CasinoCoin is moving to a new blockchain!
The CasinoCoin Foundation have announced they will initiate a coin swap to move CasinoCoin to a new Ripple-based blockchain, bringing a host of advantages for users and operators.
The coin swap begins on November 25th, 2017 at 12:00 GMT (midday) and concludes on February 14th, 2018 at 12:00 GMT (midday).
A coin swap is when a cryptocurrency moves from one blockchain to another. As the coins on one blockchain may be incompatible with the new one, it becomes necessary to initiate a swap so no users lose out on their coins.
CasinoCoin will be moving to a Ripple-based blockchain (switching from the old blockchain which is Litecoin-based). This move comes with many advantages, including faster transaction times, increased coin supply, a bulletproof blockchain technology which is necessary for advanced features such as KYC (Know Your Customer) and AML (Anti Money Laundering).
Why is CasinoCoin doing a Coin Swap?
A new team recently took over the CasinoCoin project and formed a foundation with the aim of creating real world utility for the cryptocurrency. You can read more about this at: https://casinocoin.org/casinocoin-launches-foundation-in-isle-of-man/
As part of developing real world usage, we believe a new blockchain and larger supply of coins is necessary to achieve our objective. The new blockchain is based on Ripple technology, which features more advanced infrastructure and results in world-class speed and security of the blockchain. The larger supply of coins will put CasinoCoin more in line with the scale of the global online gambling market which is estimated to be worth €54 billion by 2020.
CasinoCoin Specifications (New Blockchain)
Consensus Ledger (Ripple Fork)
40,000,000,000 (capped and not reduced)
1:1000 (Old to New Coin Swap)
Old CSC Blockchain renamed to CasinoCoin Classic (CXX)
Foundation Support stops 14th February 2018 for CXX
Coin Swap Starts
November 25th, 2017 – 12:00 PM GMT
Coin Swap takes place within new wallet
Coin Swap Ends
February 14th, 2018 – 12:00 PM GMT
No coins will be swapped after this date
Post Swap Coin Balance
Allowing a four-day audit period to verify coin count, any non-swapped coins, after the audit will be used by the Foundation for development, marketing and operational purposes. The Foundation is a non-profit organisation.
Average confirmation time
Transaction fee of 0.001 is initial and can be adjusted by the validator nodes through voting every 250 blocks
Minimum validating nodes
Supplied by the Foundation and trusted third parties
Multi-signing transaction support
Required validating nodes for ledger consensus
Minimum required balance for running a community relay node
Reward for running a community relay node
Pro-rata share of transaction fees issued every 1,000 transactions automatically paid via blockchain.
How to participate in Coin Swap in 5 easy steps
1. Before initiating the coin swap process, you must have the old CasinoCoin wallet installed on your computer or mobile phone and have the CasinoCoin you wish to swap stored there.
You can download the old CasinoCoin wallet from the links below:
2. If you are storing CasinoCoin on a third-party exchange, you must first move them to your old CasinoCoin wallet.
3. Download the new CasinoCoin wallet from our Links page.
4. Generate a coin swap address using your new CasinoCoin wallet.
5. Using the old CasinoCoin wallet, send your CasinoCoin to the newly generated coin swap address.
Each coin swap request is processed manually to ensure full security and integrity, and it may take up to 48 hours for new CasinoCoin to appear in your new CasinoCoin wallet.
If have any questions or concerns, please send us an email at [email protected]
1. All users will receive 1,000 CSC on the new Ripple-based blockchain for every 1 CSC swapped from the old CasinoCoin blockchain during the coin swap eligibility period.
2. All coin swaps are final and the coin swap transactions cannot be reversed or cancelled under any circumstances.
3. Upon termination of the coin swap eligibility period on February 14, 2018 at 12:00 GMT, any outstanding non-swapped CSC will become the property of the CasinoCoin Foundation.
4. The CasinoCoin Foundation will not accept any coin swap requests after the coin swap conclusion date of February 14, 2018 at 12:00 GMT.
5. The CasinoCoin Foundation will not be responsible or liable in any manner whatsoever for users who are unable to access their CasinoCoin wallets to participate in the coin swap during the coin swap eligibility period.
6. The CasinoCoin Foundation will not be responsible or liable in any manner whatsoever for users who provide the CasinoCoin Foundation with incorrect wallet addresses during the coin swap eligibility period, and such users will not be entitled to any refund or compensation in any form whatsoever from the CasinoCoin Foundation.