Arweave – Decentralized low cost data storage on blockchain

Data storage

In the modern world data is the most precious thing.But most of the data is highly centralized,censored and manipulated by a few powerful organizations. Furthermore the data are stored in servers and the access to these servers can be revoked at anytime or can be edited without question. Arweave wants to solve this issue by bringing in decentralized and uncensored data storage on the blockchain.

Arweave

Arweave provides a permanent data storage solution at a low cost. The normal blockchain solutions have problem of scalability as experienced during the famous cryptokitties run causing transaction congestion and very high transaction fees. In addition to the time taken to confirm the transactions were exponentially increasing.Arweave will solve the problems by introducing a new data storage solution.It uses the following technologies that distinguishes it from other blockchain solutions

Blockweave

In traditional blockchain nodes , the nodes which are validating the transactions needs to store all the blocks that were ever created. This would cause a problem when a new node wants to join the system.Arweave team has created a new concept where blocks can be validated without the whole chain.Hashlist which contains hash of all previous blocks and wallet list are used so that new nodes can join the network immediately.

Proof of access

Arweave uses a hybrid POA and POW mechanism for verifying the blocks.Unlike traditional blockchains which use the previous block to generate each successive block ,Arweave uses a random block(recall block) and uses the the transactions in recall block and current block to generate the next block.These blocks will be distributed to other nodes for verification. This mechanism removes the need for each node to store all the blocks and allows new nodes to immediately join the network and start participating.

Wildfire

Storing the data faster and efficiently and in large quantity is just one part of the solution.But when a user requests data, the data must be provided to t user as quickly as possible. Arweave will use a smart ranking system local to each node based on how quickly they respond to data request and storage. The nodes will be financially incentivized to keep serving the clients .

Block shadowing

To overcome the scalability issue Arweave will use blockshadows instead of propogating the entire block to all the nodes.The transactions are confirmed as soon as the block shadows are present in the nodes and later the block data can be replicated using using the hash list,wallet list and instead of the whole block it will contain only the transaction hash values. Arweave has already achieved 5000 tps on a 100 MBPS network .

REST API

Arweave team has already created Rest API to build dapps for the arweave platform.The client can use the arweave wallet to read or write data to the network.

Use cases

With the data theft and the misuse of personal data that has been going around ,the demand for secure storage of data is on the rise.Storing the data is trustless and immutable way increase the trust from the customer. Further more important information like Genomic data ,personal medical records, insurance records can be stored using Arweave by the enterprises which will create large scale adoption of the platform.

Token

AR token will be the native token to the Arweave platform and will be used as means of payment for storing the data on the platform.The metrics are as follows

66 mil total supply
55 mil Genesis
11 mil Mining
38.5% for sale

Final thoughts

The arweave team has already created the REST API and made it available for developer to build dapps. Unlike numerous ico’s which raise money and hope to release the mainnet after several months , the Arweave team is timing the mainnet launch at the same time as ico. Arwave team has stuck to their hardcap of £6.4 mil GBP even after the high demand and the team has a vesting period of 5 years. This is one of the longest vesting periods I have seen in ico’s and shows that team are really confident of the project.

Arweave has also partnered with shelf.network for data storage.You can read more about it here.

The major advantage of Arweave when compared to other storage protocols like storj is the one time payment for permanent data storage rather than monthly storage option and the highly scalable solution of offering 5000 tps thanks to their innovative architecture.You can read about the detailed architecture in the lightpaper.

Techstars selecting Arweave for the 2018 accelerator program gives belief and confidence on the team and the concept.Detaiils here.

Useful links

Official website

My BCT link

Localcoinswap – A decentralized crypto marketplace with 100% profit sharing

Centralized vs Decentralized exchanges

As more and more people get to know about digital currencies the number of people buying these crypto currencies are increasing drastically.Obviously not all users know the technical details behind it.There are various exchanges which facilitate buying these digital assets but most of these are centralized exchanges which means that the user finds are stored in the exchange owned wallets.This makes the exchanges susceptible to attacks.In case of decentralized exchanges the users finds are stored in their own wallets so in a way they are less likely to be attacked.

Localcoinswap

Localcoinswap is planning to create a decentralized marketplace wherein users can trade any crypto currency without any user verification requirements or delay times using peer to peer trading.

Not long ago many of the banks banned using their credit cards for buying crypto currencies as they are scared that the powers may shift to digital currencies. Localcoinswap aims to solve this problem and aims to make widespread adoption of digital assets.

Furthermore localcoinswap will allow p2p trading of all cryptocurrencies using any payment method.

Cryptoshares token and dividend sharing process

Localcoinswap team is conducting an Ico to raise funds for building the marketplace.The token issued are called Cryptoshares.The team promises guranteed future returns as long as the platform is adopted on a widescale.The team will distribute 100 percent of profit in the platform to the too holders.

The profit distribution is as follows

The profits will be distributed once at the end of financial period i.e each quarter.
Each LCS cryptoshare holder will be given a dividend token on 1:1 basis
The users can then exchange the dividend tokens for the profits by sending it to a contact address
The payment will be done in each of the crypto currency that is traded in the exchange.

Further benefits

Other than providing the share of profit the token also provided voting rights on the platform decision making. You can sort of imagine like this suppose there are two tokens that are to be listed the token holders can decide which token they want to be listed in the platform using their voting rights.

The localcoinswap platform also allows the ico tokens to be listed with the requirement that a proportion of the new token to be listed will be airdropped to the cryptoshare token holders.

Ico metrics

The ico is running currently,the soft cap is already passed and more than 55 percent of the coins available for sale amounting to 9.5 million q are sold.

All unsold tokens will be burnt and the funds raised will be used as follows

20 % Platform development

30 % Security

15 % Business development and marketing

30 % Coin addition

5 % Administration

Development and MVP

Initially the team is planning to make top 10 coins available for trading but they will try to add as many coins as the development time permits.

Final thoughts

The crypto currency market is creating a huge curiosity as witnessed in late 2017 and in 2018.We must remember that are still in early stage of adoption.With increase in people acquiring digital assets the numbers of exchanges offering them are also increasing and localcoinswap swap offers decentralization, transparency and competent trading fees. Furthermore there is no verification delay in the platform.Suppose that the price of a coin reduces to 1$ and if you don’t have a account you can immediately use localcoinswap to buy it at the reduced price but in other exchanges which need verification the price of the token may increase to 5$ by the time you finish the registration and KYC.

The platform will offer an escrow system which acts as a intermediary between the buyers and sellers to make sure that there is safe trading .

The team has promised to vest their share of tokens for 1 year which shows the confidence the team has on the project.

Exchange tokens have been performing very well this year and it would be a wise bet to make in the early stages of the exchange.The team plans to start the dividend distribution in February 2019. The team expects 80% of the revenue to be distributed to the token holders with 20% of revenue used for maintenance.

As the crypto currency market is so huge and is expected to increase even further when capturing a small fraction of the market will lead to huge appreciation in value for the cryptoshare token with potential dividends as well as the token value appreciation.

Useful links

Website

My BCT profile

ANN thread

SHIVOM – Genomics + Blockchain – Creating a better healthcare for society

Overview

For the beginner’s who don’t have an idea about what genome is and how it can help improve the medical treatment here is a brief overview

Genomics in healthcare is the use of Genomics information in the treatment of diseases.Genome is nothing but the complete set of chromosomes in a individual.Some of the benefits below show how the genomic medicine can help improve healthcare

The causes of intellectual disability are often unknown, but a team in The Netherlands has used diagnostic exome sequencing of 100 affected individuals and their unaffected parents in order to uncover novel candidate genes and mutations that cause severe intellectual disability.
Cell-free circulating DNA is also being explored as a biomarker for cancers. As tumor cells die they release fragments of their mutated DNA into the bloodstream. Sequencing this DNA can give insights into the tumor and possible treatments, and even be used to monitor tumor progression (as an alternative to invasive biopsies)

To put it lay man’s terms it’s analysing how a person with particular genomes react to medicines and then using it for the better treatment of future patients and creating customized treatments.

Source : What is genome medicine

SHIVOM is bringing this revolution in medicine with the blockchain to make it more transparent .

Why use SHIVOM?

Shivom aims to create a disruptive ecosystem by making it more fair and transparent and giving the ownership of the data shared to the owners.

So basically when a user is sharing his genomic information he doesn’t get any monetory benefit.Shivom will change this by giving the power in control of the user as to what information he wants to share and to whom the user wants to share it with.So this will create a genomic marketplace which can be used to improve the quality of medicine and treatment provided to the patients.Few benefits are

Users are rewarded for sharing the information.
The pharmaceutical companies can use this information to customise drug development and event medical institutions can use the data to administer specific drugs which are known to be effective against particular patients.
This benefits the future patients and the healthcare industry as a whole.

Not only does Shivom benefits the pharmas it also benefits the users who share their data in the marketplace and the future patients by providing personalized treatment.

Credit: Shivom executive summary

Genome Sequencing

The cost of DNA sequencing , determining the order of nucleotides in a person’s DNA is significantly reducing and with the reduction in the cost of replicating a DNA Genomic sequencing will come to the forefront of treatments and will be easily affordable in the future.

Geneomic sequencing will provide various benefits like

Diagnosis of diseases
Customised treatment for patients
Identify drug patterns
Likelihood of diseases in a particular Individual

Why Blockchain?

Shivom are combining Genomics with Blockchain , to keep the data secure and firmly in control of the user. The users gives the private key generated by the key generator to the participants and only those who hold the key can access the user’s data that is stored in blockchain.The most important thing is that this makes the system trustless.

Token metrics

The Omix token will be key of the SHIVOM platform.Anyone wanting to use the platform for geneomic sequencing or access the genome database or for users to be rewarded must use Omix tokens.

Total supply : 3 billion

Available for sale : 990 million

Hard cap : 35 million

The funds raised from the ico will be used as follows

Final thoughts

The team is aiming to put the power back in control of users who own the data.

The team has already raised 33 million out of the 35 million in pre sale phase(even with bears dragging us down) which shows the demand and in a way shows what people see in this project in the future.

You can always look into the community to see how well an ico is perceived , and with over 70000 telegram members and 45000 Twitter followers Shivom has definitely caught the eye of many people .Plus it has also announced MOU with Arunachal Pradesh,a state in India and it has also got former Estonian PM Taavi Roivas as a member.

Furthermore the users get rewarded for sharing the data and most importantly it creates a marketplace for Genomic data which can be used by pharmas and health industry to improve the way in which patients are treated .What more can you ask for in a project than to improve the health of people and providing them proper treatment.

All in all the project and the team and the concept looks really sound and with multiple institutions backing up the project as well as a MOU with a government it is definitely a ICO at the top end in the current market. The public sale will run from May 3 to May 10.So go ahead and grab to them.

Overview

Financial institutions are the backbone of today’s economy. There is no alternate truth to that.While there are multiple institutions spread around the world around 2 billion people don’t have access to basic banking yet.Even for the people that have access to them, how transparent are the financial institutions?

Kora Network

Today’s financial institutions are spread mostly in urban area and are hesitant to establish themselves in rural areas to offset the cost associated with managing the infrastructure.Let us keep aside personal unregulated lenders aside as they charge an exorbitant amount of interest and well they aren’t regulated. In many of the third world countries people must travel around 15 miles to have access to basic banking. This is a tedious job for people in rural areas as banks are closed for operation during the weekends and that means people would need to travel on a working day to do their banking activities which potentially means loss of a days work. Kora – a instrument player in African regions during celebrations – aims to provide hope for the billions of unbanked and under serviced people.

The Kora Ecosystem

How do they solve this?Logically speaking even a rural area must have wealthy people albeit a small number who can help others.Apart from people who aren’t wealthy there are people who are trustable.By trustable I mean they are people who hold on to their word, they maybe head of the village not necessarily elected or say for instance head of a tribe who commands respect and faith of the people.Wealthy people aren’t the most trustworthy people or that’s how the world sees.The validity of that thought is a separate debate altogether.

KORA plans to use these parties to create a digital economy.Fair enough but urban people haven’t caught up with digital economy yet how can you expect rural people to use it you might think.

The eFiat Solution

Kora aims to make it easy for people to enter into digital economy with eFiat.Since the eFiat is 100% backed by cash reserves it makes it easy for them to

Trust the network
Exchange eFiat into cash

So suppose that John(participant) wants to be part of Kora ecosystem he will convert his cash reserves into eFiat using Agents who facilitate conversion between eFiat and Cash.Then he can use the eFiat with the Merchants in exchange for goods.Providers like banks will give access to Kora network and they will be responsible for regulatory compliance.

Technical Aspects

Kora network claims to use ethermint for their blockchain as it provides extended security and scalability whilst also supporting the huge community of Ethereum developers. Kora also promises to keep the cost of launching a financial service low on Kora network. The software will be full decentralized stack and easily customizable.

Token metrics and Usage

Kora Network Token(KNT) will be the native token used to pay for any transaction that happens within the ecosystem. The tokens will be used to pay block producers who are selected by the token holders and the fee is shared between the voters.The logic here is that people will be incentivized to use the Kora network if the transaction fees are low and so the block producers will keep the fees low to attract the users to the Kora ecosystem.

My thoughts

The Kora networks solves a huge problem of banking for underserved people in rural areas where banks do not want to setup their services. The Kora aims to use the community to help each other and in the meantime keeping funds safe.It also solves a major problem where people are not able to prove their identity by allowing the users to build up their credibility in the platform based on their actions and then raising their limits within the platform.This cannot be taken slightly as most people in rural areas especially in under developed countries don’t have any form of identification and that number is huge.Plus the platform has multiple uses like Money transfer, Lending and loaning. You can easily pay for your loved one shopping in another country by transferring the Kora token to the Merchant.It’s as easy as that.Furthermore as ethermint uses Cosmos Network which is interoperable,it will be able to connect all blockchain protocols. The presale has already completed which has sold out and raised 3 million USD.The public sale starts on April 23.Grab the KNT tokens,become a block producer and help out the community you’re from.

Useful links

Official site

Whitepaper

Bountyhive username: Cryptolionex

Chat on a train coach

Was having a chat or more like part of a conversation with a old man into his 60s.It was obvious that he was a true believer God .Couple of points which he talked about and my thoughts on it.Can understand the logic behind the temples and God

Rebirth

The deeds you do in your previous birth will be awarded or punished accordingly by God in his current birth.Although I dont believe in Rebirth I can understand the logic behind the thought and saying – Keep a person in the right set of mind to do the right things.But how do you keep a man on a track ? You make him fear something – GOD punishing you just like there’s law now to keep crimes in check .

2.Concentration

You need to concentrate on something so hard that you forget whatever else is going on and you feel in peace.A place to go and do that and meet like minded people – Temple,Church call it whatever you want . The object to concentrate on God .

Afraid of getting used to comforts or just chary at spending?

What am I?

PS:

Thought when traveling back home in a sleeper instead of going for a AC class .

Kind of a self note .

Medichain – Blockchain where it matters most

Overview

Data is money. Every big company out there is mining and analysing the data so they customise the product and content that they offer specifically for the test out the user. How does it help specifically in the medical field ? Electronic Medical Records help keep track of the medical history and the information of the patient so that they can be accessed by more than one medical company. Through this when a patient walks into a hospital ,the doctor can identify the patients Medical history ,past medications , allergies etc on the fly.

EHR adaption rates are catching up in USA and in other countries as well. The stats show the number of physicians using EHR is on constant rise from 2012.

Courtesy: practicefusion.com

Currently there are more than 1200 EMR providers. But the problem here is that the patient doesn’t own the data . Medichain also aims to store the data off-chain meaning that doctors can access the data regardless of the vendor EHR used.

Medichain

Medichain aims to put the ownership of the data which is ofcourse very valuable and sensitive in the hands of the owner .There is an excellent article on why data is money, you can read it here.

Medichain will allow every patient to have a pointer in blockchain through which all the records about the history ,be it going to a doctor or buying some medicine can be accessed. The awesome thing here is that the user can upload the information using an App or device. Since the data is accessed in the blockchain(through Medichain API) any doctor can access the information of the record regardless of which EHR vendor they use .But this is where it gets interesting the user can give access to the data,or parts of data by using a smart card.Now you are the master of your own data .

To put it simply Medichain aims to rewards the customers for their data that they share.

Tokens

Medichain utility token (MCU) is the native token in the platform and each piece of data that the patient shares will be assigned some value thereby rewarding the patients.

Metrics

Total supply will be 100 million tokens and no more tokens will ever be created .

The token usage is distributed as follows .
1. Pre-Sale Maximum 6.5%
2. Public Sale 40%
3. Partner Fund 15%
4. Team & founder Fund 18%
5. Advisors 6.5%
6. Medical Data Fund 10%
7. Bounty 4%

The ico is in progress here and they have currently sold 13 million tokens. A total of 40 million tokens are for public sale .

Monetization

Now you may think how exactly is my data converted into money, consider the case where a big pharma company wants to collect the history of patients , their treatments, medication for a particular disease to research for a drug they are planning to develop. What the company will do is they will get the data from Medichain and in turn Medichain will send a percentage of MCU tokens to the patients whose records are shared (bear in mind you have given your approval for uploading the data in the first place) and the clinics . Then users can sell the MCU tokens in exchanges for money if they intend to.The below representation from the white paper shows the token usage within the ecosystem

The team behind it

The medical field is a vast and sensitive one and to bet on a radical change like this , you need a proper team with a vast experience in the domain which the medichain team does .A few of them are

Dr mark Baker – CEO and founder is a leading expert in security and big data predictive analysis

Dr Nicolas Smoll – who is working as research scientist at the University of Melbourne

RON Caferky – brings a lot to table having work in EHR previously and will jointhe team as EHR specialist.

Apart from them their also consists of various members specialising in Blockchain ,UX development, Marketing and PR plus reputed advisors as well.

Final thoughts

Using blockchain brings transparency and decentralization to the data that is stored. Plus blockchain provides safety for the data so that third parties can’t steal them and sell them in the dark web.

The team seems to have laid out the plan well in advance by seeing their plan which is present till 2020 which shows that they have thought it through and instills confidence.

To solve the scalability issue they plan to store the data off chain in cloud Database and only store the pointers to these data in the blockchain. Medichain are well aware that it isn’t possible for a patient to always to give their consent to access the data for example an emergency scenario. So information that needs to be available in case of emergency will need to be available to doctor , so the user will grant access to the data in these cases, but the data will not be available to say pharma companies where the big money is in play. The team are also aware of the fact that there are competitors in the industry but I wouldn’t mind it too much as the medical field is extremely huge. With the amount of money spent in pharma every year , I think it would be wise to bet on the pharma field and medichain which is trying to make it transparent to the users as well as monetize their data .

Useful links

ICO site

ANN thread

My BCT profile

BITGUILD – Gaming made hassle-free with Blockchain

Overview of Gaming market

In the current digital world the gaming market is a huge one .The incomes from the gaming industry keeps increasing year on year thanks to increase in accessibility of smartphones,gaming devices and availability of internet .

Credit : newzoo.com

Yes that’s right , the game market in 2017 generated closer to 109 billion , that’s higher than GDP of many countries. And the growth doesn’t show any sign stopping .The below picture gives a peek of what’s to come

Microtransactions

Buying the game is one thing but how else can companies make money. Okay consider the famous game “Clash of clans” .The game is free , wait it doesn’t make sense .Why would someone make a game and sell it for free. Because inside the game they give you a option to buy “GEMS” for real money using which you can develop real fast in the game. In some games you can buy exclusive stuff or upgrades .

You might think that’s fine after all I am paying for development or upgradation of my character, but that’s not true. The game company owns all the digital items that are created in game and the user owns nothing . Well now you think that’s not fair .

Here comes Bitguild with Blockchain

So Bitguild aims to solve this problem by putting digital assets in the blockchain for blockchain based games . Yes there are games based on blockchain , cryptokitties is one of the famous ones.

What Bitguild wants to do here is that they will put the digital assets in the hands of the user, i.e. whoever has control of the seed(so be careful ;p) .So you will own all the digital assets.

Game character trading

Cryptokitties is the best example I can cite you now.If you are new to erc token model there are two types of tokens

Fungible

These tokens are divisible and are used to represent items like currency

Non-fungible

These are non-divisible (again the kitties in cryptokitties game) and will be used to represent in game items .

The game trading for the games in Bitguild platform will be done in Blockchain transactions and so it will fraud proof .

Using the blockchain it gets easier to do microtransactions as well as there will be no commissions paid to the payment gateway to get your money into the game platform.

BITGUILD plans to offer the following in their platform

Game platform
Wallet
Asset exchange
Community
Design house

The big plus of the platform is that you can trade assets between games as well.This will be implemented through virtual asset exchange.

Token sale

Token name : PLAT

Total tokens : 10 billion

Public sale : 45%

Foundation : 25%

Advisors : 10%

Team and founders : 20%

The ico is currently ongoing and they have sold more than 34000 ETH worth of PLAT out of hardcap of 45000 ETH.

Final thoughts

Although there are some competitors in the blockchain gaming field , the market itself is a huge one with 100 billion plus revenue per year. A important move from Bitguild is to have a market place for blockchain games where they will facilitate trading items between games. The demand for the token can be seen from the fact that they have sold almost 75 percent of tokens and their advisors consisting of high profile members like Justin Son (Tron),Kevin Chou adds credibility.

The gaming industry will certainly benefit with blockchain and it will good for gamers like to me to really own the assets that I put so much time and money into.

Useful links:

ICO website

ANN thread

My Bitcointalk profile

COINMETRO – An awesome ride to Utopia

Intro

ICO’s are booming and so are the scams. Not long ago there was an ICO that used Hollywood actor Ryan Reynolds picture as a part of their team and raised near about 1 million dollars. Nobody in the team listed on the website had anything to do with the ICO and needless to say they disappeared with the money when the news started spreading. So it’s important to look at the team their relevant experience when looking at a ICO and COINMETRO team has plenty of it. The team members have plenty of experience in financial sector. In addition to that they have made a strategic partnership with FXPIG which is a well known Foreign brokerage company with six years of experience.

PROBLEMS

ICO space is filled with scams trying to use the greediness to get more money in a short time of potential investors. And we know about the problems with the exchanges.Its really difficult for a amateur user who’s trying to enter the Cryptocurrency space to get hold of exchanges. Binance the world’s most popular exchange doesn’t accept Fiat, that’s a bummer.Make no mistake Binance is an awesome exchange but the lack of Fiat means that most of the new users will hesitate to buy. When I got started with Cryptocurrencies I faced the same issue and I had to dig deep trying to find a way to buy Eth,setup a wallet ,send it across to another exchange and so on.

Board the Metro

Coinmetro recognises this problem in the existing exchanges and will add the option to buy cryptocurrencies using Fiat as well as cryptos. That’s great ,move over coinbase. Plus they also plan to have several options like limit order,stops etc. In addition to that they will add a HTML5 charting tool which will be pretty awesome if you are one of those traders who like to do Technical Analysis .

Coinmetro will also make a wallet for holding cryptocurrencies like Bitcoin, Ethereum,Ripple, Litecoin and they plan to add more currencies in the future.

Now you might think that my funds are still locked in my wallet, it’s still a tedious process to transfer my funds to my bank account.You need not worry Coinmetro plans to provide the users with a Debit Card using which you can access Fiat and cryptocurrencies from your account.They also plan to offer A tomic swaps in the future.

Tokenised Asset Management

I know what you’re thinking, “I am new to crypto and I don’t know much , how am I supposed to trade ? I am too scared “.

Coinmetro has come up with a solution for this as well. They have introduced TAM where a professional asset manager can sell their unique token to other investors. The investors don’t have to think about trading as the funds are managed by the asset manager.All they need to do is find a Asset manager of their choice and buy his tokens. Now when the fund managed by the manager gives profit, the investors will get a profit as well. The manager gets a commission. The TAM tokens can only be purchased through COIN , which is the native token in coinmetro platform.

Token Metrics

Total Supply of COIN – 500,000,000 COIN
Total COIN Distribution
– 50% through Token Sale
– 20% Liquidity
– 10% CoinMetro Team & Shareholders*
– 7.5% Community Rewards
– 2.5% Advisor Compensation
– 10% Public Pre-Sale

The coins sold at a discount will be subject to vesting so that the price in the market isn’t manipulated. That is a good move to prevent immediate dumping of coinsby the investors who bought at a discount.

My thoughts

Coinmetro plans to bring Fiat supported exchange which will be a huge hit .Just look at how coinbase in doing .In addition to that they plan to add a ICO express platform and TAM which will be help professional asset manager as well as amateur investors. In addition to this they also plan to buyback tokens using the net profit from coinmetro and FXPIG ,plus they will offer discounts to COIN token holders. If they can come up with the things promised especially TAM and the exchange with Fiat the platform will be a massive hit and we know how profitable crpto currency exchanges can be.

The token sale.is currently ongoing and tokens can be purchased from their official website at current price of 0.12 Euro.

Useful Links

Official website

Whitepaper

Telegram
Bounty

Enter the crypto DRAGON

History of gambling

Gambling isn’t new us . Mankind has been gambling for thousands of years.The old Chinese book “Book of Songs” has a phrase Drawing the wood which suggests there was some kind of random chance game. Gambling was mentioned in 500 BC in Greek and Romans banned gambling with money which is when they started playing with the chips to claim that they weren’t playing for money.

Image credit : thespruce.com

An intro to casino market in Macau

Make no mistake about it, the casino industry is huge. According to statistics collected the gambling revenue in Macau is $28 billion per year and $6.4 billion per year in Las Vegas. So recently Macau has dethroned Las Vegas as the King of gambling industry.
The major revenue for Macau comes from China.2/3 of visitors to the casinos in Macau are from China as gambling is illegal in China.

Credit : valuewalk.com

Furthermore Macau allows gambling winnings to go untaxed. That’s sounds sweet right? Taking away your profit without paying taxes.

What’s the problem then?

The list of problems that Dragon platform are trying to solve are

Commission for junkets

When a player wants to bet a large amount of money , he requires the help of a introducing agent. The agent will normally charge 5% commission from the player for carrying and transferring the amount using the traditional system. This fee is picked up by the junket to incentivize the player.

Commission for players

After a player wins some money in casino, they will get a negotiable chip which can be exchanged for money.The user has to typically pay a commission of 5-7 percent to junket managers to get the money back home.

DRAGON platform is solving this problem using the Dragon coin and Dragon Chips. Imagine I am going to a casino in Macau , I will purchase DRAGON CHIPS and not traditional chips. These dragon chips can only be bought using dragon coin. I will buy dragon coins in dragon exchange, yes the dragon platform will include a exchange too , and then I will buy dragon chips with Dragon coins .Now I am ready to start rolling the dice.

After I finish the game and wanna go back home with the profit , I will exchange my dragon chips either for Fiat or other digital currencies, that’s up to me.

This way dragon platform reduces the fee from about 5 percent to 0.5 %.

Dragon Platform

Dragon platform has already raised $265 million through partnering with four existing junkets which will bring their existing customer base to Dragon platform.

Furthermore the dragon platform will also include

Debit card
Dragon ATM
Dragon hotel/Casinos

My thoughts

The dragon platform serves to reduce the commission for Junkets as well as the players.4% gain by avoiding commission may not sound much, but a junket is where elite players play and bets are in millions of dollars.So it really does save a lot of money.

KYC compliance in Dragon platform and that there is no chance of money laundering.

With Dragon debit card on Visa/MasterCard network you can pay all expenses on Dragon platform using it.Just plain and simple. They also plan to add digital currency to the ATM so you can convert the currencies to Fiat in an instant.

For those purely interested in ICO,there is a buyback program which will buy the coins and burn them, this reducing the supply and thereby creating demand. The only way to play in Dragon platform is through Dragon chips which can be acquired only through Dragon coin.The ico is currently ongoing and DRG can be bought in the Official site

Imagine going to a Casino ,using the Debit card and taking the earnings back home in Crypto currency or Fiat and all with less commission.Fun times ahead .

Useful links