After the banking industry, if there is any other industry that is thriving and is observed and regulated closely, it is none other than the gambling industry. Experts and analysts predict that by next year, the gambling market’s worth will shoot up to 60 Billion U.S. Dollars. And the latest additions to the gambling industry are only proving it to be right. One such addition is the FunFair Network.
Understanding FunFair Network-
So what is FunFair Network? Well, it is a UK based decentralized casino gaming platform. It is not a casino operator. Instead, other casino operators get licenses and technology from this platform. This platform is based on cryptocurrency and is constructed on the ETH Smart Contract blockchain.
It offers smooth and speedy transactions over the network with a much lower fee with the help of off- chain processing via Fate Channels. The token it uses is called FUN Token. It is a custody ERC 20 crypto token.
The growth in the gambling industry-
The predicted $60 billion worth of the gambling industry is almost 10% of the annual revenue of the current gambling industry. With time, these figures are only soaring higher. The trend of several applications was first testing the waters on the mobiles; the same inclination can be seen in the gambling industry too.
Investors in the gaming industry are already enjoying the profits, but the estimate for the profits extend further than what is now. The youth specifically is the mainstream reason that strengthens the mobile online gaming setup. On the other hand, only a handful of traditional casino gaming companies shape the development in this sector.
The FunFair Network aims to build an open development platform. The idea is to serve the casino operators through this platform. Through this channel, the company hopes to tap in a lot of revenue for operators, developers, and gamers.
The cryptocurrency called FUN-
Last year on Dec. 15th, 5,568,585,589 FunFair’s currency was rolling in the market. The initial supply of the cryptocurrency was 10,999,873,621 FUN. Last year on 9th Jan, the all-time high of FUN was 0.191369 U.S. Dollar. The cryptocurrency managed to raise almost 20 million U.S. Dollars worth BTC, ETH, and ZEC after the Fun Fair initial coin offering ended on 22nd June in 2017.
There will not be any mining; given there is no more minting taking place. Instead, this cryptocurrency is rather like a digital casino chip. Therefore, they are paid by the users. For instance, in order to publish the games, the developers have to pay for it. Or casinos have to pay to get the platform licensed. Or if the gamers want to place any bets, they need to pay in order to do so. The payments are done in the form of a token and therefore are paid through FUN. Once the payment is made, the remaining amount is stored in a cold wallet.
There is also an additional rule that casino operators need to fulfill. For instance, if the casino operator wants to cap the crypto betting vulnerabilities, then it is mandatory to pitch in ample FUN that can cover the probable losses. This rule makes sure that the gamers get a token payout when needed. Read more in detail to know about cryptocurrency betting.
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FUN seems to be flying high, given it is traded more than 4 million U.S. Dollars worth in every 24 hours. This cryptocurrency gets a back from the big names of the crypto industry such as- Binance, LATOKEN, Bitrue, HitBTC, and Ethfinex. ETH, BTC, UDST, and fiat USD make the FUN trading pairs.
It seems that this cryptocurrency is quite a versatile one. We can say so because it can be stored into any crypto wallet that is compatible with ERC 20, given the cryptocurrency itself is an EC 20 token. The common crypto wallets that can be used are- the Nano Ledger S hardware wallet and the MyEtherWallet. Moreover, to know more about MyEtherWallet platform it is recommended to go through MyEtherWallet review.
How does it work?
Casinos have preferred the use of tokens over cash. Therefore casinos use branded chips. On the other hand, if we look at the mobile gaming sector, there too a similar system is followed. What FunFair is trying to rope in is to boost a third party development that will complete the circle.
So here is how it happens. At the first stage, registration is required via the FunPass. It is like an identification process that asks user’s age and information for the KYC verification are asked for. Once the user successfully completes this step, the user’s ETH wallet gets approved.
The next stage involves the creation of ETH Smart Contract between the gamer and the game developer. The gamer then needs to buy FUN with an initial fee in order to turn the funds into the cryptocurrency. Then with the help of a Fate Channel side chain, the remaining calculations are used in the game once the ETH smart contract gets set.
All the game’s victory or losses are recorded on the ETH Blockchain, upon the completion of the gaming session. The blockchain technology makes the process quite smooth and lowers the transaction fees too.
The players can choose from a wide variety of games through an open developer market. The popular games such as slots, blackjack, craps, baccarat, roulette, and poker are also accessible through the beta network.
FunFair seems to be pushing the boundaries since it is seen partnering with Spike Games and Big Wave Gaming. The partnership is done to build more gaming content. As per reports, RaketheRake and CasinoFair are the first casino operators who started to use the blockchain platform.
Goals of FunFair Network-
FunFair Network’s targets hover above the targets of casino partners. The team formed with the co-founders Jez San Obe, Jeremy Longley, and Oliver Hopton; is working hard to get the gaming entity legalized on the international scale.
Each country asks for a legal structure to be fulfilled before legalizing any industry. For instance, in the United States, the online gaming sectors need a state license offered by The Nevada Gaming Control Board and Gaming Commission.
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There have been several instances where the online gaming sites braved the heat, and as a result of any raid, the funds of the gamers got frozen in a similar fashion like when crypto traders or the investors get their cryptocurrency frozen.
On Ethereum Blockchain there are many gambling platforms which include FunFair and Augur. These two gaming platforms do not compete with each other. What makes FunFair stand out of other gaming platforms is that it aims to be absolutely transparent. It does not want to get into practices such as false advertising odds, using the bots in order to boost artificial interaction, unbelievable payouts and so on, which other gaming platforms are unfortunately are practicing. There is a lot of success and potential seen in this platform, once it achieves the license.
FunFair has chosen a sweet spot for itself, and once things start to click, there can be a good amount of success to rope in. The partnership move which this company is making with other companies is a good way to assure a safer landing into the top gaming platform position.
