Drachmae Project: Can Moldova become a contender in “DLT” Blockchain development?

Over the last few months the founder of the Drachmae Project has been diverting projects and interests away from Greece and moved them into Moldova. The DTM and DTMA Association have been set up, and events organised with the Drachmae Project Blockchain Lab 2.0, hosted at Asem University.

On November 24th 2016 at the EUREM event, two workshops were presented:

  • WORKSHOP 1: Blockchain: look through transparency as an enabler of better regulatory compliance within European and a global practice.

  • WORKSHOP 2: Central Bank Cryptocurrency and how it affects the financial ecosystem.

The workshops were very successful, with attendees from local banks, the National Bank of Moldova and E-Government.

This coming 23 24 March A new event is being published: innovative and creative economies; how blockchain creates microeconomics start-ups

Q: Why the move into Moldova?

Moldova has a few benefits due to its geography. It is positioned between the CIS Region and the EU. It also has some of the fastest internet infrastructures in the world, and excellent 4G coverage. This makes Moldova possibly the best location for use cases and testing. Also I have setup DTM, which is a UK based consultancy that helps and advises companies to set up in Moldova. There are some very nice perks available and it could be a commercial hotspot due to its location.

In August I was contacted and invited to be a co author to the following: Blockchain and Bitcoin as a Way to Lift a Country out of Poverty – Tourism 2.0 and e-Governance in the Republic of Moldova which is now being published on International Journal of Internet Technology and Secured Transactions (IJITST).

Alongside the quality of human resources and the low salaries, Moldova provides a perfect environment for startups and testing technology.

Q:Is there a Bitcoin and blockchain community in Moldova

Currently there is no community other than myself and one other person working on blockchain projects in Moldova.  This was the main reason why I have organised the creation of  “DTMA” Distributed Technology Moldova Association, which is also still in due process.

Q: What is the DTMA for and who is behind it exactly.

The principle idea for the DTMA is for local people to be introduced to digital currency and Blockchain technology. It also provides international companies a point of contact in Moldova to work and share advice. The DTMA is organising debates, workshops and Moldova’s 1st Distributed Technology EXPO, “DT EXPO”.

The first debates we are organising are:

  • E-Curriculum

  • E-Services

  • Digital Currencies and Blockchain Regulations

  • Economic Investment and Stimulation

Academics, politicians, and local business will be attending, with up to 150 attendees for this 2 to 3 hour debate.

The website for DTMA is revamped business network that we built for Greece otherwise known as Drachmae Connect  the platform supports documents, work groups, event organisation amongst many other functions as it will be the gateway for local people and international people.

Alongside this we are exploring partnerships for Certification and courses around IT and Blockchain that be introduced via the Lab and Association.

Who is behind it can be found on the DT Moldova website under DTMA Advisors, there are more yet to be added the team is still in its early days but already with reputed people from Moldova involved at the start.

To increase awareness we are open to collaboration from companies or organisations that are interested in Moldova, so please do not be shy and just reach out to the team, it is still early days but everything is moving very fast in Moldova.

Q: Moldova has a bad reputation for corruption such as the one billion US Dollar theft from its Central Bank. Could you comment to this situation?

This is why I find Moldova so compelling. It provides the best scenario for blockchain technology to play to its strong suite; fighting corruption, theft, and a lack of transparency. So my view is very simple. If you want to solve real problems you need to be where the problems are. Just because you build something in the UK or USA does not mean that it will work in all the targeted regions. This is now becoming apparent and Moldova is more accessible than say the hotbeds of Latin America, the CIS regions and Africa.

Let’s be real. In the French elections, as with the US elections, we see a lot of noise about corruption. Every country has corruption of varying levels.

Well regards to the bank theft, the manner in which the money has been moved around begs the question of whether blockchain could have prevented this situation.

Q: Why did you release DT Token and JIO Token and why the decline in value?

The idea was to use the tokens for specific services yet to be released – which has proven a failure, since people prefer to speculate but not spend on the services. So it is now apparent that what the market requires was already created on the NXT Monetary system. Unless tokens are used within services they don’t have a ecosystem flow to create trading volume. So, to solve this problem, token holders are being given an option to join the DPAFC program, as the travel services are being migrated to fiat currency. This is where the consumers are and they prefer to use cash.

Here is an example: When i released DT Token people complained I controlled the supply so releasing the supply into the market the next complaint was I released the supply so you cannot win it’s simply a double edged sword, people are not actually interested in using the tokens with services they only complain and ask for a Pump and Dump.

Most common question I get is Sir when will you pump the coin I want to make profit you need to pump it? “So developers need to pump their coins in turn means the efforts of developers in altcoins means nothing at all, does a developer really need to introduce a coin is my larger question”

But, on the other hand I think people are confused with Drachmae Project and not understanding that it’s not about code it’s about use cases to explore viability then take those lessons to implement into live use cases to be administered whether it’s a business model or supplement service to an organisation.

Q: What is DPAFC Program and why the sudden change away from tokens?:

The DT Token experiment over the summer made me realise that, if people are speculating, and this happened with JIO as well, only reacting to news and sentiment, then there needs to be a better alternative. The resultant solution is the DPAFC Token that can be obtained on the Drachmae Market. It can be traded or the holders can receive a Royalty. To be eligible the holder will have to Tweet or Facebook share the exchange in order to qualify. So no, it’s not a dividend since they must perform a task – tweet or share – therefore they have done some work in order to receive the Royalty “Payment for Service”

I am putting up 50% of the future earning of the Travel, Mobile, Techannouncer, and Exchange revenues into the DPAFC. In that way people have a real incentive and it removes the need for JIO and DT. The solution uses USD, GBP and EURO, which are the consumer preference. We can reintroduce crypto currency at a later date.

To join the Program you must hold DT or JIO Tokens, and go to Drachmae Market to obtain DPAFC.

Q: What other projects are you working on and why do you think these projects are important?

I am currently exploring the viability of mining in Moldova as this could be an attractive solution to introduce to the general public. Moldovans pay attention to anything related to generating money and one of the most common question that gets asked is “how do I mine these currencies?”

Soon I hope we can go Live with local Currency on Moldova’s First Crypto Currency Exchange Drachmae Market but this is coming down to education about crypto and how it is presented in a way locally can be understood

DT X is a much larger project, with the end valuation in the range of 150 Million USD. We are already working on several aspects, including seed funding of 2.5 million Euros, and a mix of other grants for smaller amounts. At the moment DT X is in planning, with a few small sub-projects starting.

Every project is important, but right now DT X seems to be gathering momentum the fastest, and there are several partners who are very aggressive in moving forward. I am more conservative because of the complexity and capital required, but positive since the project is gaining support each day.

My primary project at this time is DP Lab 2.0 at Asem University, Chisinau. We have started recruitment of students (and non-students) to pair them with international projects as interns. The aim is for them to learn and gain experience with blockchain technology, in the hope that some will go on to be employed or start up projects locally. which is another reason why I created DPAFC is to provide seed funding to new bright ideas and has been taken well.

My main focus is sourcing companies who would be willing to take on interns in the Lab, provide them work experience and mentorship. Interns could eventually be given the option of staying in Moldova as remote staff, either part time or full time. Additionally we are looking at providing related educational courses for students and non students. We are open to materials that could be used in this context in the university or in a collaborative model and with the Rector of the University making the Lab an official part of the University.

Lee Grant
About Lee Grant 76 Articles
Tech Announcer a Technology/startup news and reviews portal also part of Drachmae Project “Blockchain 4 Media”. We offer digital marketing and tech publications according to the current trends in technology. At Tech Announcer, we focus on helping Tech Start-ups, Tech businesses and Entrepreneurs share their good works and reach out more to their targeted audience.

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