CSC – XRP Fork - The future of gambling powered by (modified) Ripple code


#1

Hello fello pubbers – thought I would share details with you on my favourite crypto project.

What is CasinCoin (CSC)?

Taken from CSC’s official website, CasinoCoin is:

“An open source, peer-to-peer, cryptocurrency specifically designed for the regulated online gambling industry.”

CSC are in partnership with the Isle of Man government and have offices in both Malta and the Isle of Man.

What are the problems facing the regulated gambling industry.

For the operator –compliance with regulatory headaches/legislation such as Know Your Customer and the Anti Money Laundering regulations.

For example, William Hill – one of the UK’s largest licenced operators were fined £6.2m in February 2018, by the Gambling Commission for lax controls.

In June 2018, 32 Red, a licensed British operator, were fined £2m for failing to protect a problem gambler.

Secondly, for the player - slow transactions typical of the modern day banking world. Players moving fiat from bank account to operator and than back to bank account and onto another operator can take several days.

Finally, both the operator and player can face lengthy delay whilst ID checks are made and documents verified

How does CSC solve these problems?

The centerpiece of CSC’s solution is the BRM – the Bank Roll Manager .

This is an App that has will allow the users to seamlessly transfer CSC between the operator, the player’s wallet and onto another operator in seconds whilst also allowing completion of the KYC checks.

CSC have partnered with Jumio, who are responsible for verifying the ID for Coinbase users.

Players take a photo of their ID, upload it to the BRM. Jumio then verify the ID, and the player is all set to play at ANY of the operators registered in the BRM, with NO FURTHER SEPARATE ID CHECKS and re-verification.

This is a massive win for the operator as they have now effectively outsourced a key element of their regulatory compliance requirements.

So…no more fines.

Using a modified code of Ripple, millions of CSC can be transacted in under 3 seconds.

So…no more waiting on bank clearing timescales with a transaction cost of less than a penny.

What about the team behind CSC? Who are they?

This for me is where CSC really shines.

The guy at the top is John Caudwell – Director of Advocacy, whose previous position include Editor in Chief for Pokernews.com and had a senior marketing role for Poker Stars.

Ashish Tawakley – Chief Commerical Officer – ex Betfair ( who are in partnership with Paddy Power, a leading UK licensed operator.)

The advisory board reads like a who’s who of the gambling industry, with names such as:

Lydia Barbera – “Head of Innovation” at Microgaming. based in the Isle of Man. Lydia was recently voted one of the ten most influential women in the online gaming industry.

Microgaming developed the world’s first true online casino software in 1994 and the first mobile casino software in 2004.

Microgaming is also the supplier of more than 700 world leading gaming brands such as Bet365, LeoVegas, 188 bet and Casumo.

Draftkings

Jeffrey Haas – Chief International Officer for Draft Kings, who are a billion dollar company.

Kindred Group

Kindred Group have 1.5 million players in the gamining/gambling industry.

Gamesys

Lee Fenton – CEO.

Gamesys have over 25 million players, 1000 employees, with some of the brands being Jackpot Joy, Virgin Games and Virgin Casino

So, what about landbased Casinos?

CSC were approached earlier this year by a Casino supplier to the Las Vegas Casinos. David Caudwell, of the CasinoCoin foundation was in Vegas recently in discussions surrounding this.

Examples of CSC use in landbased Casinos could be as follows:

  • Administration system for all bets
  • CSC could integrate with the scan devices on slots
  • Poker chips with CSC integrated

How will the player go about converting their fiat into CSC?

This is all done within the BRM. The player buys CSC from the operator who has their own supply of CSC bought from an exchange.

So, a player will always deposit in CSC, gamble in CSC, win in CSC and withdraw in CSC.

Would the volatility of the price of CSC be an issue?

"There is no conversion happening on the operator platform.

They could do that, it just wouldn’t make much sense. Some Casinos already using some tokenized system.

Meaning you deposit 100USD, you get 100 tokens and a spin costs you x tokens or you place tokens on a table. At the end of the day, it doesn’t matter which currency you gamble in. It only comes to play when cashing in and cashing out.

The operator needs to have a bankroll in CSC. Otherwise, they wouldn’t be able to cash you out.

Taking the risk of not having it and buying it on the market if you need it would be a risk. It’s the same for current casinos allowing you to gamble in crypto. They need to have a bankroll. Some might not have it and you would never know till someone wins big.”

(Credit to Daniel Keller from the CSC Foundation who explains this better than I ever could)

Can you give me a brief history of CSC?

CasinoCoin started in 2013, and was taken over in August 2017 by Double C Foundation.

A coin swap was undertaken increasing the supply from 40 million to 40 billion.

What exchanges is CSC listed on?

Right now, Cfinex, Nlexch and Bitflip.

CSC are in discussions with major exchanges, and with Binance being just down the road in Malta, this is a distinct possibility.

CSC did not do an ICO and the Foundation is a Not For Profit Organisation ( Hence do not have hundreds of thousands at their disposal necessary for a major listing fee) Negotiations are ongoing with major exchanges and an announcement is likely to come soon.

Also note, that the operators will have to buy their CSC direct from the exchanges like every one else, and not direct from the Foundation.

Why have I not heard of CSC before?

Mainly because CSC are purely focused on developing a working product and building the relationships with operators/partners.

The Foundation have a ‘zero hype” policy and will only make an announcement when they have something to announce.

No marketing has yet been undertaken and the great thing is with CSC, once the marketing switch is flipped, the operators CSC have partnered up with, will also be doing their own marketing to their customer base.

Where are CSC up to right now?

The tech has been developed, i.e the BRM, and this is with the Maltese Gaming Authority, pending approval following the sandbox testing.

For the sandbox testing, CSC have partnered with an as yet unnamed operator.

The sandbox testing will most likely start October time, when the MGA come back from their summer break.

Additionally, it is worthy of note that the sandbox testing was most likely delayed due to Malta progressing with legislation written specifically for Crypto.

The Malta Digital Innovation Authority, should oversee all crypto related items for the government.

CSC wallets are available for download for Windows, OSX and Linux.

The CSC team are also currently working on nano ledger integration.

What’s the global market size of the gambling industry?

Total gambling industry revenues are predicted to be 635 Billion USD in 2022.

Total gaming industry revenue is predicted to be128 billion USD in 2020

CSC in a nutshell

CSC is a payment solution for the online (and potentially landbased) gambling industry powered by a modified version of the Ripple code.

CSC are in partnership with an as yet unnamed operator.

Price will be driven primarily by use and utility with speculation being secondary.

CasinoCoin has a working product ready for release.

CSC have close connections with the gambling industry with ex high ranking individuals from Poker Stars.

CasinoCoin has a billionaire behind it.

Douglas Barrowman :https://www.knoxprivateoffice.com/

Everything the CSC team does is about the adoption of the CasinoCoin.

I hope someone finds the potential of this project as exciting as I do.

Thanks for reading if you made it this far…


#2

Some FAQ’s of CSC

What kind of Blockchain is CasinoCoin?

CSC is a Consensus Ledger, a Ripple Fork.

Is CasinoCoin minable?

No. CasinoCoin is a Consensus Ledger and therefore not mineable.

Can you stake CasinoCoin?

No.

What is the Total Coin Supply?

40 billion CSC (capped).

What is the average confirmation time?

It is 3-5 seconds.

What is the transaction fee?

The transaction fee is 0.001 CSC. Can be adjusted by the validator nodes every 250 blocks.

Does CasinoCoin support Multi-signing transactions?

Yes.

What is the account activation minimum?

10 CSC.

Why is there an account activation minimum?

The CSC Ledger applies reserve requirements, to protect the shared global ledger from growing excessively large as the result of spam or malicious usage. The goal is to constrain the growth of the ledger to match improvements in technology so that a current commodity-level machine can always fit the current ledger in RAM and the full ledger history on disk.

To submit transactions, an address must hold a minimum amount of CSC in the shared global ledger. You cannot send this CSC to other addresses. To fund a new address, you must send enough CSC to meet the reserve requirement.

What is a Validator or validating node?

Validating Nodes are managed by the CasinoCoin Foundation, in order to maintain security. The CasinoCoin Foundation will initially control 80% of all Validating Nodes running to ensure the integrity and will validate all transactions on the network.

Whats the minimum validating nodes required?

5 - Supplied by the Foundation and trusted third parties.

How many validating nodes are needed to reach ledger consensus?

80% of all available Validators.

What is a Community Relay Node?

Community Relay Nodes (CRN) help to spread the global span of the network and to handle the load of transactions. They act like Wallet Servers.

When will Community Relay Nodes be launched?

Testing of CRNs will begin in Week 20 of 2018.

Whats the minimum required balance for running a community relay node?

1,000,000 CSC.

Whats the reward for running a Community Relay Node?

A Pro-rata share of transaction fees issued every 1,024 ledgers automatically paid via blockchain.

What are the CRN Rewards Eligibility Qualifying Requirements

User must set up a server node running the full ledger history

Community Relay Nodes will be identified via Community Relay Node Key. Only Community Relay Nodes with a valid and authorized Community Relay Node Key will be accepted by the network and be eligible

The user must register and supply name, address, Community Relay Node Key and contact information to be eligible to run a Relay Node

Every Relay Node must run from a unique fixed IP address

The user must configure an SSL secured WebSocket on the Community Relay Node to have its users connect to it (can be a free Letsencrypt certificate)

The server must be configured and comply with Domain Verification using the SSL certificate that runs the WebSocket

The Relay Node Fee Calculation Window is set to 1024 ledgers and may be changed in the event the transaction amount increases dramatically, or if the CasinoCoin Foundation decides in its sole discretion to discontinue the CasinoCoin Foundation Rewards program

The Community Relay Node Account ID must contain exactly 1,000,000 CSC during the fee calculation window to be eligible for receiving the CasinoCoin Foundation rewards

The Server Node must have a 100% connection status during the Fee Calculation Window to be eligible for receiving CasinoCoin Foundation Rewards

The Server Node must have a response latency of < 250ms to be eligible for receiving CasinoCoin Foundation Rewards

The maximum number of accepted Community Relay Nodes is set to 1000 nodes

Users are allowed to run a maximum of one Community Relay Node per region according to the Region Overview

Community Relay Nodes that can not be reached for more than 168 hours will be dropped by the network and need to be resubmitted to be accepted again. The user might lose its slot due to a timeout if there is a backlog of CRN registrations.

NOTE: Rules and/or CasinoCoin Foundation Eligibility Requirements may be changed, added or removed by the CasinoCoin Foundation at any time and in its sole discretion

The calculation and eligibility determination for CasinoCoin Foundation Rewards cannot be disputed in any way whatsoever, and all CasinoCoin Foundation decisions are final

Not complying with CasinoCoin Foundation directions, rules, or terms and conditions will result in a user being permanently excluded from the CasinoCoin Foundation Rewards eligibility list

For an oversight or regions please check https://casinocoin.org/specifications/

*I am a developer, where can I find resources to develop things? *

Check this: https://casinocoin.org/build/index.html

Where can I find the Blockexplorer?

https://explorer.casinocoin.org/

Where is the source for the wallet and daemon?

Both can be found here: https://github.com/casinocoin

How to find CSC on social media?

Where can I buy and trade CasinoCoin?

You can trade CSC here:

How to export or import my private keys?

This is actually pretty simple:

Export:

  • Open your wallet and click on Tools → Export Private Keys
  • Choose a location by picking the folder you want to store the keys in and click select folder. Done
  • If you want to verify the file, navigate to the where you just stored the file and open it with an editor of your choice.

Import:

  • Open the wallet and click on Tools → Import Private Keys
  • Navigate to the key file and select it
  • You will be prompted to put in your CURRENT password
  • It might take a few seconds until your account is imported

What is a destination tag/memo ?

The Destination Tag is used to determine what account a given transaction should be assigned and credited to. This is because all exchange accounts use a single CSC deposit address.

Why is the destination tag/memo needed?

Without it the funds will be credited to the account but the exchange does not know what user should receive the funds. They then have to manually search for your transaction and credit it to your account and in the case of Cfinex will charge a fee to do so.

When will the CRN test phase start?

Closed testing will start on the 1st of June 2018.

When will CRNs be launched?

The launch of CRNs is planned for the 1st of July 2018. Please keep in mind that delays are possible, dependent the testing phase.

Can I still join the Beta Testers?

Beta testing applications are now closed. If more people are needed we will re-open the application.

How many CRNs can I run?

The limitation is one CRN per person, per region. This means you can run a total of seven CRNs, one in each region. Please see this page for information on specifications and regions.

Who can run a CRN?

CRNs can be run by individuals and businesses.

Will there ever be more than 1,000 CRNs on the CasinoCoin network?

For our current estimation, 1,000 CRNs are appropriate for the market, with room to scale up. However, we are dedicated to ensuring that we can address the needs of the market as they change, and we will continually review if more CRNs may be required.

Will there be a limit for CRNs per country?

No. But if, for example, 200 applications for CRNs (the limit for Europe) are made for Germany, we will need this to spread more evenly across Europe. The foundation would handle this with individual operators if it occurs.

What hardware do I need to run a CRN?

We recommend the following specs to run a CRN:

  • OS: Ubuntu 16.04
  • CPU: Minimum 2 Cores
  • RAM: Minimum 4GB
  • HDD: Minimum 200GB (SSD not mandatory)
  • Port Speed: Minimum 100 Mbps
  • A TLD (Top Level Domain) you can control
  • An SSL Certificate (e.g.: Let’s Encrypt)

Can I use subdomains to bind them to my SSL Certificate?

Yes.

Can I run a CRN on a VPS?

Yes, but you need to make sure you meet our standard recommendations.

How do CRNs earn CSC?

Every ~1,024 Ledgers the network will calculate all burned fees and reimburse them in equal shares to all active CRNs.

Are there any estimates on how much you can earn with a CRN?

No. However, you can find a calculation sheet here that has dummy estimations.

Will transactions be segregated to different regions and calculations run based on that split?

No. The calculation is based on the network-wide number of transactions. Every ~1024 Ledgers.

Can I run a CRN from home?

Assuming you meet all our requirements and have a fixed public IP, yes.

Why do I have to provide all my personal data to the foundation to run a CRN?

We are working in a regulated environment and need to ensure all our actions are accounted for with due diligence. In addition, having KYC helps us to ensure no bad actor is entering the infrastructure and ecosystem. This way running a CRN is fair and benefits all parties involved.

Will the Foundation trade or sell my personal data?

No.

Will there be any legal issues for people running a CRN?

If cryptocurrencies are legal in your jurisdiction then running a CRN should not pose a potential risk; however, if you are uncertain as to the risks involved in running a CRN you should seek legal advice in your jurisdiction as CasinoCoin will not be liable for any legal issues, in any jurisdiction, that arise from your running of a CRN.

How do people queue once 1,000 CRNs are running?

People will enter a waiting list. When someone drops out, the next person on the waiting list will be contacted. It will be on a first come, first serve basis.

Are CRNs running as a hot or cold wallet?

CRNs will run as cold wallets which means you will hold the collateral on your local system.

Will the foundation monitor CRNs and tell people if they are down or having other issues?

No. People who operate CRNs are required to monitor the system, and their own CRN activity.


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#5

seeming as its not mineable, who has the bulk of the tokens now?


#6

8% of the total coins are held by the Foundation

The rest are held by private wallets. Some of those wallets are foundation members but those are personal coins, not the Foundation.


#7