With dgVoodoo v2.72. the game works properly or in other words as intended.
Copy the contents of dgVoodoo2_72.zip\MS\x86 into this directory Openoko Entertainment\Dragonblade.
Copy the dgvoodo application and the condig file into the same directory if you wish to get rid of the watermark, could be handy to vertify that it is activated though.
http://dege.freeweb.hu/dgVoodoo2/dgVoodoo2/
1080
4790k
16GB DDR3 2400mhz (The fastest you could get?, before DDR4 became popular)
Please vertify that you are using the v2.72 build, as newer and older versions of the program can break compatibility.
Consider yourself lucky if you can't play this game

In case there are other games called Dragonblade on the site
https://www.legendsworld.net/shooter/game/1128
Tested with the English gamersgate release. Would appreciate if anyone bother testing with the other versions.