CasinoCoin is an open-source cryptocurrency created as the digital token of choice for the regulated online gambling industry. The coin comes with a digital wallet, transparent blockchain, and enhanced security associated with most cryptocurrencies. In this article, we will look at how CasinoCoin works!
The developers strive to form a transparent and reliable gambling transaction ecosystem. Besides, the developers highlight that the creation of an innovative blockchain-based cryptocurrency that can bring the gambling industry to a qualitatively new level. Indeed, the emphasis is on the security of transactions, as well as the transparency and reliability of them.
How CasinoCoin was created
The idea for CasinoCoin first came after the infamous “Black Friday” of the online gambling industry, which took place on April 15, 2011. Since that date, online casinos in the USA have been virtually closed throughout the country. Online gambling platforms were forced to register in small island countries or Central American countries, and players were forced to gamble on unregulated gambling platforms with limited transparency. Thus, they developed CasinoCoin to solve this problem. Originally released in 2013, the currency is designed to be easily transferred between games, exchanges, and players. The inventors describe these tokens as “universal casino chips”.
Ultimately, the original casino coin was an ambitious project. In the spring of 2017, a group of developers and gaming industry professionals acquired Casino Coin (CSC). This group has the name the Double C Foundation. Later this year, the group released the CasinoCoin Wallet for Android, which offered basic functionality for storing, transferring, and tracing Casino Coin Tokens. Sounds complicated, doesn’t it? Learn how to Gamble with Cryptocurrency and we will show you how CasinoCoin works. Let’s get started!
How CasinoCoin works today
The basis for the CasinoCoin cryptocurrency is the Ripple source code. With its help, the blockchain functionality formed, capable of processing up to 1000 transactions per second with minimal commissions and fast confirmation. The CasinoCoin platform does not directly provide a playground. The benchmark relies on partnerships with such by providing a reliable digital asset and user activity. Based on the ecosystem being formed, CasinoCoin provides benefits to all categories of users:
- players receive cryptocurrency for fast and secure transactions with low fees;
- operators and online casino sites in the USA receive a proven user base using this cryptocurrency;
- regulators can verify and track transactions, identifying revenue streams, and making gambling legal.
The entire functionality of CasinoCoin bases on the intuitive interface of the multi-platform wallet. Each user can use their assets within platforms and projects integrated with the functionality of this cryptocurrency. Expanding the user base and partnerships will influence each other commensurately. A specialized fund promotes the CasinoCoin project. Its main function is to provide information about the project, disclose its benefits, and conclude partnership agreements. In addition to marketing and advertising support, the fund’s functionality includes the development of technical aspects and the definition of project development vectors.
Besides popularizing CasinoCoin as a digital asset for the gambling industry, they have planned to implement training programs. Their task is to acquaint the average user with the advantages of cryptocurrencies. Thus, by attracting new participants, an additional user base for the gambling industry will appear. Now you know how CasinoCoin works so you can start using it. But before getting involved in this project, try your luck in the Bovada Casino. You need to make some money before investing in CasinoCoin.
The use of blockchain in the field of online gambling is quite a popular thing today. According to analysts, by 2020 the turnover of this industry will reach 54 billion euros. Indeed, it will be good support for all projects developing in this direction. The peculiarity of CasinoCoin lies in the formed cryptocurrency and platform. Developers do not create a platform for games and applications. The main goal is to create easy-to-use digital money, which expands the range of applications for these assets. This is how CasinoCoin works.
On the one hand, such money can attract new users who are just getting to know the blockchain projects. While on the other hand, it can help the gambling industry become safe and transparent. Verifiability, openness, and reliability of transactions make the offered functionality in demand for both operators and regulators. In this context, however, certain disadvantages of CasinoCoin also appear. Given the transparency of the system, there is no need to talk about anonymity and data confidentiality. The emphasis is on openness. Besides, it also forms a certain centralization of the project, allowing for the intervention of regulators, if not in the blockchain itself, then in the real world.
How will CasinoCoin work in the future?
In terms of development prospects, attention is also paid to the change in the CasinoCoin development team that took place in 2017. The reasons for this step are unknown. However, they also create certain doubts when evaluating the project. The nearest plans for the development of CasinoCoin include the finalization of the main functionality of the wallet and the introduction of additional features for users and operators. They also actively participate in various summits and meetings dedicated to the blockchain and its popularization.
Based on these factors, you can assess the question of investing in CasinoCoin in two ways. On the one hand, the new cryptocurrency deviates somewhat from the basic principles of decentralization and anonymity. Thus, they can create obstacles for its adoption at the user level. On the other hand, CasinoCoin aims at those participants who still know little about the blockchain and cryptocurrency functionality. Thus, the simple interface and convenience of the platform make the project a good opportunity to get acquainted with digital money and applications.
This aspect creates a certain dependence of CasinoCoin’s development on the success of the marketing campaign. Based on the popularization and expansion of the user and partner base, good long-term support for the cryptocurrency can appear. In the context of investing in CasinoCoin, both short-term and long-term deposits will benefit. However, to minimize risks and increase investment efficiency, we recommend monitoring news events. Look at Where And How To Bet With Cryptocurrency to investigate all the possible opportunities. Since you know how CasinoCoin works, you can start using it for gambling in the Bovada Casino.
To sum it up
The new team is still developing CasinoCoin. Thus, there is not enough information available online at this time. Here’s how the company explains some of the planned features in a recent press release: “The currency, which puts operators and customers in their approach, aims to lead the industry towards setting high standards of best practice. We are currently developing features and new technologies that will include built-in KYC, AML, and Responsible Gaming. ” Ultimately, the overall goal is to create a digital token that provides cryptocurrency advantages to players while still allowing regulators to control the industry.
The online gambling industry is very unpredictable and self-sufficient. Thus, the project team will need to work hard to integrate CasinoCoin with top online gambling sites in the USA. It is worth noting that by 2020, the value of the online gambling industry is 54 billion euros. This indicates a good field for completely new projects. However, at the same time, this field will be very difficult. This is how CasinoCoin works. Learn about the First Cryptocurrency Casino Ever to better understand the usage of online tokens.