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DRX PROGRAMME — INDEPENDENT DRACHMA
Hellenic Monetary Technology Initiative
Digital designation: dig Δραχμή (“digital Drachma”) · Symbol: ΔΡΑΧ · Project mark: DRX
A hard digital, offline-capable and physical unit of account.
Public research edition of an independent Vendetta Labs initiative. No government mandate. No legal-tender status. No existing coin. No sale.
ΔΡΑΧ studies how one money supply could be used in self-custody, in a bounded offline mode, as banknotes and as coins. Greece is the concrete case study. The project does not claim that Greece has adopted this currency or that a second national legal tender could be introduced under current euro-area law.
The test sentence
A fisher on Kalymnos receives a ΔΡΑΧ banknote on Sunday. On Monday, the fisher deposits it at a bank and receives the same nominal amount digitally. Neither the bank nor a ministry may thereby create additional ΔΡΑΧ, freeze an unrelated self-custody wallet or change the maximum supply.
This sentence is a design test for the study, not a proven property of a deployed system.
What ΔΡΑΧ is — and is not
| ΔΡΑΧ is intended to be | ΔΡΑΧ is not intended to be |
|---|---|
| an independent unit of account | not pegged to EUR or USD |
| self-custodied digital bearer value | not a CBDC with central-bank citizen accounts |
| notes and coins from the same supply | not a second cash money supply |
| protected by a hard protocol cap | no emergency mint for government or governance |
| bounded and prefunded offline value | no unlimited trustless offline finality |
| freely priced by markets | no stability or return guarantee |
The monetary constitution in one formula
D, P, O and E are not separate currencies. They are states of the same unit. Moving from digital to cash or offline form must never increase the sum.
Why Kaspa Toccata is being studied
Kaspa Toccata describes a UTXO-native model in which a covenant can validate not only the current spend but also permitted successor outputs. This fits a bearer design with local split, merge and transfer rules. The study treats compiler maturity, wallets, indexers, KAS fees, network governance and migration as young or external dependencies. Kaspa is therefore a research substrate, not a guarantee of sovereignty.
Five building blocks
- Constitution: genesis supply, emission schedule,
Mmaxand sunset. - Bearer: digital split, merge and transfer rules without a central account registry.
- CashLot: a digital lock required before issuing notes or coins.
- OfflineLock: prefunded offline value with amount and time limits.
- Recovery: narrowly defined dispute and destruction states without a general freeze power.
Reading paths
- Architecture — supply, Kaspa, CashLot, OfflineLock and banking.
- Dossier guide — chapter map and complete original documents.
- Law and governance — euro area, MiCA, legal tender, Genesis Steward and key burn.
- Phase 0 and risks — 18 months, budget, milestones, stop criteria and limitations.
- Slides and downloads — presentation, whitepaper, memo and ministry template.
- Sources — primary materials and verification notes.
The proposed next step
Only a 12-to-18-month Phase 0 is proposed, with a funding cap of €1.6 million. It covers legal opinions, macroeconomic simulation, a valueless testnet prototype, CashLot/offline laboratory tests and independent reviews. Mainnet value, notes with monetary value, tax acceptance and legal tender are explicitly excluded.