CasinoCoin Initiates Anticipated Coin Swap
The reason behind the coin swap was to increase the liquidity of the coin from 40 million to 40 billion. This represents a coin supply which is more in line with the scale of the global iGaming industry, which will be estimated to be worth €54 billion by 2020.
Another reason for the move was to upgrade the CasinoCoin blockchain infrastructure, so that it would be capable of processing up to 1,000 transactions per second.
The planned coin swap began at 12:00 GMT on November 25, 2017 and will run for a total of 80 days until midday GMT on February 14, 2018. All holders of the token are able to perform the coin swap within the newly introduced wallet.
As it stands, current holders are set to get back 1,000 coins on the new blockchain for every one coin they send back from the old blockchain.
The whole coin-swapping process will be manually overseen to ensure the necessary security checks are undertaken on each transaction.
CasinoCoin also ensures that the entire coin swap process will be performed with full transparency and all coin swaps will have transaction IDs listed on the website.
Any balance of coins not swapped onto the new blockchain, by midday GMT on February 14, 2018 will be used to support continued operations, marketing, and development.
The original blockchain will be rebranded CasinoCoin Classic (CCC), with no new development or support from after February 14, 2018.
The new blockchain used by CasinoCoin will retain the current name and branding and continue with the ticker CSC.
John Caldwell, Director of Advocacy for the Foundation, said: “This coin swap will move CasinoCoin to a new blockchain that will better position us to push forward with our goal of becoming the cryptocurrency of choice for the regulated gambling industry, and is more in line with current technology.
The past few months have been spent putting a new team in place, raising awareness in the gambling industry and now transferring CasinoCoin to a new, more robust blockchain.
We are confident that CasinoCoin has the team and technology in place to have a truly transformative impact on the regulated gambling industry.”
Recently, the company announced that they had appointed several respected industry professionals to its advisory board, including Lee Fenton, CEO of Gamesys, Britt Boeskov, CPO of Kindred Group and Sam Hobcraft, CEO of OPL Gaming Group.
CasinoCoin is a cryptocurrency that is being continually developed, specifically with the legal and regulated online gambling industry in mind.
From its inception, the developers of CasinoCoin have built KYC (Know your customer), AML (Anti-money laundering), Responsible Gambling and other regulatory considerations into their technology.
In addition to world class speed and scalability, the developers are currently working on a host of other features that put operators and gambling customers first.