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FunFair Coin is the cryptocurrency of the FunFair protocol, on which blockchain based games of chance (casino games) are designed and operated. FunFair hopes to license out its blockchain platform to casinos and other gambling organizations.
There have always been many issues plaguing the online gambling industry: high operating costs, lack of customer trust, high casino fees, and poor online experience. Through the FunFair platform, casino operators can quickly integrate the FunFair blockchain to build a online casino instantly. The casino can also be easily customized to include features such as loyalty systems, bonus games, and special promotions.
FunFair has implemented a system called Fate Channels, which is similar to the concept of State Channels. FunFair operates on the Ethereum blockchain, but not every transaction is recorded in the Ethereum blockchain. Since the Ethereum network is still quite slow, recording everything on the blockchain would cause major delays.
A new Fate Channel opens at the beginning of each gaming session. It records all the actions of the player, random number generation events, and settlements for bets. At the end of a session, the Fate Channel closes and records the session’s final information onto the Ethereum blockchain. This means only 2 transactions are needed with the Ethereum blockchain for each session.
The FunFair team has already created a prototype casino on their website. They are actively developing their blockchain platform while reaching out to potential partners. FunFair itself does not operate as an online casino.
Jez San Obe (Founder, CEO) – Serial entrepreneur who founded Argonaut Software in his teens and designed the first chip used to power 3D games. His investments include Google’s DeepMind and cryptocurrency exchange Kraken.