What do casinos and cryptocurrencies have in common? Easy. They are both financial heavy industries and are both looked upon with a certain amount of Skepticism. But if you thought, even for a second that the notorious world of gambling will remain unhinged by the blockchain revolution, then oh boy, were you wrong.
Where casinos are seen as overwhelmingly benefiting the operator rather than the gambler, the crypto world is also seen as more of a shady dark web facilitator with a cult following. Ironically, the union of two sketchy places could lend a greater sense of credibility to both. The multi billion-dollar industry of gambling when combined with cryptocurrency, create a gaming ecosystem where gamblers perceive they are dealt with fairness. And thus the CasinoCoin was born.
Activated in 2013, the CasinoCoin was launched as a Litecoin fork, to revolutionize the gaming industry. CasinoCoin intends to create a universal gambling currency, which can be transferred easily between games, casinos and even locales. Being a peer-to-peer blockchain, it endeavors to regulate the gaming industry in order to provide a rewarding gaming experience.
CasinoCoin (CSC): A gambling blockchain
The open source blockchain of CasinoCoin offers its users peer-to-peer currencies for a gaming experience of a lifetime. Further more, being a Ripple based blockchain, the digital coin, CSC, also provides its users with a digital wallet, a translucent blockchain and not to forget security services.
The storing of funds on a blockchain creates a serious layer of security for end users. Rather than having to trust a third party, funds transfer directly from the blockchain based on the immediate needs of the gambler. There is no physical store of money, no shady intermediaries and no need for the casino to hold cash in escrow. As a result, gamblers can game to their heart’s content – knowing that their money is safe.
The new developers, who joined this crypto project back in mid-2017, have updated the algorithm of the blockchain for a more regulated gambling experience. They have further worked on the lightning fast transaction speed, with a transaction speed of 3-5 seconds, CSC features among the fastest currencies in the industry. One of the most useful features seems to be the coin swap, where all unclaimed and disused currencies can be used as funds.
The Rise of the CasinoCoin
Although it wasn’t making waves in the market until 2017, when a new development team took over. A coin that once was only a niche market usable, that too only on a single poker site, gained a tremendous amount of attention owing to the CasinoCoin’s rebranding. Furthermore, a CasinoCoin Foundation was also formed which provides marketing, promotion, technical innovation and governance for CasinoCoin, as well as providing educational resources to the gambling business to further knowledge of crypto in general.
John Caldwell, Director of Advocacy for the CasinoCoin Foundation, says,
The only sustainable way forward for cryptocurrency in the gambling world is to work with regulators and operators from day one and focus on regulated markets
The purpose of the non-profit organization is to promote the adoption and best-use practices of the CSC in regulated gambling markets, and to help with a continued optimum technological performance of the coin.
CasinoCoin’s establishment on the Isle of Man and push for greater use, in particular helped in its climb to fame, after the relaunch. At the ICE Totally Gaming conference, which is one of the largest and most important gaming exhibitions of the year; Caldwell said,
We haven’t seen too many cases of overt support of a cryptocurrency from a government organization, and we’ve been super pleased with the Isle of Man’s help. We think it shows we’re on the right track.
What is Isle of Man?
The Isle of Man (IOM) is considered one of the top online gambling regulatory jurisdictions in the world, and they are known for their forward-thinking approach. Their support marks a big step towards the CasinoCoin Foundation meeting their purpose and gaining wider adoption.
Tony Ure, Head of eGaming at the IOM Department for Enterprise, said while attending ICE,
The Isle of Man always leads at the intersection of technology and gaming, and cryptocurrency certainly sits at the juncture of the two.
Incorporation of ‘Anti-Money Laundering’ and ‘Know Your Customer’ Standards.
The very nature of a distributed ledger ensures transaction transparency. This process accounts for all money flowing in and out of casinos in a way, which was previously impossible. By incorporating the Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, into CasinoCoin’s platform, will thus eliminate the less savory aspects of the casino market while providing a myriad of perks for the individual gambler.
Customers must complete KYC each time they play on a new gaming site. By including KYC in the CSC BRM account creation process, customers will only ever have to complete KYC once to access a range of gaming sites!#CasinoCoin #gaming #players #bankroll #KYC #AML #onboarding $CSC pic.twitter.com/GfLT5BFmal
— CasinoCoin (@CasinoCoin) April 9, 2018
This standard drives many of the malicious actors out of the equation.
Board of trustees
The CasinoCoin Foundation board of trustees is comprised of a group of technical developers and gambling industry professionals who acquired CasinoCoin in mid-2017.
With its on going development, the CasinoCoin can be seen as a game changer in the crypto-space, in quite the literal sense.