Will FunFair, The Online Gaming Platform, Prove to be a Breakout Name in Casino Space?
FunFair, the decentralized gaming technology platform, offers the possibility for anyone to design and operate blockchain based casinos. FunFair coin or FUN is the cryptocurrency for the platform. The platform uses the Ethereum blockchain, smart contracts, and proprietary ‘Fate Channel Solution’ to deliver casino solutions with games. The Fate Channel is based on the idea of the State-Channel, allowing verification of payment transactions quickly.
Online gambling is a large market currently valued at $47.1 Billion. If we look at why it’s getting popular, it is all because powerful platforms accept cryptocurrency for gambling as an option. You can get more information regarding crypto gambling in detail. It is projected to continue increasing in the coming years. Traditional casinos rely on you trusting them to be fair. It is challenging to ensure fairness in cases of Online Casinos.
FunFair, being a blockchain platform, brings trust back into the game. It ensures fairness. FunFair promises a continuous gaming experience, transparent code, low operating costs. It offers a fantastic gaming experience with impressive graphics, similar to what you’d find at any online casino today. These games are particularly popular in Malaysian casinos.
FunFair website claim that they are “harnessing the power of blockchain technology to revolutionize the online casino industry.” However, FunFair is not a casino. Instead, the platform licenses its technology out to casino operators. Being a licensing entity provides them with legal safeguards and will enable a more widely used platform.
FUN token works as a casino chip. People wishing to gamble online at any FunFair Casino must purchase FunFair coins to place bets. The prize will also be in FUN tokens. The developers are also paid in FUN tokens.
At the beginning of Crypto Rush of 2017, FunFair was the 52nd most valuable cryptocurrency by the market and was trading at USD 0.179398 with a total market cap of USD 762,417,015. However, with 2018 market crash and continuing bear market, FunFair has seen a downward slump. FunFair Price as on Feb 2019 is USD 0.0040157405 with a market cap of USD 24,194,584. Its current Coinmarketcap rank is 123.
Though the idea holds enough potential, the actual response is not that encouraging if we look at other gaming platforms on Ethereum. An average of only 435 daily users is recorded on the world’s most popular decentralized app (dApp) game “Cryptokitties,” a game which had taken Ethereum Blockchain by storm last November.
Still, FunFair has a target audience which it hopes to cater to. If the company can get these online gamblers to gamble on the platform itself, it might prove to be the breakout name in the casino space.