Upcoming ICO: Dragon Coin Review
Dragon Coin has become one of those projects that seems to be everywhere right now. And for once, it seems the people behind it (and it’s huge fanbase) is right. This ICO looks to be one of the biggest in cryptocurrency history, and for the right reasons.
Perhaps the biggest selling point the ICO has is the currency itself. While many coins and blockchain projects profess to be useful, this one has a use case that is basically bulletproof. Set in the context of a hugely profitable industry, it will simply save many people a ton of money.
So what does it do?
Well, Dragon Coin provides a real service. In high-stakes gaming, high roller players often stake millions on games. This is all well and good, until they get back to their country (the biggest high rollers tend to flock East, where the bigger games are played) and have to pay up to 5% to convert their winnings to their native currency. It seems like a small price to pay, until you realise that the players are regularly winning millions, and sometimes hundreds of millions. You don’t have to be a maths wizard to work out how expensive that can be when you’re regularly paying out 5% in fees.
But that’s only part of the problem. The casinos often have to pay large fees for the ability to give credit to the players, or to set up a game’s stake in the first place. On some days in casinos in places like Macau, for example, you’re looking at hundreds of millions being transacted every day. Again, paying fees on that kind of money is no laughing matter. And that’s where Dragon Coin comes in.
The basic premise behind Dragon is simple. A player in a high stakes casino game can choose to purchase a Dragon token, then convert that to a dragon coin for use in a participating junket. The junket allows play to take place, and then gives the player the winnings, in Dragon coin.When the gaming is over, the player either stores the winnings in a digital wallet, exchanges them for Fiat currency, or exchanges them for other cryptocurrency.
Why is this getting everyone excited? Well, the ability to store and exchange makes it infinitely preferable to converting to a native currency. Dragon thinks it can save both players and junkets a considerable amount of money. With the average cost to ‘both sides’ of the gaming equation running into a 5% fee for the transactions, Dragon says it can reduce this to 0.5%.
The Token Sale
This is happening in February 2018. The team behind Dragon has stated that a lot of the initial token count has gone straight to partner junkets. Junkets, by the way, are casinos that happen to accommodate and facilitate high-stakes play, running into the tens of millions of dollars is something they’re used to when games take place.
Macau, where Dragon intends to push the blockchain and the coin out in the first quarter of 2018, has a casino and junket industry that expects to raise $50 billion in revenue in 2018 alone. The CEO of Dragon, Chris Ahmad, states that he already has four junkets inside of Macau nearly ready to work with Dragon.
This all points to a very positive token sale to the public. The most impressive aspect is the industry the coin intends to be a part of. The gaming industry is so large (and the gaming industry in junkets is massive) that anyone who is able to cut costs for both parties in a gaming session is going to gain interest from people. Everyone likes to save money, and if you haven’t worked out the Math yet, 5% of $1 million is $50,000. Most of the high roller players stake and win tens of millions of dollars a day. It’s quite a feat to save those players money.
We think this one has real value, and that’s why it’s already shaping up to be one of the biggest ICOs in history. Don’t forget, you can find Dragon tokens on CryptoGo, once they are available. For more information on Dragon Coin and upcoming ICOs, try this calendar.