A closer look at CasinoCoin’s recently-announced custom tokens, as well as news on a change in fee structure.
You may have recently seen that the first custom token will be launching on the CasinoCoin blockchain shortly.
We’ve had a huge response to the announcement, as well as many questions about how custom tokens work and how they will benefit CasinoCoin as a whole.
What are custom tokens and how do they work?
Put simply, custom tokens allow gaming operators and suppliers to enjoy the benefits of the CasinoCoin blockchain while maintaining control of their brand and own token ecosystem.
While we remain fully focused on CSC, we appreciate that it does not work for every possible use case within the gaming space.
We were increasingly coming across situations where partners wanted to leverage the power of the CasinoCoin blockchain and tech stack, but wanted to customise their token economy. Custom tokens are a way of meeting this demand.
Custom tokens sit upon the CasinoCoin blockchain but remain separate to CSC. Their creators can brand them as they wish, maintain a closed or open ecosystem, determine supply, peg them to a fixed value or let the market decide. It really is up to them.
Benefits for CasinoCoin, plus fee adjustment
Custom tokens will bring wide ranging benefits to CasinoCoin as a whole.
As custom tokens sit upon the CasinoCoin blockchain, each transaction must pay a small fee in CasinoCoin to execute.
We will be instituting a token transaction fee structure (paid in CSC) later this year that will allow the non-profit Foundation to sustain itself, while also incentivising more people to participate in our CRN system. Additionally, we are also increasing our network fee to 0.25 CSC per transaction. We will begin the implementation of this effective immediately.
We are committed to maintaining the lowest user fees possible, while also ensuring the Foundation can be sustained on revenues from transactions. With this in mind, we will be reviewing our fee structure monthly.
The CasinoCoin Foundation will use the revenue to maintain operations and continue in its mission to advocate for further adoption of our technology.
Beyond additional revenue, there are some other important benefits for CasinoCoin from custom tokens.
For one, these tokens will drive high volumes of activity on the CasinoCoin blockchain. Cammegh anticipates that its token will average several hundred thousand transactions on our blockchain each day.
This will in turn drive greater awareness of our core products, raising our profile and opening the door to further partnerships. As CSC will power transactions of custom tokens, we expect to dramatically increase the number of CSC holders, including the pool of CSC token issuers will hold, benefitting overall liquidity.
It is important for the future health of CasinoCoin that we build a wide and diverse ecosystem. Hosting tokens on our ledger from trusted partners such as Cammegh will bring CasinoCoin into contact with companies from across the gaming space who may not have previously had exposure to blockchain technology.
This is a way of building our technology into the wider gaming infrastructure, placing us in a strong position for the eventual adoption of CSC as a gaming currency.
What comes next for custom tokens?
The first custom token on the CasinoCoin blockchain, Cammegh Token, will be used by Cammegh to track and transmit – with complete immutability – large volumes of data from its roulette wheels around the world.
But we foresee numerous other use cases where both operators and suppliers could benefit from their own custom token.
These could include loyalty programs, innovative new payment methods and the creation of stable coins.
The only limit is the creativity of our partners, and we can’t wait to see the new and exciting ways custom tokens are used.
We expect to continue to grow the CasinoCoin community through the announcement of several custom token partners over the coming months.