Funfair technology platform is a project designed to deliver online gaming technologies on the blockchain that can be leased by gaming providers to facilitate online games. The platform has developed technologies that tackle various challenges, such as high costs, slow speeds, and trust among others, faced by other blockchain based gaming platforms. Since its launch, the platform has proved its capabilities through a number of demonstrations on how games can be run on the blockchain.
Funfair was created in 2017 by British entrepreneur Jez San together with Oliver Hopton and Jeremy Longley. The first game was showcased in the same year with positive reactions from the demonstration setting the pace for further development of the platform. The token presale began in June 2017, selling out in less than 4 hours and raised 26 million USD. Since then, the platform has continued to develop more games with a number of updates made on the platform’s technology adding more features and functionality.
The Funfair platform enables for gaming providers to launch online casinos in just 2 clicks. Its system also focuses on being able to run thousands of casinos. It is a developer friendly platform that enables game developers to easily create, deploy and manage online gaming with features that enable for instant and frictionless gaming based on the blockchain.
Funfair uses Self-sovereign identity technology to facilitate safe, private single-click sign-ups that take less than a second. This is an alternative to the KYC protocols used in other online gaming platforms that often require a lot of information which is a time-consuming process. It also uses fate channels which are a communication tool between players and casinos with functionality that facilitates gaming sessions, generation of random numbers and settlement of bets within a gaming session.
Funfair has managed to make gaming on the Funfair platform fast with low transaction fees through the decongestion of the blockchain enabling a more efficient ecosystem. It aims at further reducing operation costs for the platform by transforming it from a server-based platform to a peer to peer ecosystem. Through their platform, gaming providers will be able to make transaction fees 10 times cheaper than current Ethereum based casinos.
Funfair does not in itself operate a casino. Instead, the platform develops blockchain based gaming technologies which it leases out to gaming operators. The platform also uses fate channels to arrive at a consensus, unlike other blockchain based platforms which use mechanisms such as Proof of Work or proof of stake to validate transactions.
Funfair targets gaming operators, both existing and new, who wish to operate blockchain based online gaming services. The system has been designed with the capability to host and facilitate thousands of online casinos with tools that allow developers to create and customize games to suit their specific requirements.
How it Works
It takes only 2 steps to launch a casino using Funfair. Operators can customize their games to include rewards to players and VIP rooms among other features.
Funfair is a web-based application requiring no download. The customer verification process has also been simplified making it possible to register in a single click.
Fate channels have been implemented to facilitate various elements on the platform. It opens for the duration of a gaming session handling features such as tracking of individual game outcomes.
Funfair runs on a server-less system with a direct peer to peer connection making it much cheaper.
FUN tokens are used to purchase in-game credits on the platform. They are also used to pay developers for creating games on the Funfair platform. Casino affiliates and white-label casinos will finance casinos and receive revenues in FUN.
All fees charged on the system including licensing fees will be paid in using the token. It can also be staked by funders of casino bankrolls with returns paid in FUN.
Mining and Ownership of FUN
Funfair runs on the Ethereum blockchain with fate channels implemented to complement the blockchain by handling most of the operations, limiting interactions with the Ethereum blockchain to the beginning and at the end of a gaming session.
The Funfair platform was designed with the ERC-20 FUN token as the platform’s native currency. The tokens are available on some major crypto exchange platforms such as Binance and Bittrex although only available for trade with either BTC or ETH coins.
FUN tokens can be acquired by purchasing them from the exchanges where they are listed. They can also be earned by developers as compensation for creating games on the platform.
Game operators that buy the rights to use the platform use the tokens to pay for the licenses and accept revenue in the form of FUN tokens as well. Players who win on the platform will also be paid using FUN tokens.
The tokens are however not available for mining. As an ERC 20 token, FUN can be held in any wallet that supports Ethereum based tokens such as MyEtherWallet, hardware wallet options like the Ledger Nano S and Trezor and Exodus.
The team Behind Funfair
Jez, CEO at Funfair, is an experienced technology entrepreneur and investor whose prior achievements include founding Argonaut Software, through which he designed the first chip used to power 3D games. Star Fox, Harry Potter and Croc are some of the games that have used Jez’s chip to power them. He was also the founder of poker room PKR, an online 3D poker room and Arc International which develops microprocessors. San’s works have led to him being recognized and awarded the OBE for his contributions towards development in the gaming industry.