This past summer Islanders of Agistri participated in a proof of concept using digital currency, Nautiluscoin. Business owners and residents of the Greek island Agistri were invited to trial a new digital currency ecosystem, using Nautliscoin, to asses the viability of digital currency as a viable alternative payment mechanism and learn both the advantages and disadvantages of such a system.
Over 200 people attended the event on the day with each person receiving the equivalent of 100 Euros in Nautiluscoin through a simple registration via SMS or online. In order to register, individuals sent an SMS into a local Greek number to the Drachmae Money platform with the word “JOIN” in the message box, once received the accounts were created and 100 Euros in Nautilus was distributed. Approximately 1100 Nautiluscoin = 100 Euros on the Day.
The project was initiated in April 2015 Lee Gibson Grant of Drachmae Project as paper project to explore if blockchain technology provides value or a solution in Greece for business growth.
Agistri and its residents and businesses are the amongst the first possibly in the world to do live trials with the technology within a space of where people have never heard or used such a technology.
Alongside the trial Athena 2015 finals was filmed on the Island of Agistri at Bar AlterEgo and Hotel Yianna, which provided a community coming together participating in the filming of Athena and finishing the day off with a BBQ and party.
Models, crew members and local residents used the digital currency Nautiluscoin created by digital currency pioneer Brian Kelly to carry out transactions, within the proof of concept to enable the data gathering on the use case.
Brian Kelly donated to the Nautiluscoin Airdrop 500,000 in total to residents of Agistri.
Drachmae project Officially finished in September 2015 as proof of concept and what was learned from this experiment is a lot of education must be provided to the end users and less technology in the front for the end users regardless of them being a user or a business alike there is a large gap to overcome for wider adoption.
What is apparent is Greece is still cash based and only just starting adopt Visa and Mastercard therefore introducing Digital currency and the blockchain requires a specific value and target market which would be Tourism based on it being a large portion of Greece GDP.