Estimated reading time: 2 minutes, 26 seconds
This episode of Blockchain Token – What is it? covers FunFair! In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
When you go against the Casino, the house always wins. But what if anyone could build their own online casino? Well FunFair is looking to make that a reality!
FunFair is a platform that brings casino operators, game developers, affiliates, and players together in an open, efficient, and entertaining way. They use powerful Ethereum blockchain technology, Fate Channels and Fun tokens to make it happen.
FunFair makes it known that transparency is one of their most important values. They want those participating online gambling to be assured that they are getting a fair chance. Transparency has always been a major issue for gambling. However, as of late the space has become more regulated. The perfect example of this occurring is in Las Vegas, which went from the wild wild west to a legitimate business.
The Nevada gaming commission makes sure that all casinos are abiding by fair practices, and the casinos all comply because they don’t want to lose their license to operate. In fact, casinos do not even want the perception that they are cheating customers, especially when they don’t have to resort to that to make money. That’s a sure fire way to drive customers away.
FunFair takes gaming transparency to the next level by incorporating blockchain technology. While the platform is yet to be up and running, they do have a showcase of their slots and table games, all of which are powered by the blockchain. There are a few different projects trying accomplish the same goals as FunFair, but their working prototype puts them ahead of the competition.
Global online gaming is a $46 B industry, and you can expect this to rise as people are given a legal betting option. FunFair was able to raise $26 M in their ICO in June 2017.
One of the most frustrating parts of existing online gambling sites is withdrawing your money. This process can take weeks, and often the checks don’t always immediately clear. Additionally, the tax implications of offshore gambling has made people stay away from online gambling. FunFair claims to have cash out times of 30 seconds or less, a game changer to say the least!
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