Startups

FunFair – Revolutionizing the Online Gaming Market Through Blockchain

Blockchain technology has been prevailing across the globe at an exponential rate since its inception. More and more industries are finding use cases for employing the blockchain technology in their workflows. Regarding the incorporation of the blockchain in the gaming industry, FunFair takes the lead. FunFair aims at making the online gaming market more fun, faster and fair. Using this platforms, the developers can build online casinos in a matter of seconds. Being completely decentralized and serverless, the users of the games built on the platform have a completely secure and transparent framework at their disposal. Being fast and cheaper than the rest of such platforms is what makes FunFair stand out in the blockchain world.

Workflow

The entire project is based on ethereum technology. Using this platform, smooth, high quality and fun 3D games can be built using HTML5. Online casinos can be created in a matter of seconds anywhere and anytime. Operators wishing to publish online casinos can do this in just two clicks. Also, another feature that makes FunFair different than the rest of such platforms available across the blockchain space is the cost effectiveness. It is almost 10x cheaper per bet than the other such gas cost platforms.

The entire framework is completely decentralized and serverless and it is clearly evident from the fact that the entire platform is built upon blockchain. This technology provides the necessary security fabric needed by the users of this platform. Users do not have to hand in their personal information of any kind to any third-party and hence, a transparent framework is established. Using the services provided by FunFair, a tamper-proof framework can easily be deployed.

The UK-based project is led by Jez San and Jeremy Longley. The executives of this project have overseen more than 600,000 signups of different players and bets amounting to billions of dollars. Games that have been published by the executive team of the FunFair platform have sold millions of units at retail.

Fate Channel Technology

Using the fate channel technology, FunFair has made possible faster processing. Games run at a much faster rate as compared to the other platforms in a secure and tamper-proof environment. It is stated in its white paper that:

We believe that we have created a long-term solution for transaction cost problems with a unique patent-pending implementation of State Channel technology, developed specifically for online gaming. We call this technology Fate Channels. A Fate Channel is a State Channel opened for the duration of a gaming session, supporting custom gaming messages between the FunFair client and server. The only transactions on the blockchain occur at the beginning and end of the gaming session. Because a gaming session is instant

Source: www.funfair.io

FUN Token & Fund Raising

In order to carry out the necessary operations on the platform, FUN token is provided by the developers as an entity of value. It is an ERC20 token. FUN tokens can be used for performing the tasks of betting, lending, paying players and compensating the stakeholders. All the participants of the platform are rewarded through the FUN tokens. The amount of coins available are capped to an upper limit. As the demand increases, the supply decreases. As per November last year, total FUN tokens were 11,000,000,000 in number with 4,450,994,434 held in cold storage and 2,299,005,566 held by the FunFair founders. The remaining are kept in circulation for usage.

Sending FUN tokens to other wallets is very fast and easy. FUN tokens are stored anonymously by the users, but all the transactions made on the network are recorded publicly. The online casino games can be played using the FUN tokens. The token can also be used for performing in-app purchases. Developers also get rewards in the form of the FUN token for building games on the platform.

Regarding the original plan of token distribution, it is stated in the official white paper of FunFair that:

FUN will only be created during a single event commencing June 22, 2017 at 14:00 UTC. It will be issued in two phases: Phase 1 is the initial token creation event; Phase 2 is a Dutch auction, in which tokens held in trust will be offered for sale. Tokens left unsold in Phase 2 will be distributed pro rata to Phase 1 token holders. FUN should become more valuable and useful over time as additional

The total funding raised by FunFair by selling its tokens amounted to a total of $20,000,000. 150 FUN tokens were sold for 1 USD.

The complete pipeline of token payments done on the network is elaborated in the following figure:

Roadmap

For Q2 2018, following goals are listed on FunFair’s website.

  • Live Beta on Mainnet.
  • Announce and start integration of first 3rd party games developer.
  • Further licence applications.
  • If Beta proves successful, look to go live with first operator.
  • Continue to attract & retain blockchain talent.
  • Continue to build FunFair brand.

For Q3 the goals elaborated by the FunFair team on its website are:

  • Launch first live casinos on FunFair platform subject to successful completion of Beta and licence applications.
  • Learn, iterate and improve partner integration process.
  • Drive further product improvements & platform features.
  • Continue to pursue licence applications in blockchain-friendly jurisdictions.
  • Continue to build FunFair brand.

Moving forwards in Q4 and beyond, the FunFair team plans to go live with first 3rd party games content. Further enhancements and improvements in the overall platform is also intended by the executive team of FunFair in the future.

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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: editor.news@blockpublisher.com

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