Updated: Dec 21, 2019
FunFair works as an online casino gaming platform powered by Ethereum blockchain. It is expected to change the way the online casino industry is run by introducing blockchain tech to the masses. It provides players with a fair and low-cost game setup. FUN is the digital token of this platform that is designed to provide users with a decentralized casino gaming ecosystem. It also aims to provide casinos with the necessary technology to optimize costs and efficiency.
This guide will explain what FunFair is designed for, the team behind it, the way it works, and various uses and applications.
What Is FunFair Designed For?
The FunFair was designed to allow the online casino gaming industry to harness the power of the blockchain. FunFair, powered by the FUN coin, is expected to allow blockchain gaming to attract a mass audience, which can deliver on a much-needed transition, and be just the thing to ensure a bright future for online casino gaming.
The FunFair team has attempted to solve some of the biggest problems plaguing online casinos in the form of high operating costs, slow performance, and lack of user trust. By employing blockchain technology and Fate Channels, which is an in-house version of state channels, the project has the potential to fix all of them.
Who Is the Team Behind FunFair?
Jez San, Oliver Hopton, and Jeremy Longley are behind FunFair. They launched the project in 2017 and are also the current operating executives of the venture. The 40+ person team is based out of London, led by Jez San.
San has an impressive career graph revolving around entrepreneurship and the computer gaming industry. He founded the Argonaut Software as a teenager and was also the first one to create a chip to power 3D games like Star Fox and Harry Potter. San also founded PKR, the 3D online poker room. He is an investor in Kraken, one of the world’s leading cryptocurrency exchanges.
Jeremy Longley, founder, and CTO has an equally impressive resume. He co-founded PKR with San and has more than 15 years of experience managing development teams. Oliver Hopton, FunFair’s final founder, has more than 15 years of experience in building gaming products. This includes 18 months as CTO at EveryFan and 10 years as a Software Development Manager at PKR.
How Does FunFair Work?
FunFair offers the option to casino operators to launch their casino in just 2-clicks by licensing the FunFair technology. The platform is flexible and allows a user to fully customize the gaming experience, making it suitable for their clientele. These customizations can range from adding a VIP room for high-rollers to rewarding loyal users with bonuses.
FunFair also helps in removing the friction that is involved with acquiring and retaining users. Online gambling platforms, whether blockchain-based or otherwise, are generally not preferred by users due to lengthy onboarding, poor gameplay, and lack of trust.
All games on FunFair are built in HTML5 and run in a web browser, which makes the platform quicker and prevents the need for downloading a separate app. The FunFair team has also built and integrated Fate Channels into the platform that combats the problems involved with operating on the Ethereum network, such as congestion, slow network speeds, and unreasonably high gas fees.
Additionally, FunFair makes use of verifiable smart contracts to prove to gamers that gameplay is fair and the odds are as advertised.
What are Current and Future Applications of FunFair?
FUN is an Ethereum based, ERC-20 token, which is used in every aspect of the FunFair platform. It is the exclusive token to be accepted for in-game credits. It is also the only way through which game creators in the marketplace can receive payments.
FUN tokens are also used by casinos to pay for their licensing and receive revenues. In short, it is the only token through which any fees on the platform can be paid. Keno Kong, Baccarat, Raceday Horses, Decatron, Treasures from Crypto, Cyber Hunter, Electrobet, Video Poker, Blackjack, Bounty on the High Seas, and Wheel of Fun are few of the many games that are available on the platform.
The project has formed notable partnerships with several gaming companies including Big Wave Gaming, RakeTheRake, and Spike Games. The project team has some very ambitious plans for the future as well. They plan to go live with third-party content, launch a second casino on the platform, and continue to get proper licensing jurisdictions for multiple countries.
Decent Bet, Edgeless, and Dao. The Casino is some of the blockchain-based casinos that are assumed to be direct competitors to FunFair. However, by licensing out its tech to these casinos, FunFair is not threatened by these projects. Instead, FunFair is in direct competition with crypto-based competitors and platform providers in the traditional space such as Kambi, Gig, and EveryMatrix.
Still, FunFair is far ahead of the competition in terms of market cap and product development.