by JC Collins
We talk a lot about the digital transformation of money. But what does that mean? The Bank for International Settlements stated that central banks should work with one another to achieve interoperability between each CBDC, or Central Bank Digital Currency. So if there is one word that captures what is meant by the digital transformation of money it would be interoperability.
This interoperability will be the most important aspect of any CBDC launch. Ripple has developed tools for central banks to mint, or launch, CBDCs right on the XRP Ledger. Utilizing the XRP Ledger protocol will ensure a level of interoperability within the XRP ecosystem, and across central bank ecosystems, is achieved.
Other words that capture the essence of a digital transformation of money include scalability, cost-effectiveness, fast, and environmental sustainability. The XRP Ledger has all of these. So when CasinoCoin moved onto the XRP Ledger it was with foresight and vision on where the digital asset world was moving.
To understand the totality of the XRP ecosystem we need to understand the importance of CBDCs. Central Bank Digital Currencies are the most important aspect of digital asset regulation and mass adoption across monetary and financial networks. CBDCs will be the gatekeepers for those entering and exiting the world of decentralized finance.
One day soon you will have a government-issued, or government-sanctioned, digital asset wallet. These wallets, whether issued by the government, your existing bank, or an independent wallet with appropriate KYC and AML verifications, will provide the on-ramps and off-ramps to the world of digital money and decentralized finance services.
Remember when you had to provide an employer a blank cheque for direct deposits? Soon you will just scan a specific employer’s QR code and you’re set. One-two-three.
The products and services which will build up around the XRP ecosystem and the CBDC ecosystems will be widespread. There are other digital ecosystems which will also interoperate and will provide interoperability, but XRP will be the core digital asset and in time will become the most liquid asset in the world.
It’s important to understand those foundational principles because all assets, like CasinoCoin, which join the XRP ecosystem, and other digital asset ecosystems, will benefit from that interoperability. We are already experiencing this with CasinoCoin.
Since moving to the XRP Ledger CSC has benefited from the advantages offered with the XUMM wallet developed by XRPL Labs. This includes full KYC verification but also makes exchanging XRP for CSC a simple process with a built-in feature right in the XUMM app. It just takes a few clicks and the transaction happens right on the XRP Ledger and is super fast, super cheap, and will never suffer the slowdowns during peak trading periods. This is progress.
The CasinoCoin Lobby xApp was built within the XUMM app for full functionality of the ledger. The Backoffice of the CasinoCoin Lobby was announced last week and the front-end user interface will be announced and showcased this coming Tuesday. The CasinoCoin Lobby and BackOffice make it super easy to onboard casino operators and it’s the XRP Ledger and ecosystem which make it all possible. CasinoCoin will be able to onboard casino operators quickly and efficiently with minimal back-end network development.
The XUMM app also provides an additional service with the Tangem Card. This card allows users to hold the private keys to on-ledger accounts safely and conveniently with full custody of the assets. The next batch of Tangem Cards will have custom CasinoCoin cards included. More progress.
The XUMM app has also partnered with Global ID. Each on-ledger XRP account can now complete KYC verification directly within the Global ID app. That means your XRP Ledger account is fully verified, which will come in handy when it comes time to register your wallet with governmental authorities. It provides the XUMM wallet, and in turn the CasinoCoin Lobby xApp, with full verified credentials officially sanctioned by government authorities. Digital asset regulation will be as simple as a few easy clicks once implemented. One-two-three.
Regulation is coming and will happen on a global scale over a period that takes into account a safe harbor mechanism to allow the industry to adjust to those regulations. Why not have a head start on it now.
Other services are building up around the XRP ecosystem such as the Sologenic DEX and the tokenization of stocks, ETF’s and commodities. Once again, this is as simple as a few easy clicks with your XUMM wallet. Click Connect Wallet, scan the QR code with the built-in XUMM function, and you’re connected. Once connected you can exchange digital assets directly on the ledger, and coming soon you will be able to trade XRP, CSC, and other digital assets with over 10,000 stocks from around the world, all on the XRP Ledger. This is the true measure of interoperability with no friction on the movement of value. More wallets and devices will continue to be added to the Sologenic service.
CasinoCoin trading pairs are also being added to GateHub. GateHub is a platform for the Internet of Value, built on the XRP Ledger protocol. It allows everyone to send, receive, trade, and manage any type of asset. Do you see where this is going?
Eminence Ltd, the parent company of CasinoCoin runs an XRP Ledger validator. That validator has now been marked as a Top 40 Validator. It is important to support the XRP Ledger protocol and the ecosystem which is building upon it and Eminence Ltd is fully committed to meeting that responsibility.
The CasinoCoin online community, otherwise known as CSCNation, is proving to be an integral player in the expansion of the overall ecosystem. Members of CSCNation are engaging multiple exchange partners and wallet service providers, such as the Uphold and the Exodus Wallet, on adding CSC to their platforms. Now imagine more Global ID partnerships with platforms such as Exodus, and you can begin to see the expansive nature of this digital ecosystem and the XRP Ledger protocol.
In a previous blog, we covered the Flare Finance suite of decentralized financial products. Once the Flare Network is launched and Flare Finance goes live, CSC will be a member of this ecosystem as well. Wallets, such as XUMM, Exodus, Bifrost, and many others, likely will have full functionality with the Flare ecosystem. This will include maintaining full custody while staking and earning yield. These overlapping ecosystems are developing fast and are just waiting for the launch of CBDCs and regulations to realize their full potential.
The monetary and financial systems of the world are on the verge of a massive digital transformation. The leaders in this space, along with government and global institutional interests, have all stated that this transformation will take place between public and private partnerships. Everything described above is leveraged towards the success of these private and public partnerships.
CasinoCoin has positioned itself in the middle of these interconnecting and interoperating ecosystems. Strategic milestones were covered just a few weeks ago in another blog, and since that time most of the above has developed. Things are moving fast and more exchanges, partnerships, and the onboarding of casino operators into the CasinoCoin Lobby xApp will take place as agreements are finalized.
The whole of the digital asset market is on the threshold of mass adoption. It’s an idea whose time has come. The light bulb could never have been uninvented. Things are now moving at the speed of light and CasinoCoin is leading the way. One-two-three.