After being re-launched by the non-profit Double C Foundation in September, the CasinoCoin open-source peer-to-peer crypto-currency is now hoping to speed its growth and adoption by relocating to a new blockchain.
Isle of Man-based Double C Foundation declared that CasinoCoin has been designed specifically for the regulated online gambling industry while the move is set to increase liquidity from 40 million to 40 billion and allow for ‘greater scaling without the need to fractionalize the coin’.
Double C Foundation also described CasinoCoin’s new blockchain as ‘more technologically advanced’ due to being based on the Ripple technology infrastructure and coming complete with additional functionality such as faster processing times of up to one thousand transactions per second.
John Caldwell, Advocacy Director for Double C Foundation, stated that the move, which is being managed manually for optimal security, would ‘better position us to push forward’ towards the goal of becoming ‘the crypto-currency of choice for the regulated gambling industry’. He declared that the ‘past few months’ had seen a new CasinoCoin team put in place and efforts undertaken throughout the gambling industry to raise awareness with all of these now set to be heightened by transferring CasinoCoin to ‘a new and more robust blockchain’.
“We are confident that CasinoCoin has the team and technology in place to have a truly transformative impact on the regulated online gambling industry,” read a statement from Caldwell.
Double C Foundation reported that the process of moving CasinoCoin to a new blockchain is already underway and is scheduled to be fully completed by February 14. In order to ensure that the relocation is ‘executed with full transparency’, it stated that all coin holders are to have their transaction identifications displayed on a bespoke webpage while any coins that have not been relocated by the cut-off date will be utilized to support ‘continued operations, marketing and development’.