In 2015, during the Grexit debate, the Drachmae Project was exploring various use cases over the blockchain. This year, after aneducational Proof of Concept, the project is moving forward to use blockchain technology to disrupt the travel sector.
Last year a multi-currency wallet called Drachmae Money was constructed, and SMS and NFC interfaces were added and tested alongside card payments. The lessons learned highlighted some risks, for instance that it is highly possibly to do double spending using Bitcoin.
According to the project leaders, testing on Agistri Island in Greece with a digital currency and blockchain derived credible data on which to build services that are centered on human behavior.
Project Lead, Lee Gibson Grant, notes:
Consumers and businesses alike require this most of all: Convenience, Savings, Assurance and Community. Techno-centric thinking tends to lose sight of these benefits.
Drachmae Project is now developing its commercial solution that targets travel. The solution will use more than the NXT blockchain used in the Agistri case study. It will also be using Ethereum and permission nodes, and has been dubbed DT Chain.
To raise funds for its development, the Drachmae Project is launching its own crowdsale, where it will offer two instruments:
- an initial coin offering of the native toke used by the network, DT Token
- tokenized and smart contract based memberships to a private travel club that will support multiple currencies and be tradeable.
The memberships include Standard – limited to 50,000, Gold – limited to 25,000, and VIP – limited to 5,000
The DT Token total supply will be limited to 88,888,888 tokens, with 8,888,888 being released for the crowdsale. Drachmae has pledged the proceed to supporting the release of the “Travel App Game”, set to launch in June 2016 and Travel Club in September 2016. The most important development is the travel money service, which uses lockchain technology and will be connected to a branded prepaid card.
The larger question to be answered is whether there is actually appetite to disrupt the Travel Sector, and why this type of project would be supported. Is it the start of an alternative loyalty and rewards mechanism to compete with Air Miles that is currently in decline.