Gambling has always been an aspect of human existence. The first dice game was recorded 5000 years ago, and we have ever since been enthralled by the adrenaline rush accompanying the dealing of the cards or the spin of the roulette wheel. FunFair has revolutionized this ancient game with the help of blockchain, creating a decentralized gambling platform, complete with their own wallet for the FunFair token. What is the long term future of this project, or is it bound to fizzle?
What is the games FunFair provide?
FunFair is split into two different parts, the token and the platform. The platform is where the games, and therefore the foundation for the token is. The business caters to the younger generations who are familiar with the digital world, providing a to casino providers a variety of games that offer an interactive experience. There are also slot machine games, but they are nothing amazing to talk about, just what is expected from a digital casino. The platform gives users proof that the games are fair and that they aren't being scammed. These games are all new, the oldest released May this year, but there is a lineup of new games coming soon, so the next few months are of paramount importance for the project. This is the platform, now time to explain the fun part (pun intended), the token.
What is the token?
The token provides a way for online casinos to handle deposits, transactions and withdrawals in a seamless way. The end goal of the token is to be the main facilitator of digital casino transactions in the world. Based on the ethereum blockchain, it allows transactions to be far faster than traditional methods, improving the playing experience. Wallets, when used by both parties, allow these to take place in real time. The transactions are also transparent, so they are public and traceable, and the holders of the tokens are completely anonymous. Over the past few months, there has also been a dramatic 1000% increase in the price of the tokens, courtesy of accomplishing the goals they have outlaid, proving that they are an efficient and reliable team of developers.
Fate Channel
FunFair utilizes Fate Channels, their own innovation of state channels, and it claims that it is a more advanced version of it, being faster and cheaper. State channels is a part of the ethereum network that allows users to transact off the chain. In the case of Fate Channels, the gameplay is recorded off the chain, and when the sessions ends the result is transacted, rather than each individual result. This also allows for the user to check to see the fair number generation in the game they are about to play. This is an important innovation in DeFi, and places FunFair at an advantage over future competitors.
FreeBitco.in
In valuing FunFair, the online casino FreeBitco must be seriously taken into consideration. FreeBitco is the 7th largest online casino and backs FunFair. They are undertaking a variety of strategies to increase the use of the token such as providing a membership where users are encouraged to buy and hold FunFair tokens and incentivizing app developers to create games based on the token. Lastly, FreeBitco.in holds roughly half the circulated tokens in cold storage, and occasionally performs a burning of them to decrease supply, and hopefully then increasing price. FreeBitco.in holds the key to mass adoption of the token, and it appears as if they are doing it well, after all, it is in their best interests for it too.
Summary
FunFair is a project that provides games to casino providers along with a token that allows for a faster and decentralized experience. Several innovations, notably Fate Channels, have also been used to improve the gaming experience. It appears that the project has a decent future, and is an exciting time for the holders of the token!
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