FunFair.io ICO – The Future of Blockchain Gaming
FunFair.io will launch a hugely anticipated token sale at 2PM GMT today, and as the premier Ethereum gambling site we thought it best to give our 2 cents. We’ve had ICOs from other Ether gambling platforms in the past, most notably Edgeless, Etheroll and SmartRoulette, however FunFair.io stands out as something quite different.
Disclaimer: opinions are our own, this is not investment advice!
Intro to FunFair
FunFair is a decentralized smart contract-based casino platform powered by Ethereum. The platform handles transactions through a payment channel – called the “Fate Channel” – and is similar to other channels such as Raiden or the Lightning Network. We believe this is the first time an off-chain payment channel will be deployed and used at scale. The benefit of such a payment channel is that transactions can happen off chain, requiring only 2 onchain transactions to occur – one to open the channel, and one to close (settle) the channel. This allows for rapid trustless betting whilst the payment channel is open, without the need for slow block confirmations on every bet – problems suffered by the aforementioned Ethereum casinos. This also minimises fees for betting, allowing individuals to make thousands of trustless bets with no middlemen. Costs are also greatly reduced for both the player and the house – opening and closing a payment channel will cost in the region of a dollar; compare that with the cost of processing bank transfers, credit card payments and the customer service that comes with it and the saving (in both money and time) is huge.
Furthermore, FunFair.io has developed some cutting edge 3D games that are extremely aesthetic. These games are comparable to some of the best seen at 888.com and other mainstream brands. An introduction to FunFair.io, their ICO and the platform itself can be found below.
As with all Ethereum token sales, users from anywhere in the world (except the USA) can buy the underlying token for the network. For FunFair, the token uses the ticker FUN, and will be available from their crowdsale page. Key facts for potential investors:
- No more tokens will be distributed after the ICO
- The number of tokens distributed will be capped between 500m and 1bn tokens
- The total valuation of the company (currently 1 year old with a working alpha) will be between 8.33 and 16.66 million USD (100 FUN tokens issued per dollar value deposited, plus an additional 66.66% of total coins issued minted for the FunFair team)
As with all other token sales of late, there has been tremendous hype. However, FunFair.io is much lesser known than say Bancor or Status (both of which took out the Ethereum network for several hours thanks to their token demand). These other companies have been valued at several hundred million which makes the FunFair.io comparison look particularly reasonable. It is also worth noting that Bitcoin and Ethereum gambling is one of the largest markets for cryptocurrency right now, and for that reason it could be one of the better investments of recent token sales.
One of the key differences between FunFair.io and its competitors (SmartRoulette.io, Edgeless and others) is that it has a transparent team. The founder, Jez San spoke at Ethereum London in mid-June where he gave a demo of the software itself. This team is one that wants to work with regulators to create an infrastructure around cryptocurrency gambling, and with a presence in the UK, they will no doubt be pushing for regulation and approval by the UK Gambling Commission – which would have enormous implications.
ENS and Civic/uPort
The team at FunFair.io have also invested in some high value Ethereum addresses including blackjack.eth. This will make for a much more accessible experience in the future; as rather than copy and pasting long and unmemorable Ethereum 0x addresses, players can just send money to blackjack.eth and others.
In line with the regulation, FunFair.io are keen to integrate with Ethereum identity platforms like uPort and Civic which will put them a step further towards approval from major gambling regulators. This type of integration may be a few years off from development, but it is likely that the first smart contract casinos to integrate proper KYC and AML checks will be the winners over the long run. That said, there will always be anonymous Bitcoin gambling sites to play at.
Should you invest in the FunFair.io ICO?
This post is not intended as investment advice, but BigcoinGambling.com will provide its thoughts and opinion on the matter. FunFair.io, with its Fate Channel technology and readiness for regulation, has enormous potential as a mainstream casino. It is likely that smart contract based gambling will have a huge stake in the future of the industry, and FunFair.io may be the one who takes the lion’s share of the market. Here are some words from the team:
“A completely serverless, employeeless peer-to-peer casino is vastly more resilient and significantly cheaper to operate than one which must deal with banking institutions, data center hosting costs and payroll management. We firmly believe our technology will be transformative for the online gaming industry”.