FunFair Casinos Guide

FunFair Technologies is a relatively new company that hopes to provide an all-inclusive solution for casino operators using blockchain technology.

Though the global gambling industry has grown in leaps and bound over the recent years, it still has a number of seemingly insurmountable obstacles. By making practical application of blockchain technology, FunFair seeks to address these bottlenecks.

What solution does it have to offer and how well does it address the casino industry’s pain points? Let’s find out below.

The FunFair network is a London-based company operating a decentralized casino gaming platform based on cryptocurrencies. Its 40+ person team operates under the leadership of Jez San OBE.

Throughout his career, San has had a focus on the computer-based gaming industry. Under his leadership, the company has formed strategic partnerships with a number of gaming companies. These include Spike Games, Big Wave Gaming and RakeTheRake among others.

It has been in operation since 2017 and its current headquarters are in Singapore with core teams in London as well as Dublin. Following the launch, it released the beta platform in May 2018. In August 2018, it initiated a closed beta for FunPass and launched its first casino in September of the same year.

Built on the Ethereum smart contract concept, the FunFair platform makes use of off-chain processing via ‘Fate Channels.’ As a result of the use of this technology, it offers fast transaction processing as well as low fees, which are two of the greatest pain points in online gambling. With its platform, the FunFair Network is looking to be a turnkey solution to casino operators.

The company offers games as well as licenses for the use of its technology to casino operators. Using its mode of operation, it has created an open platform for casino development. Its turnkey solution makes it possible for operators to set up in weeks instead of months.

The FunFair platform is built on Ethereum mainnet and it makes use of a custom combination of the blockchain’s technological features. One of these is its own version of a state channel system, which it refers to as ‘Fate Channels.’

Like state channels, Fate Channels operate off the mainnet. Consequently, they offer the capacity for high scalability and can address latency issues. This is particularly crucial for the casino space since casino operators and their clients have a constant need for rapid moves.

Using Fate Channels, participants can therefore engage in fast back and forth interactions with the casino. Since they take place off-chain, they are instant and do not attract any fees.

A single node can serve the needs of hundreds of users. Also, casinos have no limit with regard to the number of nodes that they can operate. As such, the technology creates an opportunity for virtually limitless scalability.

With this solution, FunFair offers a combination of the immutability and decentralization of Ethereum mainnet with almost infinite scalability.

To play a game on the platform, you will first need to register on FunPass. FunPass is a KYC verification platform that confirms age and identity. Once you register here, it gives your Ethereum wallet a mark of approval.

The second step is the creation of a smart contract that defines the relationship between the game developer and player. At this point, you will pay an initial fee towards the conversion of funds into FUN ERC-20 tokens.

These FUN tokens remain in escrow for the duration of the game. But essentially, the only thing you pay for is the initial gas fee for opening the Fate Channel. Once the smart contract takes effect, all of the calculations for the game take place on a Fate Channel sidechain.

At the end of a play session, the details of the game, wins or losses as well as the final balance, get immutably recorded on Ethereum blockchain. You will collect the escrowed funds at this point and then the house will pay the cost of closing the session.

The selection of games that you can access here depends on what the open developer market has to offer. Presently, you can play a majority of the traditional staples that include slots, craps, blackjack, baccarat, roulette and poker.

As mentioned above, FUN is an ERC-20 token used for gaming on the FunFair platform. It is, in fact, the only token that you can use for in-game credits when playing on FunFair casinos. All platform fees are only payable in this token.

Moreover, it is the currency used to pay game developers within the ecosystem and the one casinos use to pay for licensing and receive revenues. The tokens function in the same manner as digital casino chips, making it possible to use them to tokenize all transactions on the platform.

Casino operators have to stake sufficient tokens to cover betting odds, even on games with high payouts. This offers a guarantee that players will always receive payouts.

There is a total supply of 10,999,873,621 FUN tokens. They were issued via an Initial Coin Offering token sale that took place on June 22, 2017. The ICO raised a total of approximately $20 million in the form of ETH, BTC and ZEC tokens.

Because the token has a fixed supply, it means that no more FUN will ever get minted or mined. As a result of this, the token is deflationary, which means that as the demand increases, the price increases as well.

Another interesting fact is that the FunFair Network team keeps all of the fees it collects in cold storage. Doing this exerts further upward pressure on the price of the tokens as it takes them out of circulation.

There are a number of exchanges that support the token. They include Binance, Ethfinex and HitBTC among others. Furthermore, you will find FUN being paired with other cryptocurrencies such as ETH, BTC, USDT and even the US dollar.

Being an ERC-20 token, you can store FUN in any ERC-20 compatible wallet. These include MyEtherWallet, MetaMask, Coinomi and hardware wallets like Ledger Nano X and S as well as Trezor.

CasinoFair

CasinoFair was the first brand to go live on the FunFair network. It was established in 2018, a year after the launch of FunFair.

It holds a sublicense from Curacao eGaming and makes use of state of the art provable fairness to ensure completely random results for all games. In a bid to prioritize quality over quantity, it has a total of 30 guaranteed fair games. There are slots, table and card games as well as scratchcard games and dice.

Signing up is a breeze and you can have an account set up in minutes. Similarly, it offers instant payouts using up to 6 cryptocurrencies. And thanks to its technological framework, you do not have to make a deposit, as you can play directly from your MetaMask wallet.

The casino is renowned for its transparency as all transactions are visible on the Ethereum blockchain. It is mobile-compatible, allowing you to enjoy your favorite games on the go.

Recently, the casino announced its expansion into Japan. It is the first FunFair casino that offers its services in Japanese. Players in Japan can now enjoy gambling in their native language. As the team says, this is only a first of many localization efforts that will come along the way.

CryptoCasino.com

CryptoCasino.com is yet another online entity operating a licensed casino on the FunFair platform. It holds a license from Curacao eGaming and offers over 20 unique blockchain games, all of which are provably fair.

All of the listed games are accessible on demo mode, meaning you can get a feel of them before committing real money. The signup process is fast and straightforward.

You can use multiple cryptocurrencies and enjoy multiple bonuses here. When it comes to banking options, the site has integrated with Changelly, enabling its users to make easy swaps of over 100 cryptocurrencies.

It also includes a handy self-exclusion feature to assist players to practice self-exclusion. This allows you to set limits on your gaming sessions or the funds you spend to keep things from getting out of hand.

King Tiger

Founded in 2020, King Tiger Casino is one of the most recent additions to the FunFair family,. It is licensed under the laws of Curacao eGaming and offers unique game portfolios. Though the selection is small, it features titles covering most categories. These include slots, roulette, poker and blackjack.

Most of the titles come from FunFair but it also has some proprietary titles. The account creation and validation processes are quick and easy. Privacy-centric individuals will also enjoy playing here as it is possible to play anonymously.

The site supports a number of popular cryptocurrencies and has also integrated with Changelly. Because Changelly supports over 100 digital assets, the integration makes it easy to swap between a wide range of cryptocurrencies.

FunFair has tried to carve out a niche for itself in a rapidly growing industry and it seems to be heading in the right direction. It is drawing on the benefits of blockchain tech and cryptocurrencies to mend the weaknesses of the current online gambling industry.

Thanks to its innovative iteration of state channels, it offers fast transaction processing at highly competitive fees. Its use of the Ethereum blockchain facilitates matchless transparency and fairness in an industry where trust is a major issue.

Its ERC-20 token FUN offers great potential for casino operators and players looking to enjoy online gaming. Therefore, it comes as no surprise that you can find a number of great casinos on the platform to play some unique proprietary games.