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FunFairTech [FUN] FAQ

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Intro.

FunFair is a decentralised gaming technology platform which uses the Ethereum blockchain, smart contracts, and proprietary state channels to deliver casino solutions with games that are fun, fast and fair.

FunFair is not a casino. Instead, FunFair will license its technology out to casino operators. This differentiates FunFair from the competition in the blockchain gambling sphere – being a casino carries with it risks and burdens stemming from statutory and regulatory hurdles. Being a licensing entity instead, provides legal safeguards and will enable a more widely used platform.

I’d like to touch on the many aspects of FunFair that makes it an extremely promising and undervalued project. However, I won’t be making any price projections. As always, do your own research. In this case, I’ve done a lot of it for you.

The market.

Online gambling is a large market: currently over 47.1 billion dollars, and projected to continue increasing. https://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/. However, this is not to say that the price of the FUN token should be compared to the market cap of internet gambling. FUN is not a measure of casino capital/wealth, it's an entirely new animal.

The problem and the solution.

Trust. Traditional online casinos rely on you trusting them to be fair. The chance of red coming up on roulette is 48.65%. How do you know your traditional online casino is giving you those odds? You don’t – you need to trust them. Most online casinos are incorporated in island microstates. Do those nations have online casino regulators? Do they possess the willingness, manpower, and expertise to audit online casinos?

FunFair puts the gambling on the blockchain so it’s trustless – you know you have a 48.65% chance of having red come up. It’s fair.

The team.

FunFair has their ground covered and bases loaded. With their team of 30+ professionals they are way ahead of the competition. You may know CEO Jez San, OBE, from his career track: Argonaut Games (founder), Star Fox (programmer), and PKR Poker (founder). He has been in the gaming industry for more than two decades, and has built valuable relationships along the way. Constantly engaging with the FunFair community through Telegram, Discord, and Reddit, it seems as though he leaves no engaging question unanswered. Alongside Jez as COO is David Greyling (https://www.linkedin.com/in/davidgreyling/), former International Director of William Hill, one of the world’s leading betting and gaming companies and one of the most trusted brands in the industry. (https://www.williamhillplc.com/about/). Recently, Stefan Kovach joined the team - Stef is an industry executive with a wealth of experience, having headed up the marketing functions of both PokerStars and bwin.party – two of the biggest brands in online gambling.

Further, FunFair is looking to expand – and fast. They expect to have a team of 50+ people in the not-so-distant future, as they are currently hiring business and marketing professionals. So, if you’re looking for an opportunity to showcase your expertise in these fields, try your shot at securing a position within the company! (https://www.funfair.io/careers) The FunFair team’s base of operations is in London, UK.

The platform.

FunFair presents its casino operators and players with a gaming opportunity never seen before:

  • Decentralized, serverless

  • Provably fair, blockchain-based

  • Trust-less outcomes that can be witnessed on verifiable smart contracts

  • Instant cashouts – FunFair does not hold your funds

  • Accessible through web browser on desktop or mobile

  • Fun games with an exciting user interface

  • Casinos feel safer, with no risk of fraudulent charge-backs from player credit cards.

  • Fast gameplay conducted through Fate Channels – the team’s custom version of State Channels. The Fate Channels developed by the FunFair team are superior technology. In very basic terms, Fate Channels are what supports the communication during a game session between the player and the casino. They provide a fast, low cost method for random number generation, starting gaming sessions, ending them and settling with smart contracts on the blockchain. This allows for secure, deterministic, fair gameplay. There is only one gas fee needed to start the game session. For an in-depth explanation that you won’t be disappointed in reading, please refer the the technical white paper here: https://funfair.io/wp-content/uploads/FunFair-Technical-White-Paper.pdf FunFair is preparing for mass adoption and has a working solution for Ethereum network congestion. Fate Channels.

For more discussion both technical and company related, have a look at both whitepapers: https://funfair.io/explore/whitepapers/

The games.

FunFair is pursuing a full suite of traditional casino games:

  • Blackjack

  • Baccarat

  • Craps

  • Roulette

  • Slot machines (various types)

  • Let It Ride

  • Caribbean Stud

  • 5-card Poker

  • 3-card Poker

  • And more to come

You can test all of these games right now at https://showcase.funfair.io/. Some are currently testable on the Ethereum testnet.

FunFair is one of the only projects in the cryptocurrency space that has a working product. They are set to launch in the beginning of Q2 of 2018.

What have they been up to? Are they on track?

Consistently ahead of schedule and on top of their roadmap in many ways, FunFair was a sponsor of DevCon 3 and had one of the most engaged-with booth setups. They connected and networked positively with many developers at the event. https://twitter.com/FunFairTech/status/926113230677856256

They’ve recently received the Malta iGaming award for “Best ICO of 2017” which was determined by a nomination panel of 5 industry experts, and a panel of 32 judges with many years of combined experience in gaming. The awards were hosted during Malta Gaming Week; a very large event attended by many business executives, authorities, and even local government: http://maltagamingweek.com/

They’ve been constantly updating their product showcase, and adhere to all feedback received by community members. Their new showcase was designed to “be able to cope with adding more games easily by the team + third parties, and also to be configurable by casino operators.” Some of their product update can be found here: https://funfair.io/awards-latest-product-update/

How does the token (FUN) derive value?

FunFair does not issue dividends or offer profit sharing – FunFair doesn't have much to share. The technology will be licensed to casino operators for almost nothing – itself a major draw for existing casino operators to adopt the FunFair platform. With a fixed supply, the value in FUN is derived from scarcity of the token in the marketplace. Scarcity comes from four sources:

  • Casinos holding FUN as part of their bankroll (described more below);

  • Players holding FUN and not cashing it out immediately after they play;

  • Speculators (investors) holding FUN anticipating it will increase in value;

  • Token burn: a small amount of FUN will be slowly destroyed over time. The exact amount has not been announced, though it will likely be quite small.

That first scarcity factor will be key, as casinos will need extremely large bankrolls of FUN to operate a large casino with multiple games, high max bets, and a large number of seats (allowing numerous people to play concurrently).

Right now, price has been set purely by speculators. As casinos open down the road, scarcity will ramp up --- Casinos will need to buy FUN, which will lead to players buying FUN which will lead to greater popularity of the platform causing more speculators/investors to buy FUN. Scarcity and utility are what drives price.

Plans for the future & the latest company update.

FunFair will be attending the ICE Totally Gaming Conference on February 6-8 (https://www.icetotallygaming.com/exhibitors/funfair-casino). This is a major business-to-business conference for the online gambling industry. The team plans to have the developmental side of the FunFair project done in time for the conference.

Tech completion in February will allow for the advancement in operations and partnerships, which will lead to live FunFair-licensed casinos going live in Q2 2018.

FunFair is in the process of acquiring their Remote Gambling Software License from the UK, which will enable them to license their technology to existing and regulated casino operators.

FunFair has steady operational costs covered for the entire year, as well as an 85,000 ETH reserve/storage for any and all upcoming costs.

An Updated Roadmap (December 20th, 2017)

(available here: https://funfair.io/company-update-december-2017/)

Q1:

In January we will be submitting to the UK Gambling Commission our application for a Remote Gambling Software License.

In February we will be attending ICE Gaming, an international B2B conferencing event, where we will be introducing the FunFair brand to the gaming industry.

By the end of March V1 of the FunFair blockchain casino nears completion. This release will allow for real FUN to be used on the Main Ethereum Network for the first time.

Q2:

Operator On-Boarding: Deploying the FunFair casino in partnership with a friendly operator; objective: learn, adapt & iterate the technology as part of a soft launch.

Further product enhancements and features will continue to be worked on and, as we scale, we expect to introduce more regular product releases.

Engaging with 3rd party game developers, publishing API documentation and sample games and contracts.

Q3-4:

Product feature enhancements and further operator on-boarding. Comprehensive operator reporting and administration tools.

So, if you’ve read this far, you can now see how professional and enlightening this team has been with their project. I believe that within the following months, FunFair will show us exactly why they are one of the best projects in the cryptocurrency space right now and beyond.

TL;DR - FunFair is a licensor of provably fair blockchain casino technology. Professional team of 30+ employees, full transparency in company actions and initiatives, proprietary technology that is near-ready for mass adoption, consistently on-track with road map. They have tackled a problem head-on with the gambling industry, and are ready to provide their solution. Strong community of both members and developers.

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