CasinoCoin is a crypto-currency based on Ripple (xrp) but is specifically designed for the online-gambling industry. With a total supply of 40,000,000,000 coins as with other ripple based currencies it is effectively like a pre-mined digital-currency. The Coin was created in 2013 along with 1000s of other alt-coins that came to market after the first peak of Bitcoin. Originally based on a scypt blockchain CSC was effectively a clone of litecoin and the thousands of other coins, at this stage it had only branding setting it apart. Towards the end of 2017 Casinocoin was taken over by a foundation of gambling industry experts. It was then at the end of 2017 that the CasinoCoin developers effectively rebuilt the coin to be Ripple based instead of Scrypt, effectively making a whole new coin.
Why CasinoCoin is better than other Crypto-coins for the Gambling industry?
Currently there are no cypto-currencies which have focused on the regulateed gambling industry. If you are a frequent gambler you may notice that bitcoin and regular online casinos remain separate, and none of the big name bonline bookies or highstreet brands use bitcoin or any other digital currency. The reason behind this is the fundamental floor which has been stuck to all digital coins since the early days of bitcoin and its connection with the dark-web, they are built with features to be anonymous. However this has meant that any chance of a coin becoming regulated, or accepted as a currency almost impossible. CasinoCoin has been built from scratch with close guidance from the Isle of Man e-gaming sector (one of the biggest online gambling jurisdictions in the world). This will guarantee that its legal for online gambling sites to implement it into their Casino platforms, which has been the first major hurdle thus far.
The next major hurdle with crypto-currencies relates to transaction speed. If you were to try and buy something with bitcoin it could take several hours to fully confirm the transaction, this practically makes it useless for using bitcoin in the real world if you were at a shop making a purchase, and this is the same with gambling. If you wanted to put a bet on a game and its about to kick-off then tough. With CasinoCoin the transaction speed allows 1000 transaction at a time, with each transaction only taking 5 seconds to complete, this was one of the great benefits brought over from the ripple chain technology.