Drachmae Blockchain Project Plans Loyalty Tokens for Greek Resort Island

At the London PayExpo today, Lee Gibson Grant, head of the Drachmae Project, revealed that it was planning to set up a blockchain-based loyalty program test case for the Greek Island of Agistri.

Grant, who is also the co-founder of blockchain technology consultancy Coinstructors, has been investigating whether blockchain technology could solve some of the economic or fiscal problems that Greece faces in its major debt crisis.

drachmae-agistri

SuperNet, an association of various cryptocurrencies, is the major sponsor of the Drachmae Project. Grant noted that not one blockchain is big enough to handle Greece’s problems with its population of 11 million people , and thus SuperNet’s participation was strategically beneficial.

In addition to Nxt, five other cryptocurrency communities are part of SuperNet, namely Opal, Bitstar, VPNCoin, Vericoin, and BitcoinDark.

The core of Drachmae is the Nxt protocol but it will also have access to the other cryptocurrencies that make up Superdrachmae project sitesNet. A Drachmae implementation of Nxt was used as the platform for PayExpo’s “best speaker” voting system.

Grant also is investigating using blockchain technology for Greek Olympic athletes that have no funding as a result of the Greek fiscal meltdown. He believes that blockchain-based smart contracts could be created that will be valued on the athlete’s potential future earnings and for tipping and loyalty rewards.