This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: Draxmh
Currency: DRX (DRX)
Issuing account: rUWUQhB2pcgCbjJxaBv9GrS1hr9pCUGXxX
Distribution accounts: rnynKPtXfBjcVU9pEt9ZFpHeM147fQahi2, r3Sks9BsQdPxuZ59oDfQ15vNDkMpnpBeRq
This is revision number 1, signed August 6, 2024 by r3Sks9BsQdPxuZ59oDfQ15vNDkMpnpBeRq
Description: The DRX token project aims to revolutionize the digital economy in Greece by introducing a stable and secure cryptocurrency that complements the Euro. Leveraging advanced blockchain technology, DRX offers a dependable means of exchange for everyday transactions and larger business dealings. With a focus on transparency, efficiency, and financial inclusivity, DRX provides users with fast, cost-effective, and secure transactions, ensuring a seamless experience in both domestic and international trade.
At the heart of the DRX project is a commitment to stability and investor protection. Through a unique smart contract mechanism, all liquidity generated from DRX and its companion token, LRA, will be strategically placed to maintain a stable price floor of $0.003 per DRX. This ensures that the value of the token will not fall below this threshold, offering peace of mind to investors. DRX is not just a digital currency; it's a transformative tool that empowers individuals and businesses to engage in the digital economy with confidence and security.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
1. Price Stability Mechanism
Unlike many cryptocurrencies that experience high volatility, DRX incorporates a unique smart contract mechanism that ensures the token's price will not fall below $0.003. This feature offers a safety net for investors, making DRX an attractive option for those looking for a more stable investment in the often turbulent crypto market.
2. Integration with the Greek Economy
DRX is designed with a specific focus on the Greek economy, aiming to serve as a supplementary digital currency alongside the Euro. This targeted approach addresses local economic needs, fostering financial inclusion and providing an efficient medium for transactions within Greece.
3. Comprehensive Ecosystem with LRA Token
The DRX project is closely integrated with the LRA token, offering unique benefits to its holders. LRA provides a passive income stream through staking and promises a significant reward after a ten-year period. This dual-token system enhances the project's value proposition by combining stability (DRX) with long-term investment potential (LRA).
4. Investor Protection and Transparency
By leveraging advanced blockchain technology, DRX ensures transparency and security in all transactions. The project's commitment to investor protection, through mechanisms like the price floor and secure smart contracts, distinguishes it from other tokens that may lack such safeguards.
5. Focused Use Case and Local Relevance
While many tokens aim for global reach without a specific use case, DRX's focus on enhancing the Greek economy makes it highly relevant and practical. Its targeted application, combined with its robust technological foundation, makes DRX not just a speculative asset but a practical tool for everyday financial activities in Greece.
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
1. Tailored to Specific Use Cases
DRX is specifically designed to address the unique needs and challenges of the Greek economy. While XRP and other established tokens offer broad functionalities, they are not tailored to specific economic environments or use cases. DRX aims to complement the Euro, facilitate local transactions, and foster financial inclusion within Greece. This local focus allows for the development of features and initiatives that directly benefit Greek businesses and consumers.
2. Stability and Investor Protection
One of the standout features of DRX is its built-in price stability mechanism, ensuring the token's value does not fall below a specified threshold ($0.003). This feature is not typically found in existing tokens like XRP, which are subject to market volatility. The stability mechanism provides a level of investor protection that can attract users looking for a more secure digital asset.
3. Customized Tokenomics
The DRX tokenomics, including its total supply, distribution plan, and integration with the LRA token, are designed to support long-term project goals and community engagement. These features, such as staking rewards and the planned significant reward after ten years for LRA holders, create a unique value proposition that existing tokens cannot replicate due to their predetermined structures and uses.
4. Governance and Community Control
Issuing a new token allows for greater flexibility in governance and community involvement. DRX can be governed by protocols and mechanisms tailored to its specific goals, including community voting on key decisions. This level of customization is often not possible with existing tokens, where governance structures are already established and may not align with the new project's objectives.
5. Brand Identity and Marketing
Launching a new token allows the project to establish a distinct brand identity, which can be a crucial factor in building trust and recognition. DRX can position itself as a symbol of innovation and stability within the Greek economy, creating a unique narrative that resonates with the target audience. This differentiation is harder to achieve when using an existing token with an established identity and market perception.
6. Regulatory Considerations
New tokens can be designed to comply with specific regulatory requirements, which may differ from those applicable to existing tokens. By issuing DRX, the project can ensure that it meets the local regulations and standards, especially in light of new frameworks like the MiCA regulations in the European Union.
In summary, while existing tokens like XRP offer broad functionalities, DRX serves unique purposes tailored to its specific use case, offering stability, local relevance, and customized governance and tokenomics. These features make DRX a more suitable choice for achieving the project's goals and providing value to its intended user base.
Whitepaper/sales material: https://cryptodraxmh.gr/assets/crypto_draxmh.pdf
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: The issuer does not have a bug bounty program.
Sovereign Entity
The self-assessment is made by a soverign entity (i.e. not a legal entity, such as a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://cryptodraxmh.gr
Website information: The website should disclose the following information:- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website does not contain relevant information.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 1 | August 6, 2024 |