Review of FunFair (FUN): Blockchain Solutions for Gaming
FunFair was launched with a mission to disrupt the traditional casino gaming market through blockchain technology.
While blockchain solutions to casino gaming were slow and expensive in the past, FunFair has overcome these limitations and is now focused on becoming the fastest, most fair, safest, easiest to use and most fun gaming platform in the casino industry.
It’s accomplishing this by providing a decentralized gaming experience that utilizes Ethereum smart contracts. However, can FunFair stand out among the numerous blockchain gaming projects?
We will attempt to answer this in our FunFair review. We will take a look at the technology, unique use cases team and FUN token prospects.
Why FunFair was Created
FunFair was started in 2017 in Singapore, and has grown since to include offices in London, Gibraltar, Malta and Guernsey. The current goal is for FunFair to develop a B2B blockchain based platform for the casino sector that provides efficiency, transparency, and access to new markets.
FunFair was created with the idea to give casino operators and game developers the ability to create a fully-customizable player experience on the blockchain for games such as blackjack, slots, baccarat, roulette and others.
Operators who get a FunFair license find it quick, easy and inexpensive to set up a white label casino. By using the FunFair license and blockchain solution operators save on the hardware costs of servers, bandwidth costs, chargebacks, and even on salary expenses.
Jez San, the founder and CEO of FunFair has said he believes we will soon live in a world where everyone will take advantage of blockchain technology. And this means payment processors will soon be blockchain based, which means your credit card transactions will move to the blockchain as well.
This means you won’t necessarily have to make the choice to play a blockchain based game because everything will be blockchain based in the future.
Why FunFair is Superior
The major challenge faced by casino operators, especially online casino operators, is the question of trust in their offerings. Players often feel insecure about the true odds of the games they’re playing, even if those odds are clearly made available.
That’s because the current server based gaming infrastructure is still vulnerable to tampering and fraud. And players have no way to verify that everything is fair in the games they’re playing.
Because the FunFair platform is blockchain based, and runs off Ethereum smart contracts it offers players a transparent, fair and publicly auditable gaming experience. This means there’s no worries about the odds of a game or whether or not it’s fair.
In an interview with Becky Liggero, FunFair founder Jez San commented:
So we think we can help that perception by building technology that cannot cheat anyone, because the blockchain provides our game servers. We don’t have game servers. There’s no infrastructure. There’s no thousands of servers on an island somewhere. The cost of deployment of the games is almost zero.
The FunFair Team
FunFair was founded by Jez San and he remains at the helm of the project as its CEO. He came to the FunFair project with an extensive background in gaming and online gambling that stretches back to 1982, as well as a more modern appreciation and experience in cryptocurrency circles.
In the 1980s he was the founder of Argonaut Games, which created video games for the then cutting edge Amiga and Commodore 64 systems. He later went on to found PKR.com, an online poker room that utilized real-money and 3D avatars.
The CTO of FunFair is Jeremy Longley, who was a co-founder of PKR.com alongside Jez San. Longley has extensive experience in both 2D and 3D game creation and in the past he led a team to develop innovative HTML5 and Android products, cashier systems, account management features, and third party system integrations.
The rest of the team is growing rapidly, and there are several openings for new developers, designers and QA testers.
FunFair has been active in creating industry partnerships and has several ongoing strategic partnerships that have helped it become more recognized within the casino industry.
- Spike Games: This is a well-known creator of slot games, and FunFair has been partnered with them since April 2018. They are assisting in the creation of new blockchain versions of existing popular slot games.
- Big Wave Gaming: This is a Sydney based slot game creator with a focus on the Asian markets. The partnership was created to give FunFair better access to the Asian markets.
- RakeTheRake: This is a leading poker rakeback affiliate and is the very first live operator on the FunFair platform. The low cost of entry offered by the FunFair platform has allowed the affiliate to enter into casino operations on its own, leveraging its brand to create a customer base.
In addition to its partnerships, FunFair has also been very active at both Ethereum and Casino expositions around the world.
FunFair Technology and Features
The FunFair technology gives the platform several unique features that have put it ahead of most other gaming platforms in terms of usability, fair gaming, and innovation. Here are some of those outstanding features in more detail:
Serverless Ethereum Smart Contracts
The fact that FunFair runs without servers lowers the overhead costs for operators dramatically, while also ensuring the strongest safety for users. Using Ethereum smart contracts keeps the system fully decentralized, and allows for secure and inexpensive transactions, as well as ease of maintenance for the platform.
Smart Low-Cost Gaming
By utilizing a bankless design FunFair keeps transaction costs and fees at a minimum. It also removes the need for a centralized authority as all transactions are stored on the blockchain. And the use of smart contracts and Fate Channels give users an unprecedented level of transparency, flexibility and efficiency.
Lightning Speed Play
Speed of play has always been a factor that kept blockchain technology from being useful in casino play, but FunFair cracked the speed code for online casino gaming on a blockchain.
The design of the platform makes for instantaneous response, and by using HTML5 for the graphical display of the games users get cutting edge graphical quality.
Fate Channels are Fair
To ensure fair play FunFair created the Fate Channel, which fixes the problems that conventional random number generators have when applied to casino gaming.
The use of smart contract Fate Channels has eliminated vulnerabilities caused by casino random number generators, while keep costs low and transactions lightening fast.
FUN Token Bets
Everything on the FunFair platform is done with FUN tokens. That means all wagers, bets, and winnings are made in FUN tokens. Players can cash out their FUN tokens, or use them to play and to buy in-game credits. This usage also extends to game makers and affiliates, who are all paid in FUN tokens.
Innovative 3D Games
With a combined 40 years of experience in game design, and partnerships with major game makers, FunFair is positioned to create and release some of the most innovative 3D games on a blockchain.
Players will be able to access many different games such as blackjack, slots, poker, roulette and more, and all without having to download anything.
The FUN Token
FUN tokens were created following an ICO in June 2017. That ICO raised $26 million in just 4 hours, and the token was listed on Bitfinex just two days after its creation. The initial ICO price of FUN was $0.007 per token and as of September 2017 that price is more than doubled at $0.01744. Note that the all-time high for FUN was $0.1857 on January 7, 2018. There is a total supply of 10,999,873,621 FUN and a circulating supply of 5,010,848,189 FUN.
FUN tokens are ERC-20 utility tokens, meant specifically to power the FunFair ecosystem. Outside the FunFair ecosystem they have no use or value. Because all of the FunFair tokens have already been created they are deflationary in nature. And privacy proponents like the fact that FUN token ownership is completely anonymous.
Everything from betting to paying developers of FunFair games is rewarded using FUN tokens. In app purchases are completed using FUN and affiliates are paid in FUN. What users do with the FUN after receiving it is up to them.
Buying & Storing FUN Tokens
You can purchase FUN at several exchanges using BTC, ETH, USDT and even U.S. dollars. The largest exchange volume of FUN tokens is at Binance, but if you’re interested in buying FUN using U.S. dollars you need to head over to Ethfinex. Other large exchanges for FUN purchases include LATOKEN and ABCC.
Because FUN is an ERC-20 token it can be stored in any ERC-20 compatible wallet such as MetaMask, MyEtherWallet, and Coinomi.
Since its beginning, FunFair has continued to hit its milestones reliably, which is promising for a blockchain project.
Recent milestones include the launch of its main net beta, which recently concluded its first phase successfully. And in June of this year FunFair launched its very first casino on the platform, owned by the company. Since then it has announced two more casinos preparing to go live on the platform.
These initial launches will provide valuable data and insight into both the operator and consumer usage of the platform. You can see the live FunFair roadmap here, which is great at showing the past progress of the company, but a bit thin on future expectations. Currently the 2018 fourth quarter goals include going live with the first 3rd part developed game content, and continuing to build the FunFair brand.
In addition, the company is currently in the process of applying for gambling licenses in Gibraltar and Malta.
FunFair has lost some of its initial luster, but may still be a gem worthy of consideration. The platform has solved many of the longer term problems confronting the casino industry, and has a working main net product. Also helping is the fact that the management team has decades of experience in gaming and casinos.
By involving each player in the ecosystem, from the users to affiliate and developers, will be a smart long-term move for adoption of the platform, and of the FUN token. And as adoption grows the platform and technology has a better chance of reaching the big players in the casino industry. Those big players are understandably cautious and slow to change, but the ground-breaking technology should eventually win them over.
FunFair has suffered along with the entire cryptocurrency industry, but for investors that could be a good thing, and the current $0.1722 price might be considered a huge bargain if FUN tokens get even half-way to their prior all-time high in the coming year.
As an innovative 3D gaming platform based on blockchain technology and smart contracts, FunFair might live up to its promise of being the future of online gaming. With a provably fair system, lower costs, greater speed, reliability and loads of fun to be had FunFair could be just the project to get behind before blockchain really explodes into mainstream adoption.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.