CasinoCoin is embarking on an exciting journey to expand its presence beyond the XRPL by constructing a specialised bridge.
Ethereum, Solana and Xahau
In the initial phase, we plan to bridge to three blockchains: Ethereum, Solana, and Xahau, with more blockchain integrations anticipated in the future.
Our decision to launch on these three chains stems from a comprehensive evaluation of the cryptocurrency landscape. As one of the leading blockchains, Ethereum offers a vast user base and established infrastructure, presenting a valuable opportunity to expand CasinoCoin’s reach. Solana, known for its high-speed and low-cost transactions, aligns with our commitment to providing efficient solutions. Xahau is a critical component for our solution, ensuring meticulous bookkeeping and transparency in bridge transactions while demonstrating our support.
Our community’s input was pivotal in confirming Ethereum and Solana as preferred blockchains. This approach underscores CasinoCoin’s dedication to inclusivity and responsiveness to the preferences of our vibrant community.
Bookkeeping using XAHAU
CasinoCoin strategically utilises Xahau for bookkeeping, ensuring transparency and accuracy in its bridge transactions. All bridge transactions are diligently stored on-chain on Xahau, where matching pairs are issued as separate tokens (CSCXRPL, CSCXAH, CSCETH, CSCSOL) to mirror the bridging blockchains.
It’s essential to note that bridging tokens on Xahau are exclusively created for bookkeeping purposes and won’t be accessible for users to trade or own. This systematic approach guarantees a precise and synchronised representation of coin balances across all the chains integrated into the expansion.
The bookkeeping process involves three accounts: the issuer, the treasury, and the blockchain account. Initially, the issuer issues all tokens to the treasury account. Subsequently, every bridge transaction will move coins between the treasury and blockchain accounts and vice versa. This dynamic movement ensures a robust and transparent record of the coin distribution throughout the expansion.
Initial Xahau balances are set ot 65 billion CSCXRPL, 0 CSCETH, 0 CSCSOL, and 0 CSCXAH. For instance, if a user bridges 1 billion CSC from XRPL to ETH, the balance on Xahau will reflect -1 billion CSCXRPL and +1 billion CSCETH, resulting in an adjusted balance of 64 billion CSCXRPL, 1 billion CSCETH, 0 CSCSOL, and 0 CSCXAH.
This innovative bookkeeping method, including the three designated accounts, showcases CasinoCoin’s commitment to maintaining accuracy and consistency throughout its expansion.
Why are we building a bridge ourselves?
By constructing a dedicated bridge, we gain greater control over the entire bridging process, allowing us to tailor solutions to our community’s unique needs. This initiative empowers us to expand beyond the XRPL onto multiple blockchains seamlessly. Our bridge represents a commitment to innovation and user-centric solutions, ensuring a reliable and adaptable infrastructure for the evolving blockchain landscape.
Building a custom bridge is not just a technical choice but a crucial step towards providing a more robust and user-friendly experience for the CasinoCoin community.
Bridging in detail
Bridging involves three key stages: Calculating Fees, Preparing Bridging, and Executing Bridging. In the first phase, users select the destination blockchain and bridge amount. The system calculates fees by interacting with the blockchain and the Bridge Database. In the second stage, the system generates a deposit transaction based on the transaction amount, calculated fees, source and destination addresses, storing it in the Bridge Database. Finally, in the Execution stage, users initiate bridging transactions, which the system validates, updates, and concludes, ensuring a seamless and accurate process for users.
To sum it up
In concluding this journey, CasinoCoin’s leap beyond the XRPL is not just about embracing new blockchains; it’s a testament to our community-centric ethos. As we unveil our dedicated bridge, launch on Ethereum, Solana, and Xahau, and commit to innovative bookkeeping, we remain steadfast in our commitment to transparency, accuracy, and user satisfaction.
Despite this expansion, CasinoCoin is committed to maintaining a consistent circulating supply of 65 billion, ensuring stability and reliability.
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