Drachmae Mobile Money Platform To Test Permissioned Blockchain Features
Drachmae Money was first conceived and executed during trials in Agistri, Greece, in 2015. The trials saw minting of the currency on the NXT blockchain, with the facilities of the NXT Monetary System, Messaging and Voting used and tested.
The objectives of the trials included testing usage of tokenization and micro-payments among non-technical users. These were tested and benchmarked using centralized and decentralized systems, and hybrids of the two. The conclusions reached in this respect was that centralized systems would remain crucial, especially where smartphone and internet access is restricted.
Decentralized blockchains were promising, but use cases showed there were shortcomings in their ability to scale and meet compliance targets, especially in cross-jurisdictional situations.
In the next deployment of DT-Chain there will be extensive testing of a permissioned blockchain. The first goal will be to transact DT-Tokens, created on the public NXT blockchain, across a private, permissioned blockchain. Transactional transparency will be maintained by cross-logging on the NXT blockchain at crucial auditing points.
Transacting on the public NXT blockchain is costly, since rewards must be paid to stakers, and is relatively slow because speed and throughput is limited due to the mechanics and blocksize of NXT (as it would be on Bitcoin or any other public blockchain). A permissioned blockchain can be faster and more cost effective, and therefore form a more practical transactive platform.
Drachmae Mobile Money is an easy to use, mobile banking solution that supports DT-Token, and uses permissioned nodes to run a private blockchain. This, in turn, utilizes the NXT blockchain for supplementary functions. In future iterations of the product this utility may also be provided by Ethereum or other public blockchains.
Drachmae Mobile Money will be the first permissioned blockchain trial of any significant scope outside an innovation lab or industry consortiums like that of R3CEV. It is expected that the valuable outcomes from this trial will demonstrate the benefits of permissioned blockchains to nearly 2,000 identified networks used by over 5 million people globally.
The public user trials will showcase donation distribution, micro-payments, micro-loans, loyalty and rewards. Systemic testing of suitable interactions in the areas of digital identity, network security, big data and KYC/AML will support the future directions of the technology.
The Drachmae Mobile Money Ecosystem
During the first phase of deployment users will have access to internet banking, e-commerce utilizing geo-mapping and a P2P marketplace. This will only be available to DT-Token holders in a closed loop system for the trial.
Second phase is scheduled for late summer and will add a Mobile APP and merchant POS solution.
Third Phase is planned for early 2017, and will see the addition of a Near Field Communication (NFC) card that will initially support DT-Tokens, but will later be combined as a Visa branded debit card. User accounts will support both multiple crypto-currencies and a primary fiat currency.
www.drachmae.moneyUSER: admin
PASS: demo1234
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