Okay, let's talk about the #CasinoCoin BRM along with KYC/AML for operators, regulators, and customers. NOT a sales pitch! Just trying to make things more clear. If you think this doesn't make sense at all, I suggest to watch it from the sidelines.
Assumptions for this example: BRM released several ops integrated, 2k active users. Ops did a 100% integration, which will be a process.
The problem for customers:
The problem for customers:
Every operator requires signup and vetting of the player which is usually done via KYC. There is a mix of services using 3rd parties or doing it themself depending on who will be held liable. Each jurisdiction is different, and it's quite diffracted and difficult to navigate
The problem for operators: Advanced KYC checks that include checks against watchlists are not for free and generate a cost upfront. A customer sent from an affiliate, for example, can generate significant costs before they have played at all.
The problem for regulators: Very few, if any jurisdictions have a central system that holds customer data from multiple operators. An audit of a specific person takes time and a lot of effort, getting all data, connecting it, generating a report, etc.
Customer Side: A user downloads the BRM and does KYC during onboarding. At that point, watchlist checks are done (such as PEP, fraud, terror, etc). When he/she passes, his CSCL acc will be updated with a KYC flag.
The user is now able to browse the lobby and see all Ops that accept CSC and can signup with them. it's notable that the CSCL doesn't hold customer data, only the flag
Depending on the level of integration more or less info is needed, almost everything can be passed along via our APIs except a password. The user gets an operator-specific address. Users can then manage those accs manually for pre-funding/limiting or have that process seamless.
Deposits and Withdrawals are now almost real-time, you are also able to set some transfer limits on the wallet level, overall or per operator.
Having a full integration means less hassle during onboarding, it's just a few taps/clicks. This also benefits ops as less churn.
Having a full integration means less hassle during onboarding, it's just a few taps/clicks. This also benefits ops as less churn.
Operator Side: With full integration in place, they get access to a KYC'ed and funded target audience willing to play. Sign-ups with your service are easy and fast to do. As onboarding gets easier people will be more open to having a look at what you have to offer.
There is no risk of chargebacks and you have low processing fees.
Regulator Side: You have to ability to get all related data and transactions from a single player in one place. That includes personal information and every transaction that has ever been done.
Regulator Side: You have to ability to get all related data and transactions from a single player in one place. That includes personal information and every transaction that has ever been done.
Generating reports on this is way easier than any classic system today.
Any single feature alone might not be that impressive, but we feel in combination this will become a very powerful tool.
Any single feature alone might not be that impressive, but we feel in combination this will become a very powerful tool.
Regulators generally speaking have been big fans of our approach and as the product matures as we feel we will really have something on our hands.
Tokens
Okay, let's look at tokens. We currently have use cases and signed contracts for tokens such as a payments rail inside an ecosystem (GFG), loyalty reward (Omnia), and immutable data verification (CAM).
Okay, let's look at tokens. We currently have use cases and signed contracts for tokens such as a payments rail inside an ecosystem (GFG), loyalty reward (Omnia), and immutable data verification (CAM).
Token Issuance is not permissionless and in fact, requires a detailed vetting process from the Foundation. At this time, we have no plans to accept a token for the purposes of fundraising (ICO).
Every token tx has to pay to the CSCL a native transaction fee. At the time of this writing, that fee is 0.25CSC. In some cases, an additional token transaction fee may be charged, depending on the use case.
Extra token Tx fees would only be implemented by or with the specific permission of the token issuer. A token issuer gets access to all benefits and products we offer and can cherry-pick what they would like to use.
It gives the token issuer all the utility the ledger offers without having to worry about how to get things done as we support the issuer during the process of development and integration.
We also turn your idea into a use case if it makes sense to put it on the ledger. If we think it could be done better or more efficient in a different way, we will tell you so.
Again: NOT A SALES PITCH! Not saying you should get in, just trying to clear up all the threads that are in my mentions in one shot. If you think there is a better approach I suggest you go for it and keep me posted how it works out. :)
