To ensure the long-term survival of the CasinoCoin Foundation, we have taken several steps to streamline and focus our operation.
The CasinoCoin Foundation’s Director of Advocacy John Caldwell and its Technical Director Duncan Cameron will step down with immediate effect. Daniel Keller will be serving as Director of the CasinoCoin Operating Company and Director of the CasinoCoin Foundation. John will continue to build tools on the CSCL and contribute to the project via ASG or some similar entity.
To reduce overhead and allow the Foundation to focus on the CasinoCoin technology stack, all staff—with the exception of development and technical personnel—have been released. Similarly, we are releasing most Advisory board members with the intention of seeking out new advisors who are directly connected to the project. We’d like to thank the entire CasinoCoin team and all the advisors for the work they have put in over the past three years.
Daniel Keller, new Director on the CasinoCoin Foundation said: “I understand that we’ve been telling you to “stick with us” for quite some time, and although I am proud of the progress the CSC team has made, I also understand that a lot of you feel we should be further along. A month ago I was not in a position to change things. Taking the project in a new direction wasn’t my decision to make, and I could not prioritize things differently. However, I am now.”
An update on the status of the CSCL tokens will be released in the next two weeks.
Next steps: exchanges, liquidity, and transparency
Over the past three years, we have built technology we know can revolutionise the global gaming industry. To this end, we announce a further range of measures we believe will better position CasinoCoin for the challenges ahead.
We will be adding 25 billion CSC to the total coin supply. This decision was not made lightly but was our only option to secure the funding and liquidity necessary to continue to work on the project. The additional 25 billion CSC will be used as follows:
- 10 billion: funding for servers, staff, marketing, legal, and accounting
- 5 billion: liquidity pledge to well-known swap service (markup fees will count towards Foundation budgets)
- 5 billion: top 20 exchange listing
- 1 billion: GFG buyback
- 4 billion: unforeseen incidents
All estimations are based on the assumption of a rate of 1 Satoshi and will secure a 5-year rundown.
The token issuance donation will be reduced, with rules and conditions staying the same.
To attract new parties to build upon the CasinoCoin ledger, we will significantly lower the existing barriers to entry. This policy will be reviewed on an ongoing basis.
We will invoke a Community Council, which will serve as a new governance body for the CSCL to ensure decentralisation is protected and no single party can leverage influence for personal gain.
Each Council member will have a vote in every major process and decision, and will be able to veto Foundation decisions. Council members reserve the right to run a validator.
Moving forward, there will be full transparency about the budget and how money is spent with all major spendings requiring approval by the council.
We expect to take around four weeks to amend and test the code to add this additional supply. The newly formed Council will ensure that no additional supply injection will happen going forward.
The new development roadmap for the next 12 months looks like the following:
- Coin Injection
- Ledger submission
- CRN fixes
- casinocoind v5 release
- All Token Wallet issues will be fixed
- PayID integration
- Rosetta API integration
While we appreciate some will be disappointed with this announcement, we felt these radical steps were the only way to move this project forward.
We are absolutely determined to continue to build upon everything we have done over the past three years, and we continue to appreciate the fantastic support provided by our community along the way.
These steps have been taken to ensure the CasinoCoin Foundation can forge a viable future.
If you have questions, please join Daniel for a live AMA later today at 11PM (GMT+2), 6 PM (Eastern) here: https://www.twitch.tv/casinocoinfoundation