FunFair is a new blockchain technology platform that enables the creation of online casinos in seconds. Using Ethereum, alongside its Fate Channel solution, the company promises to deliver a gaming platform that is simultaneously more transparent than traditional online casinos, and both faster and more efficient than blockchain casinos.
Using blockchain technology, FunFair offers transparent, publicly-auditable blockchain software which is both provably fair and secure, with a tamper-proof, server-less decentralised platform. The addition of its Fast Fate Channel technology provides speed as it eliminates the waiting time for blocks to be mined. On top of this, it offers reduced costs, which leads to larger pay-outs for players.
Jez San, Founder of FunFair, has remarked: “FunFair was created to solve the big issues facing online gaming, and provide gaming that’s fun, fast and fair. Unlike other companies, we have much more than a white paper and a dream for our token creation event… we’ve already developed real, playable casino games that prove our model works. Our vision is a limitless universe of transparent, secure casinos that can be easily created by anyone, anywhere in the world.”
On the 22nd of June, FunFair launched its Phase 1, with a presale of ‘FUN’ tokens. The presale offered early adopters and investors the chance to participate and sold out quickly, reaching its $10m Ether hard cap in addition to over $10m more in other currencies and private institutional investment in only 4 hours. 17 billion FUN Tokens were created and a total of $26 million USD was raised. Funds from this will be allocated at 30%, 30% and 40% to Development; Marketing, PR & Business Development; and Service licensees & 3rd party development respectively.
The FUN tokens are integral across FunFair’s Ethereum-based casino platform. Uses for the FUN tokens include: player betting, developer and affiliate rewards, operators and licencees pay-outs to players, and powering the smart contracts which run the platform which includes FunFair’s Random Number Generator.
Following on from this successful Phase 1, Phase 2 scheduled to last until FunFair’s larger sale which is expected to be held around September, where FUN tokens will be offered to the general public. For the duration of phase 2, FUN tokens will be traded on exchanges. In addition to this, over the course of Phase 2, games such as slot machines, BlackJack and others will be showcased to demonstrate that the platform is capable of providing working solutions already and is not just a concept. The platform aims to release in Alpha later this year and achieve official public launch early in 2018.
Whilst there are solutions on offer already from other platforms, especially ones using Ethereum, FunFair has introduced the idea of faster solutions and ones that avoid having to pay fees on each bet with its new technology. In addition, the wide variety of games that it plans to roll out over the next six months, including Baccarat, Craps and Roulette, marks it as a serious and rapidly-progressing competitor to online casinos and current blockchain casinos alike. The rate at which the token presale sold out can attest to the interest that is being shown by serious investors and developers. With the advantages over other options it promises, if this level of interest continues, it is likely that established online casinos will experience its disruption within the next year.