The online casino gambling market accumulates currently over $41 billion, and without the doubt, the number will only keep on increasing.
However, regardless of its size, the online gambling industry has been due to an upgrade for a long time, and it desperately needs to move away from the spammy image of not-provably casinos that can be shady about payouts.
To nobody’s surprise, there is one solution that can fix the current issues of gambling – blockchain technology.
Designed to be transparent and prevent cheating, blockchain seems to be a perfect fit in the gaming industry.
This is precisely where FunFair Coin – a cryptocurrency for casinos and gambling – jumps in.
FunFair, on the other hand, will licence its technology out to casino operators and will host its casino games as well.
Without any further ado, let’s see what Funfair is and whether it is worth your investment attention.
FunFair Coin: What Is It?
As previously mentioned, FunFair is not a casino. Instead, it’s a platform that licenses its technology to other casinos.
This makes a huge difference, as establishing a casino comes with a hefty amount of legal and financial implications, as well as risks and statutory burdens.
A licensed entity, on the other hand, provides legal framework and allows for a more extensive use of
Online casinos may have become more popular, but they still lack one primary aspect that brick and mortar gambling places have (and we still cannot be 100% sure) – trust.
Players have to rely on trusting casinos to be fair, but they don’t have any guarantee that this is a case.
Hence, FunFair merges gambling with blockchain technology – it’s in the blockchain’s nature to prevent fraud.
So if you the casino tells you that you have 63% chances of winning, the blockchain is there to confirm these odds.
FunFair has created a platform that will be licensed to other casinos with the main features:
- Blockchain-based and decentralised platform
- Provably fair
- Trustless smart contracts
- Instant payouts
- Accessibility through mobile and desktop
- Fun games with a modern interface
- Contemporary design that feels safer and less risky
- Fast gameplay thanks to fate Channels
One of the most uniques features of FunFair is the Fate Channels.
Cryptocurrency transactions often come with an additional called ‘gas’ – to maintain the network and reward the miners.
But, one of the revolutionary aspects of FunFair is the lack of gas. The Fate Channel supports the communication channel between the player and the casino, as well as fast, low-cost methods for random number generation and settling smart contracts.
Therefore, there’s only one gas required to start the session, without any extra or additional costs.
FunFair will bring some of the most popular casino games and slots. Some of them can already be tested on the FunFair platform, while others on the Ethereum testnet.
The fact that some of the games, and the platform itself, are already available to test is an extremely positive sign towards the end product. It’s rare in the cryptocurrency world.
- Let It Ride
- Caribbean Stud
- 5-card Poker
- 3-card Poker
The FunFair (FUN) Token
FunFair’s total market supply is over 4 billion, and the FunFair ICO has gathered a total of $26 million.
The company doesn’t share any dividends or profit sharing. It also won’t charge a lot for licensing the platform to the operators.
Instead, the value of the token will be derived from the scarcity of the tokens in the marketplace that comes from:
- Casinos holding the FunFair token as a part of their bankroll – this will be the most significant part of the FunFair token circulation as casinos will need a large amount of them
- Players holding the FunFair token
- Speculators holding the FunFair token – casinos can also be speculators investing in the token in preparation for the future launch of the platform
- Token burn
Apart from a revolutionary idea, FunFair also has an incredible team of experts behind its back:
- Jez San OBE (CEO) – a gaming veteran and founder of Argonaut Games
- David Greyling (COO) – former International Director of William Hill
- Stefan Kovach (Consultant) – carrying a vast marketing experience from PokerStars
The team is based in the UK and will be facing a rapid expansion in the future to 50+ members.
FunFair Coin: The Future Prospects
So far, FunFair has been ahead of its schedule, and the roadmap – not only have they achieved everything that was planned but they also continuously update their plans for the future as the product keeps on evolving.
Recently, FunFair has also received the ‘Best ICO of 2017’ award from Malta iGaming Authority for an outstanding initiative in the gaming industry.
The fully licensed FunFair casino will go live in Q2 2018 while being in the process of acquiring a Remote Gambling Software License from the UK. Once received, they will be able to licence their technology to casino operators.
The growing price of the FUN token indicated an increased interest in the coin from the public, and so far the currency looks promising.
The team is also very active on various Social Media accounts, taking advice from the coin supporters as well as cryptocurrency community.
Without a doubt, FunFair tackles a unique aspect of the online gambling industry and doesn’t follow what other casinos have already done. FunFair’s idea is much more sustainable and open to future developments.
What do you think of FunFair Coin – the cryptocurrency for casinos and gambling? Do you like the idea? Share your opinion with us in the comments below!