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FunFair and its FUN token: A starter's guide

Funfair and its FUN token: A starter’s guide

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FunFair is a blockchain-based platform for online casino gambling that is intended to be used by independent operators under a licensing scheme. The company claims its system will have provably fair gambling, a streamlined currency deposit and withdrawal system and better speed and lower transaction costs than other online gambling platforms.

The demo below gives an idea of how the platform works.

What is FunFair?

FunFair’s ethereum blockchain-based technology will allow operators to create and run online casinos under their own brand. In the white paper, the company promises 3D casino games such as slots, blackjack or roulette that can run in both mobile and desktop web browsers with built-in social sharing features. Independent operators will be able to create customized online casinos with their choice of games and features. FunFair’s native token is FUN, which is used for all transactions on the platform.

FunFair coin price

The FUN token has been recently valued at around 3.7 cents.

FunFair ICO

17.1 billion FUN tokens were pre-mined on June 23, 2017. These are supposed to be all the FUN tokens that will ever exist. 25 percent of the total FUN tokens created were issued to buyers in the Phase 1 presale. The first round, which began on June 22nd, 2017, raised around $11 million USD. Additionally, for every 100 tokens created in the presale, 66.6 FUN tokens were created and allocated to FunFair founders and token presale advisors.

After the Phase 1 sale, the remaining 75 percent, or around 11 billion tokens, were put into the FunFair Foundation Trust for a later token sale. However, according to the company blog, this second token sale was canceled. Instead, FunFair burned 55 percent of the tokens in the trust on Oct. 18th, 2017. They say they will continue to sell the excess tokens at a staggering rate or burn them.

FunFair also received more than $15 million in Bitcoin and other cryptocurrencies from individual contributors as well as institutional funds.

FunFair ICO price

The price for FUN tokens varied during the presale depending on the time someone bought them. During the first $5 million worth of tokens sold, 150 FUN tokens were created per $1, valuing each FUN token at around .06 cents. After that, 100 FUN tokens were created per $1, or 1 cent per token.

FunFair ICO review

The ICO appeared to be a success and raised the funds it targeted. It won ICO of the year at the Malta iGaming Awards. However, the plans with regards to the Phase 2 token sale was changed from what was proposed before the ICO. Also, a sizeable proportion (more than 30 percent) of the tokens created went to founders and advisors, who received tokens from the sale before FunFair had created its platform.

How FunFair works and its key features

How FunFair works

Players will be able to play 3D games of chance, such as slots, blackjack, roulette, and baccarat, on FunFair’s platform using a mobile or desktop web browser with HTML5 and WebGL technology. Players stake a certain number of tokens on Ethereum mainnet, and then multiple bets can be made between the player and FunFair without paying a gas cost for each transaction.

For identity verification, FunFair plans to integrate Civic and New Alchemy digital identity services.

FunFair coin: Use and utilities

FUN is the native token of FunFair, which is used in many ways on the platform:

  • Players buy FUN and use it to make wagers
  • Game creators are paid in FUN
  • Casinos and casino affiliates finance their operations and receive revenues in FUN
  • Paying any fees in the system
  • Staking casino bankrolls

According to Coinmarketcap, there are 10.9 billion FUN of total supply, with 4.7 billion circulating.

FunFair platform and technology

FunFair is a decentralized app running on Ethereum’s blockchain. It uses state channel technology, which it calls Fate Channels. Effectively, this is a sidechain of Ethereum, whereby players can stake a certain amount of ether on the Ethereum mainnet, and then make transactions directly with FunFair during a gaming session. In this system, the only transactions on the blockchain occur at the beginning and end of the gaming session.

This lowers transactions costs, with the goal being .01 percent fee per bet for players. FunFair plans to make the entire system serverless in a future implementation.

FunFair team and founders

There are more than 40 team members, Two key team members are listed in the white paper. The first is Jez San, who has founded several video game companies dating back to the 1980s and who is a recipient of the Most Excellent Order of the British Empire for his achievements in the video game industry. The other is Jeremy Longley, who co-founded gaming site and served as its CTO.

Development on FunFair began in Q3 2016.

FunFair wallets

FUN tokens are ERC20 tokens, so they can be stored in any wallet that is ERC20 compliant.

Can you mine FunFair?

FUN tokens cannot be mined, as they were all pre-mined and no further tokens are being created.

FunFair roadmap

In a recent update to their roadmap, FunFair said that during the second quarter of 2018, they plan to have a live beta on the Ethereum mainnet. They also plan to have their first operator by the end of second quarter of 2018. In the third quarter of 2018, they plan to add further operators. And in the fourth quarter, they plan to go live with first third-party games content.

FunFair community

FunFair uses multiple online media channels to communicate its message. It has a Discord group, a Reddit group with more than 17,000 readers, a Telegram group with around 2,400 subscribers, and Facebook page. They’re also on Coinmarketcap. FunFair appears to frequently post updates to their channels.

How to buy FunFair

FUN tokens are listed are many exchanges with the full list on Coinmarketcap.

FunFair Review

The strengths of FunFair are that it has an experienced team, especially Jez San, who has a long track record of success. They appear to have done a fair amount of product development, though they haven’t released their beta to the Ethereum mainnet.

There are still many challenges for FunFair. They don’t have a working beta, nor have they announced any clients publicly. There will also be regulatory issues to face in all the jurisdictions they plan to operate in. They are applying for a U.K. Gambling Commission remote software development license and are also in discussions with Malta and Gibraltar but they haven’t announced the outcomes of these negotiations yet.

Final thoughts

FunFair is planning to bring online gambling to the Ethereum blockchain. Their plan for using state channels seems sound, as many other blockchain projects, such as the Lightning Network, are using a similar system. If they are successful in developing their technology, getting regulatory approval and executing on their business plan, FunFair could be a player in the online gambling space.

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