The global online gambling market was worth a whopping $44.16 billion in 2016 and is estimated to reach $81.71 billion by 2022, at a CAGR of 10.8 percent. Currently, the market is dominated by a number of large casinos and betting houses, including Casumo Casino and Bovada, that lack transparency and charge outrageously high deposit fees. Additionally, these exchanges are centralized, and by their nature, are completely insecure.

While there have been attempts at making decentralized, blockchain online casinos, these have largely fallen short due to significant wait times associated with each platform, as multiple blocks must be mined with each game move (i.e., rolling a die). This has worked to stifle mainstream adoption, as no one wants to wait minutes in between moves.

There is one major blockchain project that is hoping to develop a more innovative casino platform to address the transparency, fee and timing issues associated with other platforms. FunFair is a decentralized gaming technology platform which uses the Ethereum blockchain, smart contracts and what are called ‘Fate Channels’ to deliver casino solutions with games that are fun, fast and fair. FunFair is unique in that it isn’t a single online gaming casino, but a platform that allows anyone to launch their own games, anywhere in the world.

Interested in FunFair? Here’s a quick rundown of the project:

Platform & Development

The FunFair boasts a number of features that help it stand apart, as detailed on the FunFair website:

Turnkey Solution: Create a casino in seconds and start accepting players and processing payments immediately.

Create a casino in seconds and start accepting players and processing payments immediately. Secure: Serverless decentralized platform is protected from hacking and player or operator interference.

Serverless decentralized platform is protected from hacking and player or operator interference. Fair: Software uses the blockchain and smart contracts to offer transparency.

Software uses the blockchain and smart contracts to offer transparency. Fast: Gaming on demand with no delays due to Fate Channels technology, which is a State Channel opened for the duration of a gaming session, supporting custom gaming messages between the FunFair client and server. The only transactions on the blockchain occur at the beginning and end of the gaming session.

Gaming on demand with no delays due to Fate Channels technology, which is a State Channel opened for the duration of a gaming session, supporting custom gaming messages between the FunFair client and server. The only transactions on the blockchain occur at the beginning and end of the gaming session. Efficient: Games require 10% of the network processing costs of other blockchain casinos.

Games require 10% of the network processing costs of other blockchain casinos. Token Powered: FUN token enables seamless payments and rewards for all platform participants. Tokens will be burned in each transaction on the platform,

Uniquely, the FunFair platform offers game developers the ability to deploy their very own games and get compensated directly from game participants. Games built on the FunFair platform run directly in the browser on desktop and mobile devices without requiring an app download, eliminating any inertia for user onboarding.

The FunFair platform is still in beta, and you can visit the demo site to try out some of their games, as well as the blockchain system.

Team

FunFair is led by Jez San, a British technology entrepreneur and investor, who was an early backer of the company that became Google’s DeepMind. Overall, the team looks very well rounded and the community is active across platforms.

Token Financials

FunFair (FUN) currently has a market cap of ~$225 million with a circulating supply of 4,605,074,689 FUN and a total supply of 10,999,873,621 FUN.

Final Take

FunFair is hoping to take a share of the massive online casino market. While their platform offers a unique suite of features, their long-term value will likely be tied more to the speed of mainstream cryptocurrency adoption than anything else.

Follow us: Telegram | Twitter | Newsletter

Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.