“Harnessing the power of blockchain technology to revolutionize the online casino industry”
FunFair aims to bring transparency, access, and efficiency to the casino industry. Building on the Ethereum blockchain, the project enables anyone, anywhere to run their own casino. Leveraging the blockchain allows for a fairer environment when it comes to gambling. Instead of acting as a casino themselves, FunFair plans to license out their technology to other casinos and platforms in order to mitigate their risk.
When playing a traditional online casino game, it requires trust on your side of the equation that the odds are fair and truthfully held by the house. Using smart contracts in place of hidden code is the obvious place the start. This alone isn’t too novel of an idea since there are dozens of projects leveraging that same technology in the same industry. FunFair, however, addresses the problem of network speeds and gas fees on Ethereum. Using customised state channels called “Fate Channels”, the FunFair team combats the limitations of the blockchain.
Acting as a second layer on top of the Ethereum blockchain, each gaming session happens on a Fate Channel. Fate Channels communicate with the user and the casino enabling a complete gambling model with smart contracts settling the bets. The only time that the underlying Ethereum blockchain will be used is when a Fate Channel is open and closed. This means you open a channel at the start of your game for a single fee and do a limitless amount of bets. When you have finished gambling, you close the channel for another single fee. This greatly lowers the cost associated with countless betting transaction fees associated with other gambling projects on the Ethereum blockchain. Transaction times are lowered in tandem with the fees, leading to quicker games off the sometimes clogged Ethereum chain.
The token itself, FUN, is required to partake in every part of the platform. FUN is the only currency accepted for in-game credits. Casinos will use this to pay for their licensing and in turn how the game creators are paid.