FunFair Overview:

FunFair is a cryptocurrency company that is developing a casino and online gambling platform. The company will not be running the casinos but instead licensing the software to online casino operators. The token is a utility token, which means it must be used for all gaming done on the platform. The team also has plans for developers to build new games on their network and in return they will be rewarded with FunFair.

Proprietary Tech:

Fate Channel – FunFair in an ERC20 Token that runs on the Ethereum Network. Ethereum is currently working on a State Channel called Raiden that provides a process for users to transfer tokens from point to point utilising pre-opened channels. This is solely used for payments.

Funfair Fate Channel

The FunFair team is developing their own version of a “State” channel in which they have coined the term “Fate” channel. It is called a Fate Channel because it does more than just send payments. This channel will generate random numbers between the Player and the Fate Channel Service. These numbers are used within the gambling interactions. Also, this channel provides the “interactions” between the player and the game ie: (Player Clicks Hit on blackjack, they receive a new card). It also completes micropayments that cost zero gas from bets, wins, and losses.

When the players session ends the funds are returned immediately to the players account and are not stored on the channel like they are on other state channels such as Raiden. This will allow for cheaper, secure, and transparent gaming sessions. Something that has never been seen before in Online Gambling.

Team:

Jez San – Jez is a technology entrepreneur that started designing games all the way back on the Atari platform with one of his first successes being Star Glider. He also founded Argonaut Software as a teenager and went on the design the first chip used in 3d games such as Star Fox, Harry Potter, and Croc. His time in the online gaming started when he founded 3d online poker room PKR.

Jeremy Longley –  Jeremy cofounded online poker room PKR with Jez. He was responsible for designing the platform from the ground up, hiring, and running of the development team. Then transitioning from a software company to oto an online gaming community.

Oliver Hopton – Oliver is also a founder and senior developer of FunFair. He was previously the Development Manager at PKR where he manager web, was the solutions architect for numerous projects, and worked on things such as PCI Compliance and Client Management.

You can check out the rest of the team here.

Key Features:

  • Decentralized: The platform will be uniquely decentralized and serverless.
  • Utility Token: In order to user their platform you must use FunFair (this is beneficial to investors and developers)
  • Fate Channel: As described above, this is a game changer as it provides quick payments, private payments, fair unmanipulated gambling, and transparency.
  • Provably Fair: With the Fate Channel mentioned above it will be the first “provably” fair online gaming platform.
  • Instant Payouts: No waiting for 10 days to receive a check in the mail or sending money to a money service like PayPal and paying their relatively high fees.
  • No Chargebacks: This is the biggest issue/cost that online casinos deal with. By utilizing FunFair there will be no credit card fraud.
  • Team: The team has a history in game design and online gambling, so this is right in their wheelhouse. Currently FunFair has 40+ full time employees.
  • MVP: Before even going the ICO route they produced a Minimum Viable Product showing they could develop what they were raising money to further build out.
  • Money in the bank: They currently hold 85,000 Ethereum, 4.45 Billion Fun, and a years worth of FIAT currency for operating expenses. That is over $600 Million dollars with current value.
  • ICO of the year: FunFair was awarded ICO of the year at the Malta iGaming Awards.

You should have a product before you ICO, you should know how to run a company, you shouldn’t have an anonymous team and you should release a prototype first – Jez San, Cointelegraph 11-10-17

Upcoming Catalysts/Roadmap (https://funfair.io/explore/roadmap/):

Their site will be updated with the newest roadmap soon, but here is what we know as of right now.

  • January 2018: Applying for UK Remote Gambling software license.
  • February 6-8th: FunFair will be attending the ICE Gaming Conference.
  • Q1 (date unknown): First Public Release
  • Q2: First Casino Operator Oboarding, they will be partnering with a “friendly operator” that will work with them to fix any issues.
  • Q2: Publishing API documentation and further work with platform and gaming developers.
  • Q3/Q4: Further feature buildout and more backend operator reporting and administration tools.

You can find other details in this great reddit post by Commissar_ on the FunFair Technologies Subreddit.