Bringing Gaming into the 21st Century. Dragon Inc ICO rating – not rated.
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PRE ICO Dates : 08/12/17 – 31/12/17
About Dragon Inc ICO (token sale)
The Current Problem
Hundreds of high-roller ‘Elite Gamers’ travel to Macau every week of the year to play baccarat and other games of chance in “junkets” – VIP high-stakes gaming rooms with a minimum stake of millions of dollars – which are operated as separate cost centers by shareholding syndicates inside the resort’s top tier casinos.
Many millions of dollars flow across the tables in these VIP gaming rooms daily and junket organizers suffer exorbitant fees in arranging for such high volumes of stake monies to be ready for use by a VIP gamer upon arrival. Then, having enjoyed the gaming and the junket’s hospitality, their high-roller VIP guests incur similarly high fees in the repatriation of their winnings.
A junket often needs to arrange stake money of several million dollars to be on hand when each elite gamer arrives in Macau. The current cost to a junket in making the necessary financial arrangements is a minimum of 5%. As for the players, they are typically forced to suffer fees of between 5%-7% for costs related to repatriation of their winnings.
A major junket in Macau might be hosting over 100 elite gamers at any one time, often producing a rolling turnover in excess of US$250 million a day. With this level of play at the tables and the constant churn of players, the frictional costs suffered by both junkets and their discerning elite gamer guests related to the positioning of stake money and repatriation of winnings are both huge and punitive.
The advent of fintech solutions whereby fiat money can be effortlessly converted into digital tokens and then moved instantly within an eco-system whilst being securely tracked, and all at very low cost, offers Macau’s junkets a highly attractive technological solution that will dramatically reduce their high inbound frictional costs.
Indeed digitally tokenizing both stake monies and gaming chips and using a blockchain to record transactions and track tokens, not only presents junkets but also the casinos in Macau and internationally, with an opportunity for step change cost reductions, improved efficiency and higher levels of security in the management of inherent high volume money flows.
Through connectivity with our digital value platform, namely the Dragon Platform, elite gamers wishing to visit a junket could easily convert fiat money into digital tokens, that would be securely registered on a blockchain underpinning the platform. A numerical representation of the tokens held at any one time would be shown in the gamer’s smart phone wallet.
Whenever necessary, the gamer could effortlessly convert his Dragon Coins (DRG) to fixed-value digital Dragon Global Chips (DGC) for use in the junket. After gaming, DGC could be converted back into DRG and further converted to fiat money or any other digital currency when needed, all on demand and via the touch screen on a smartphone. If a gamer chooses to keep stake monies and winnings in digital form ready for the next visit to the gaming tables, they could do so, securely and at minimal cost.
Application of digital token technology beyond stake monies and winnings to the management and tracking of individual gaming chips, delivers junkets and casinos with significant financial gains and benefits from improved efficiency and security across their entire ‘cash management’ system.
Use of the Dragon Digital Financial Platform by participating junkets and their elite gamers will incur costs much closer to 1% than the usual 5%. This is a significant saving that improves junket profitability and releases more stake money to gamers.
In fact the application of fintech to the gaming industry has wider benefits. Crypto and digital currencies are often associated with the anonymity of ‘value ownership’, a problem casinos also face. However, if the digital financial platform is managed and operated with sound corporate governance and appropriate KYC/AML procedures, then the use of digital value tokens within an industry such as casinos, where use of money in cash form is highly prevalent, can greatly assist in the global drive to eradicate money laundering and squeeze the black market economy.
Ticker Symbol DRG
DRG is issued and operated under the ERC20 infrastructure