What is funfair?
Funfair is a fast, transparent online casino that does not hold custody over its users’ money. Instead, funds are held in smart contracts. Funfair’s transparent system with smart contracts ensures that their casino’s games are fair and that funds are never stolen or frozen.
What problem does it solve?
Online casinos have a couple problems. 1) It is hard to know with 100% certainty that their games and random number generators are as fair as they claim to be. 2) Online casinos hold their users funds which creates two sub problems. A) Casinos charge deposit and withdrawal fees and B) Sometimes casinos freeze or steal funds. 3) Casinos have to pay for their software and for the servers that run their software.
1) Funfair uses open sourced software so that users know that their random number generators are truly random and casino games like Blackjack are not rigged against them.
2) With Funfair, bets are placed through smart contracts so that no single entity ever controls the money being used. There is no opportunity for Funfair to run away with their users’ money . Because bets are placed through smart contracts, there are no excessive deposit and withdrawal fees.
Games are off chain so that they work quickly. Settlements work on chain.
3) Funfair offers their white label casinos for free and the servers are maintained by Ethereum’s blockchain and its miners. Funfair users do not have to pay for servers/maintenance.
What is the point of the FUN token?
- FUN is the only way to purchase in game credits
- Game creators are paid in FUN
- Casino affiliates and white-label casinos will pay their licensing fees and receive revenues in FUN
- Fees charged throughout the system will be charged in FUN
- FUN can be staked by funders of casino bankrolls with returns paid in FUN
Over time, FUN should become more valuable as the Funfair userbase grows.
Funfair offers a great alternative to online casinos. Funfair makes it cheaper to gamble online, cheaper to host games, and also offers a trustworthy platform. The problem with Funfair is that it is not as convenient to use as existing casinos. It is very easy to deposit money with credit cards in existing casinos and settlements after games of blackjack or craps for example happen instantly. As Ethereum and blockchains continue to scale, BlockWolf expects solutions like Funfair to replace existing online casinos. Online gambling is a great match for blockchain solutions.