FunFair Coin: What Online Gamblers Need to Know
Source: youtube FunFair bills itself as “Game-changing blockchain casino technology” and the claims to be the first global gaming brand to unlock the potential of the blockchain ledger. Experts have agreed for a while that, whatever problems there may or may not be with cryptocurrencies in the long term, the breakaway idea to come out of them has been blockchain. The potential for blockchain to change the face of global finance has already been acknowledged, as a payment system that doesn’t rely on big banks, governments, credit card companies or any other third parties. International contracts, identity management and complicated transactions have all attracted interest from the international community. So, when exploring what blockchain technology can do, why not consider online and mobile casinos?
What is FunFair?
FunFair runs on Ethereum blockchain technology, which is felt to be more advanced than Bitcoin’s blockchain, the next step in the development of these public ledgers and more able to allow users to perform different tasks. Ethereum allows for novel software programmes called Smart Contracts to be built on top of it, and FunFair builds casino games this way. Essentially, FunFair is software that creates an entire online and mobile casino ecosystem based on cryptocurrencies. Everything is based on tokens and blockchain; the only time real money is exchanged is when players buy the tokens, known as FunFair Coins or simply FUN, that they need to be able to gamble at a FunFair-powered casino. The aim of FunFair is to improve the experiences of everyone involved in online casinos. For FunFair, this involves simplifying their setup and reducing their costs so that anyone who wants to can own and operate one, and offering “unrivalled transparency” for better player security and peace of mind. In addition by making everyone’s experiences better, FunFair aims to bring developers, operators, players and affiliates together efficiently to open up global gaming even more. Source: coindesk
How Does Playing at a FunFair Casino Work?
To play at an online casino that has been created using FunFair technology, you will have to buy Fun tokens. FunFair’s cryptocurrency finances its casinos, and acts as its betting chip. Bets are placed with these tokens, and they power in-game services such as Random Number Generation. Operators can also use them for licence payment and once they’ve been used to settle fees in this way, Fun tokens are destroyed. Game developers are paid in Fun tokens too. The FunFair games themselves are licensed to affiliates and white-label casinos, who market them to players and get paid in FunFair coins for every new member who signs on. In other words, the entire casino runs on its self-governing cryptocurrency; as mentioned above the only time anything else is used is when you use conventional money to buy the Fun tokens that you need to play the games. When you’ve built up some tokens and are ready to cash out, you can convert your FUN to your preferred currency. In the words of FunFair Co-founder and Chief Executive Officer Jez San, FunFair has built “games that can’t cheat”. The experienced team has created engaging, exciting, fast-paced games that are kept fairer than ever thanks to the use of blockchain technology. All games run on the blockchain ledger so they can be scrutinised at any time. Smart Contracts can run slowly, which is why FunFair has introduced Fate Channels, These are based on the State-Channel, which has the ability to verify payment transactions very quickly. There is no cost in verifying the transactions when using Fate Channel technology, and they work even faster than the conventional blockchain ledger so that the games unfold smoothly in real time, being verified every step of the way with no break in functionality. Source: steemit
FunFair Seems to Have Hit a Winning Formula
With a current market capitalisation of US$ 98 million and daily trades of around $US 3 million, FunFair seems to have achieved its objectives of opening out gaming to everyone and solving the problems that other casino platforms have faced. All the goals of a fully crypto-based online and mobile casino software supporter are realised with FunFair. The wide range of different casino games, including slots, Baccarat, Roulette and more mean you will be as entertained at a FunFair-powered casino as at any top-quality online establishment. Casinos that are powered by FunFair seem self-contained, cheap to play at and very fair and secure, while still delivering superior game quality.