What is FunFair?
FunFair is an Ethereum-based platform for online casino gaming. Targeting the $47B online gambling market, FunFair isn’t actually a casino. Instead, the underlying gaming technology is licensed out to casinos and other gambling platforms.
The FunFair team is attempting to solve some of the biggest problems online casinos face: slow performance, high operating costs, and lack of user trust. Through the use of blockchain technology and Fate Channels, an in-house built version of state channels, the products they license have the potential fix all of them.
How does FunFair work?
As a casino operator, you can license the FunFair technology and launch a casino in just 2-clicks. The platform is flexible and allows you to fully customize the gaming experience for your users.
Want to add a VIP room for your high-rollers? Go ahead. Looking to reward loyal users with bonuses? You can do that too. You can even choose which specific games you want to showcase as well.
Removing user friction
More importantly than providing an easy set-up, FunFair removes a lot of the friction involved with acquiring and retaining users. There’s a host of reasons why someone may choose not to use an online gambling platform, blockchain-based or otherwise.
Many users are put off by having to download an app that takes up a phone’s limited storage space. On top of that, the arduous sign-up processes involved with gambling to comply with KYC (Know Your Customer) regulations can be a stopping point in user onboarding.
All of FunFair’s games are built in HTML5 and run in a web browser – no need to download a separate app. The company is also planning on utilizing Civic identity verification to provide a simple, one-click registration process for users.
Most Ethereum-based gambling platforms are novel concepts but have trouble with user adoption. Relying on miners and network speeds causes games to become unbearably slow whenever there’s any spike in congestion.
The gas fees associated with making bets is also unreasonably high – sometimes up to 50% of the original bet. This will only get worse as the price of Ethereum increases.
To combat these issues, the FunFair team has built and integrated Fate Channels into the platform. Fate Channels are a custom version of state channels, but we’ll get more into this later.
Lack of Trust
When you play at a traditional online casino, you have no way of knowing whether the advertised game odds are truthful. Operating in an industry that’s often in a legal gray area, it’s no surprise that casino trust is low amongst gamblers.
FunFair uses verifiable smart contracts to prove that gameplay is fair and the odds are as advertised.
The FunFair team has built a customized state channel system called Fate Channels to combat the problems involved with operating on the Ethereum network.
FUN is an ERC-20 token that you use in every part of the FunFair platform. It’s the only token accepted for in-game credits, how game creators in the marketplace are paid, what casinos must pay their licensing with and receive revenues in, and all fees on the platform must be paid in FUN.
A total of 11,000,000,000 FUN tokens were created on June 22, 2017, and no more will be created. With a fixed supply, the token is deflationary and should experience sharp increases in price over time as demand for it increases. Furthermore, the FUN that’s paid as fees will be burned for the first two years which should further drive price upwards.
Casinos can also stake the FUN tokens in their bankrolls to receive additional dividends.
FunFair team & progress
The 30+ person FunFair team is based out of London and is led by Jez San, OBE. San’s entire career has revolved around entrepreneurship and the computer gaming industry. He founded Argonaut Software as a teen and created the first chip to power 3D games like Star Fox and Harry Potter. Rounding out his resume, San also founded the 3D online poker room, PKR, and is an investor in one of the world’s leading cryptocurrency exchanges, Kraken.
Other members of the team are just as impressive. Jeremy Longley, founder and CTO, co-founded PKR with San and has over 15 years of experience managing development teams. FunFair COO, David Greyling, was previously the International Director of William Hill – a worldwide betting and gaming company.
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