At the onset of the Greek crisis wherein billions of euros were considered as debts defaulted, there has been great pressure on the Greek government b
At the onset of the Greek crisis wherein billions of euros were considered as debts defaulted, there has been great pressure on the Greek government by its neighbouring European states to leave the Euro currency to further prevent any more devaluation from happening. It was reported that Germany and the International Monetary Fund (IMF) have been the biggest creditor entities Greece had to help salvage its economic problems, but the latter institution insisted that it will no longer provide fresh funds via a bailout programme if Greece’s proposals would not be up to their standards, as it found that its system is already “unsustainable”.
Because of this disaster that had piled up over the years, so many possible solutions have been suggested so as to prevent any further failures from happening. This is not only to save the epidemic that has reached Greece, but it also serves as an instrument to save the Euro all in all and to not affect the other countries which uses the same currency. The advised items varied in nature, the two main ones being that Greece can opt to implement the eventual renewal of their old currency prior to Euro acquisition, the Drachma, or that an alternative by means of digitalized currencies would be attempted to be used.
This proposed unconventional digital currency is coined as Drachmae in April 2015 by its founder Lee Grant of Coinstructors. Drachmae, or DT Token, is a form of a cryptocurrency or an online tender which assures security in all ways possible. Monetary transfers or transactions would not take place without the authorization of the sender and the confirmation of the miner who handles the updating of all the records in the server, and any attempt to manipulate the data would only be damaging to the cause.
A digital currency exchange was implemented in an intriguing experiment, and was tried in a particularly small island in Greece. Agistri residents were invited to use a cryptocurrency named Nautiluscoin while partnering with the technology used by Drachmae. Drachmae reportedly would then charged a minimal fee for every usage made on Nautiluscoin, and the funds that would be accumulated are to be used to purchase gold which would help enhance the stability of the Nautiluscoin in the markets. By the use of gold reserves, users would not doubt the financial capability of money which they cannot see, and it was planned that once the digital currency would be stable enough, this would be sold on demand. Value would be increased by the means of an indirect mining, sourced from the people, for the people. Both locals and tourists are able to use this new form of digital currency through their mobile phones, which is quite appropriate for the digital age we are in today.
Yet despite this, it is quite unreliable to think that the digital currency would create an immediate overhaul on the economy of Greece, or any other’s in that matter. The country needs cash which they can spend for their own needs, and as was also indicated in some correspondences, Greeks would still resort to paper than to a currency that had yet to be tested. While the Drachmae/ Nautiluscoin goal might be ideal, it is still far-fetched to believe that digital money will have a quick and dramatic effect.
Drachmae has forwarded projects lined up for future use. It was recently reported as having been partnered with Cyber Futures which is an education-centric entity with intentions to provide internet and other tools for effective communication in rural areas around the globe.