICO proper.

Future Plans

The DRG tokens can be monetized on selected cryptocurrency exchanges once the ICO proves is concluded. Thereafter, players can purchase the DRG ERC20 token on those exchanges. The DRG tokens can also be exchanged for Digital Gaming Chips (DGC) at partner Casinos & Junkets. These will form the gaming currency that will be used in the junkets/casinos.

Join Token Sale Now

Any winnings earned from gameplay can be converted back to DRG tokens, Dragon Coin or can be exchanged for fiat currency. Supply will be controlled from buy-back of DRG tokens with excess profits. DRG tokens thus acquired will be burned.

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