Posted in Money on January 10th, 2018
In this post, we examine the crypto-token FunFair(FUN). We will outline the project according to the developers and the team in charge. Some people may find value or purpose on this crypto-project based on how it develops and what problems it aims to solve. The validity of development and claims must be determined by the judgement of the reader. From here on out, I will refer to the crypto-token as FUN.
According to the project, the goal is to revolutionize “the gaming industry by harnessing the power of the blockchain in the online gaming market.” FunFair are “delivering solutions which ensure that the future of online casino gaming is fun, fast and fair.”
FunFair is an online casino gaming platform. The platform is based on Ethereum blockchain, built in HTML5, 10x cheaper per bet than other platforms (gas costs), serverless, decentralized, and operators can publish in just two clicks. Transactions are operated with FUN crypto-tokens.
Initially, FUN was to be issued in two phases. First phase issued up to 1 billion FUN by July 7, 2017. And phase two with 3X the amount issued in phase one. It seems like the plan was changed to issue up to 12.5 billion FUN. However, 40% of total supply is allocated to the founders and advisors. Based on CoinMarketCap.com 4.3 billion FUN is in circulating supply while total supply is about 11 billion.
The project offers fair gaming using fate channels instead of random number generators. It has been shown that random number generators are not so random, so they are often referred to as pseudo-random number generators. To be more fair, FunFair offers gaming through the use of fate channels. “During gaming, we create instead a “Fate Channel”; a State channel with the added ability to verify a progressive reveal scheme by both parties, advancing a deterministic (“fated”) but unpredictable sequence of random numbers.”
In our podcast, I will comment and provide some views on this crypto-project that I think are different than the current interest in crypto-currencies. I will update this article with the podcast when it has been recorded. If you are interested in subscribing to our podcast, check it out here.
This article covers a token or element in the cryptosphere. FinTekNeeks are not financial advisors and this is not a recommendation to purchase or sell this crypto-token. Please seek professional investment advisors before taking any action on a crypto-token. By the time this article is published, changes may have already occurred. Most tokens in the cryptosphere are complete scams that are get-rich-quick-schemes for insiders. Often, we cannot know this beforehand and only later discover this. A person should only trade with money that they’re willing to lose because losses are guaranteed. If you choose to participate in purchasing a token in the cryptosphere, you should do so with the full expectation of a loss and you should also expect it to change in a manner that does not benefit you. Finally, by reading this post, you agree that you’ve read our disclosure.