The traditional online casino and gaming industry is rife with problems. From lack of trust among players, to slow gaming, to centralized systems that are unfavorable to players.
FunFair is a platform that seeks to revolutionize online gaming, making it more accessible for all participants. Anyone from anywhere can run a casino – with high-level transparency and unrivaled player protection. With blockchain technology, its native FUN token, and Fate Channels, FunFair is set to disrupt the traditional casino industry.
What’s FunFair? In this review, we’ll answer this question, as well as look into the unique propositions that the platform is offering online gaming. We’ll also look at its native token – FUN, and what it’s all about.
FunFair is an Ethereum-based, online casino platform. FunFair itself is not a casino, but a gaming technology that is licensed to casinos and other online gaming platforms.
FunFair seeks to solve some of the biggest problems that online gambling platforms face, like downtimes, slow performance, high costs of operation, and diminished trust among users.
The FunFair team hopes to achieve this by applying blockchain technology and utilizing ‘Fate Channels’, – their customized version of state channels.
How Does FunFair Work?
FunFair works by licensing technology to casinos and other online gambling sites. If you’re the operator of such a site, you only need to license the technology and get to using it in just two clicks. You can then customize the platform to best match your site goals and how it can upgrade your customers’ experience.
Whatever you want goes. Whether it’s incorporating a VIP room for top clients, creating a loyalty scheme, casting a special light on certain games, you can totally do anything.
FunFair: Eliminating User Friction
FunFair aims to remove the friction that is usually associated with onboarding and retaining players. There are reasons why some people would opt not to use an online casino.
#1. A Lengthy Onboarding Process
Joining a casino platform can be a demanding exercise. First of all, users have to download an app that takes up a lot of storage space. Then there is a tedious KYC (Know Your Customer) process that gambling sites have to comply with.
On the other hand, FunFair games are based on HTML5 and thus run on the web, removing the need to download an app. FunFair also features an identity verification solution, FunPass, that provides a simple, safe, and one-click registration process for players.
After registration, the network recognizes your Ethereum wallet as an approved player. And all this takes place within just seconds.
#2. Poor Gameplay
Out there, we have several blockchain-based gambling platforms. However, they still grapple with user adoption. Blockchain issues such as the mining process, slow network speeds (due to lack of scalability) lead to games being insufferably slow, especially when the networks are facing significant congestion.
Also, transaction fees needed to make bets can be unbearably high, which only gets worse when the network’s cryptocurrencies increase in prices.
To deal with such issues, FunFair has incorporated state channels known as Fate Channels (as we’ll see in a moment) into the platform.
#3. Lack of Trust
This is one of the most persistent problems in the online gaming industry. When playing at an online casino, it’s hard to know if the advertised game odds are genuine, after all. Compounding this issue is the fact that casinos traditionally operate in a legally gray area. The lack of surefire regulation can lead to a laissez-faire environment where casinos get away with anything. FunFair utilizes smart contracts to ensure transparency and fairness in the process.
FunFair: Technology and Solutions
FunFair changes the game by incorporating blockchain and other solutions to create an environment that is conducive for both operators and players. Here are more features provided by the platform.
1. Serverless Ethereum Smart Contracts
FunFair operates on a serverless basis, dramatically reducing overhead costs for operators and increasing security for layers. Smart contracts power a decentralized experience, and users can play without interference of overzealous operators.
2. Low-cost Gaming
FunFair does not rely on any bank or financial institution to conduct transactions. This helps keep transaction fees at a minimum.
3. A Fast Experience
FunFair features a design that allows for instantaneous response to commands. Also, its use of HTML5 makes for a high-quality graphical display.
4. Fate Channels
Fate Channels are customized state channels for the FunFair network. They combat the problems associated with operating atop Ethereum. Gaming sessions happen on a Fate Channel, which enables first communication between the casino and the player as well as facilitating quick and fair smart contracts settlements for bets.
5. Innovative 3D Games
The FunFair team has a combined 40 years of experience in game design – with some of them being gaming industry heavyweights. On FunFair, players will have access to varied and high-quality games in all categories, including blackjack, roulette, slots, and many more, and this without having to download anything.
FUN is an ERC20 token that is used to do everything on FunFair, from purchasing in-game credits, to how game creators receive payment, to how casinos pay the licensing fee, and so on.
FUN has a fixed total supply of 11 billion tokens. The reason for this is to keep the token deflationary. FunFair requires casinos that offer high payouts to first stake enough FUN tokens to cover the payout.
Tokenomics of FUN
Below is a breakdown of FUN token statistics as of June 12, 2020.
FUN is trading at $0.03648, and it’s ranking at #159 with a market cap of $23, 887,223. The token’s 24-hour volume is $1, 591, 426, its total supply is 10, 999, 873, 621. FUN’s all-time high was $0.337854 (July 1, 2017), and its all-time low was $0.001051 (March 13, 2020).
Where to Buy and Store FUN
You can grab some FUN at any of several exchanges such as Binance, Bittrex, EtherDelta, HitBTC, EtherScan, Ethfinex, Nova Exchange, and more. While you can use Fiat currency, most of the exchanges require you to exchange BTC, ETH, and USDT for the token.
Since FUN is based on Ethereum, it can be stored on any Ethereum wallet. You have such choices as MyEtherWallet, Mist, MetaMask, Guarda, Coinomi, Trust Wallet, Atomic Wallet, and of course, user favorites such as Ledger Nano and Trezor.
FunFair is providing a solution to most of the persistent problems confronting the online gambling industry. Of note is the decades-worth experience of the team, which should increase confidence for both players and gaming companies that the team knows what they are doing. With a verifiably fair system, hi-tech security, amazing speeds, and reliability, FunFair could conceivably become the future of online gaming.