Why we chose Ripple
As we prepare to unleash CasinoCoin upon the world, we thought it might be interesting to answer one of the more common questions we get asked when people learn about what we’re doing: Why Ripple?
CasinoCoin uses a modified version of the Ripple code, optimised to work within the regulated gaming industry, but also with an eye to work within the banking system long term. We like that Ripple has focused on the banking industry, and we see that as both a big challenge and a big opportunity.
It took us months of late nights, and hundreds of thousands of lines of code, to adapt the Ripple code to add the features we felt were appropriate.
Still, we get many questions about this. My favourite came the other day when a gaming industry colleague asked ‘So, why didn’t you just throw it on Ethereum?’ The emphasis on the last half to me answers the question itself. We definitely chose the more difficult route, and there were many of the aforementioned late nights where we wanted to throw it somewhere — maybe in the garbage. But, we persevered and I think have a terrific solution on our hands.
There are some basic reasons we like Ripple such as how vastly superior the transaction speed is, how low the transaction costs are (anyone tried to send a small amount of Bitcoin lately? Oh, the horror), and the fact that the network is decentralised, but still controllable. I particularly like our ‘relay node’ model (more to come on this in an upcoming post) which allows people to financially benefit from the transactions on the network without all the pitfalls and potential ‘trap’ of traditional mining. A single person who believes in CasinoCoin can financially benefit from transactions without having to buy expensive equipment and bring down their local power grid from all the energy required to compete with large mining operations.
However, we were particularly focused on things like the ability to store additional information within a single transaction and the ability to implement custom coin solutions for operators on the CasinoCoin blockchain.
We can store information in transactions which will allow operators to have an immediate comfort level with an unknown new customer never before possible. This friction reduction in the onboarding process will create a superior experience for both customer and operator without sacrificing any level of compliance or security.
The ability to implement custom coin solutions is big. This means a medium or large sized operator can have their own branded coin on the CSC blockchain. Retaining brand identity while still being able to take advantage of the increased liquidity of the CasinoCoin system and not having to hire an expensive and hard to source team to build and maintain a bespoke network. A ‘white label’ coin, if you will.
We believe that the regulated, licensed online gaming world is one of the best and most realistic crypto use cases that can actually get to market this year. 2018 will be an interesting year and we hope you join us in our journey.
Andre, Lead Developer, CasinoCoin Foundation