CasinoCoin announces move to blockchain

CasinoCoin announces move to blockchain

Monday, November 27, 2017 Posted by Joseph Streeter
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The move will go along with a substantial improvement in technology for the CasinoCoin

The open source, peer-to-peer cryptocurrency designed specifically for the regulated online gambling industry, CasinoCoin (CSC), will initiate a substantial upgrade to its current technology by moving onto a new blockchain that better positions it as the 'cryptocurrency of choice'.

There are several reasons behind the move to the new CasinoCoin blockchain. Liquidity of the coin will be increased from 40 million to 40 billion, allowing for greater scaling without the need to fractionalise the coin.

Additionally, the new CasinoCoin blockchain is more technologically advanced, based on the Ripple technology infrastructure which has received institutional support from many of the world’s leading banks. It features additional functionality including faster transaction times, capable of processing up to 1,000 transactions per second.

The move to the new blockchain will be managed manually to ensure optimal security. The transition to the new blockchain, beginning at midday GMT on 25 November 25 and completing at midday GMT on 14 February (2018), will be executed with full transparency.

Anyone who is already in possession of CasinoCoin should visit this page to learn more about how the blockchain upgrade process will work. The CasinoCoin team will also be answering questions on Reddit and Discord.

All CasinoCoin that are moved onto the new blockchain will have their transaction IDs displayed on a web page to prove those coins were moved during the process. Those coins not moved onto the new blockchain by this date will be used by CasinoCoin’s non-profit Foundation to support continued operations, marketing and development.

Last month, the non-profit Foundation of CasinoCoin announced the appointment of several senior industry professionals to its newly-established advisory board, including Lee Fenton, CEO of Gamesys, Britt Boeskov, CPO of Kindred Group and Sam Hobcraft, CEO of OPL Gaming Group.

John Caldwell, Director of Advocacy for the Double C Foundation, told TotallyGaming.com: “Moving CasinoCoin to a new blockchain is an essential step in our strategy to build a cryptocurrency that will support the needs of regulated gaming markets in the long term.

“Creating the security, speed and liquidity required to grow in this fast-paced, ever changing industry is one necessary step of many to come. Moving to an adapted version of Ripple's state of the art technology will position CasinoCoin to better engage not only the gaming industry, but also the banking industry when that time comes."

Totally Gaming says: This move to a new CasinoCoin blockchain can better position the group to push forward with the goal of becoming the cryptocurrency of choice for the regulated gambling industry, helping them grow with the enhanced levels of technology that are currently available.

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