FunFair (FUN) Review – The World’s Fastest Blockchain Casino Platform
|White Paper URL||https://FunFair.io/wp-content/uploads/FunFair-Commercial-White-Paper.pdf|
FunFair’s mission is to disrupt the casino game market using blockchain technology. Its platform is aimed at becoming the fastest, most fun and fair, lowest cost, safest and easiest to use in the casino industry. It is a decentralized gaming technology platform which uses smart contracts on the Ethereum blockchain.
Table of Contents
The Idea Behind FunFair
Founded in 2017 with its headquarters in Singapore with offices in London, Malta, Gibraltar and Guernsey, FunFair’s goal is to develop a B2B platform using pioneering blockchain technology to bring transparency, efficiency and access to new markets in the casino sector.
The idea behind FunFair is that operators and developers alike will have the ability to create fully-customized player experiences for games like slots, blackjack, roulette and baccarat. The FunFair license allows operators to easily set up and host their own casino under a private label while at the same time save significant resources on hardware, chargebacks and operational headcount through the blockchain.
“I think blockchain technology increases transparency. I think we will see everyone taking advantage of that,” cofounder Jez San told CalvinAyre.com. “I think we will see payment processors bridging the gap between the blockchain world and the credit card world. So, I think you won’t have to choose to play a cryptogame. You can still play with your normal credit card and you’ll get all the benefits of being a blockchain game.”
Since trust is a major challenge in the casino market, players don’t feel secure or have information about the true odds of the games they are playing. They don’t have a way to verify those odds. In addition, there have been many reports of grab-and-run criminal schemes which make players wary. FunFair’s platform based on the Ethereum blockchain offers players a fair, transparent and publicly auditable experience, without feeling as though the odds are stacked against them.
“So we think we can help that perception by building technology that cannot cheat anyone,” San explained to CalvinAyre. “Because the blockchain provides our game servers. We don’t have game servers. There’s no infrastructure. There’s no thousands of servers on an island somewhere. The cost of deployment of the games is almost zero.”
The FunFair team is headed by Jez San, cofounder and CEO, who has an extensive background in games, online gambling, and cryptocurrency. Previously, he founded Argonaut Games, a video game company that began with games for the Commodore 64 and Amiga before creating games like Star Fox and Malice. He also founded PKR.com, a real-money gambling online poker game room with 3D avatars. The British Empire made him an Officer of the Most Excellent Order for service to computer games in 2002.
The other two cofounders, Oliver Hopton and Jeremy Longley, also have impressive backgrounds. Jeremy cofounded PKR.com with Jez, leading a team of over 100 to develop the 3D game environment.
FunFair has a number of important strategic partnerships.
In April of this year FunFair partnered with Spike Games, a leader in high-quality slot games, to create new versions of existing online gaming titles built entirely on the blockchain.
On July 4th a partnership with Big Wave Gaming, a Syndney-based company, was announced. The partnership was targeted at the Asian market.
Later in July the company’s first live operator on the platform was announced, RakeTheRake, a leading poker rakeback affiliate.
In addition, the company has had a major presence at high profile events such as the Ethereum Community Conference in France and Disrupting Online Gambling in London.
FunFair Price History
FUN’s token generation event occurred in June 2017 and was successful in raising $26 million in 4 hours. The token initially sold for $0.007 before rising to $0.18 in January. Two days later, the token was listed on Bitfinex.
The FunFair Technology
FunFair’s technology includes a number of unique features:
One of the biggest costs to casinos are servers, since there are a huge number of servers that are often located on a remote island somewhere and run the games. To reduce excess overhead, FunFair plans to launch their system to be completely serverless. The goal behind a serverless, employeeless, peer-to-peer casino is that it can be much more resilient and significantly cheaper in contrast with traditional casinos that must be responsible for relations with banking institutions, data center hosting costs and payroll management.
Fate Channels in the FunFair platform are State channels that are opened for the duration of a gaming session to support custom gaming messages between the FunFair client and server. Transactions on the blockchain occur only at the beginning and end of the gaming session. Fate Channels allow instant gaming sessions with hundreds of bets, but lower costs than competitors. This is important, because in the world of casino games, fast games mean fun games, and they must be fun to get people to play them.
The FUN Token
The FUN token is an ERC-20 utility token that powers the ecosystem. Since they are sent to and from participants on Ethereum, they are fast to use. Ownership of individual tokens is anonymous, and they have a one-time capping on the creation of the coins, making them deflationary.
Players bet using FUN, developers and affiliates are rewarded in FUN, and operators pay players using FUN. Players also pay to use games via FUN tokens, like making in-app purchases for freemium casino games. FUN also is used to run the smart contracts in the platform as well as Fun Fairs Random Number Generator.
The tokens will be distributed as follows:
In addition, the founder tokens have an unlocking schedule which you can see on the website.
How to Purchase FUN
FUN is also available on the following exchanges:
- LATOKEN (Trade FUN with ETH on LATOKEN)
- LATOKEN (Trade FUN with LA on LATOKEN)
- Vebitcoin (Trade FUN with TRY on Vebitcoin)
- Ethfinex (Trade FUN with USD on Ethfinex)
- Gate.io (Trade FUN with USDT on Gate.io)
How to Store FUN
FUN can be stored in any wallet that supports ERC-20 tokens such as Coinomi, MetaMask and Myetherwallet.
For maximum security, however, you should store your FUN on hardware wallets such as Ledger Nano S and Trezor.
Roadmap and Future Plans
The company has hit many major milestones since the start of the project in 2016 and their token event in June of 2017.
Major milestones include the launch of its closed beta on mainnet in May of this year, open to only a select few in its community. Later in June it announced the launch their first casino of the FunFair platform, owned by the company. Recently it has announced that it has two casinos preparing to go live.
The aim of the casino launch is to provide valuable insight into both the life of an operator and consumer behavior.
FunFair has a live roadmap which they update frequently and you can view on their website. Their goals for Q4 2018 include going live with their first 3rd party games content and continuing to build the FunFair brand.
The company is currently in the process of applying for gambling licenses in Gibraltar and Malta.