Are you looking for a new crypto currency to invest in? Now that the price of Bitcoin has risen so rapidly, there are more and more people interested in investing in cryptocurrency. However, beginners should be careful. For example, it is important to do good research in advance, before investing in anything.
That is why today we will explain more about FunFair and the FUNToken. This way you know better what this project entails, and you can determine for yourself whether it seems smart to invest in this project. In the meantime, we also explain where you could buy the tokens and how to store them, if you decide to invest in FunFair.
- 1 What is FunFair (FUN)?
- 2 The FunFair (FUN) Token
- 3 More about the FUN token
- 4 Why is FUN one of the most promising cryptocurrencies of 2021?
- 5 What is Freebitco.in?
- 6 What problem is FunFair trying to solve?
- 7 Competition
- 8 How can you buy FunFair (FUN)?
- 9 Where can I store FunFair?
- 10 Is it smart to invest in FUNTokens?
- 11 Funtoken (FUN) Chart
- 12 Conclusion
What is FunFair (FUN)?
FunFair is a decentralized cryptocurrency based casino gaming platform built on the Ethereum smart contract blockchain . It uses off-chain processing of data to speed up transactions on the network and reduce royalty costs. The FUN token is the ERC-20 crypto token for the FunFair platform, which we will talk about further in this article.
According to analysts, the online gambling market will be worth about $60 billion by 2021. It represents approximately 10% of the total annual revenue of the gaming industry and this segment is still growing. Like all other application categories, online gaming is moving towards a “mobile-first” model.
If there is one sector that is more highly regulated than the banking sector, it is the gambling industry. The Nevada Gaming Control Board and Gaming Commission, for example, is the primary regulator in the United States.
Those who have a foothold in this profitable industry are not out to share the profits, but they have underestimated the social aspect of gambling. Younger generations are attracted to online mobile games because of their social integration, but a small oligopoly controls the development of most traditional casino games. And that’s not fair according to the team behind FunFair.
London-based FunFair hopes to use the Ethereum blockchain to create an open source platform that can be used as a turnkey solution for casino operators. This is an open road that can bring a lot of revenue for operators, players and developers.
The FunFair (FUN) Token
FUN is an ERC-20 token. It is at the heart of FunFair’s technology ecosystem. Founded in 2017, FunFair is the leading provider of casino blockchain technology in the online gaming industry.
The FUN token is a decentralized utility token listed on major exchanges including Binance , BitFinex, HitBTC, OKEX, and Changelly. It is fast, transparent and extremely easy for developers to implement.
More about the FUN token
As of May 2021, the outstanding stock of FUN tokens is 10.3 billion out of a total of 10,999,873,621 FUN. The maximum price of FUN so far was 0.191369 USD on January 9, 2018. In May 2021, the price of FUNToken is about $0.0314. The FunFair ICO token sale ended on June 22, 2017 and raised approximately $20 million in BTC, ETH and ZEC.
No more FUN is created, so there is no mining. FUN tokens work like digital casino chips. So they are paid by developers to publish games, casinos to license the platform and players to place bets on games. All transactions on the FunFair platform are numbered with FUN, which is placed in a special pool after payment to the network.
Since a casino operator could cover the bets, he must wager enough FUN to cover the loss. This guarantees players a guaranteed chip payout, and prevents scams.
Why is FUN one of the most promising cryptocurrencies of 2021?
FreeBitco.in, one of the largest Bitcoin iGaming sites in the world, has chosen FUN as the reference currency for its premium subscription program. FreeBitco.in has over 41 million registered users. The simple and low-cost crypto gaming platform aims to promote and facilitate cryptocurrency adoption through innovative new practices.
Their latest initiative is the use of FunFair (FUN) in their subscription. This requires users to acquire FUN tokens to unlock certain benefits on the website:
- 1% discount on bets
- Daily Free Draws – Extra Chances to Win up to $15,000 in BTC
- 25% Bonus Interest – Users receive extra interest on their BTC deposits
- 50% lifetime commission on their referrals
But that’s not all, because when the token is sold, 41 million users will be able to access FUN tokens to access the benefits mentioned above. The value of FUN will skyrocket as a result of this massive increase in demand. As such, it could provide an interesting investment opportunity in the long run.
What is Freebitco.in?
Freebitco.in is a Bitcoin gaming platform based on a fully automated proprietary technology stack. It offers a variety of free games, bets, sweepstakes, giveaways, as well as a Bitcoin dice game.
According to SimilarWeb, FreeBitco.in has established itself as one of the leading Bitcoin gaming sites and the seventh largest online casino in the world. With over 52 million visits and 3,600 BTC wagered each month, FreeBitco.in’s audience in the crypto space is unparalleled.
FreeBitco.in’s proven fairness algorithm has resulted in a trusted ecosystem open to online gamblers from all over the world. The 2.8 million new registrations and the 600 million dollars in bets in 2020 (an increase of 30% year-over-year) are proof of this.
Behind these achievements is a dedicated team of experienced developers eager to create the best gaming experience possible. Moreover, since 2013, they have been committed to promoting the strengths of crypto around the world.
What problem is FunFair trying to solve?
Casinos have always preferred to use chips rather than cash. Branded tokens are used as currency in land-based casinos, so the idea of using crypto-currency tokens for online games isn’t far-fetched.
Mobile games use the same virtual currency exchange to create freemium Microtransactions tokens in-game. FunFair is interested in the intersection of these two markets and hopes that third-party development will give the company the edge. They certainly need that to be able to compete with other platforms.
Users register through FunPass, a KYC age and identification verification platform, which then marks your Ethereum wallet as approved. Think of it as a stamp on your hand so you can get back into the club.
From there, a smart Ethereum contract is created between the player and the game developer, for example to buy chips at a table. You will have to pay an upfront fee to convert your funds to FUN, but once the smart contract is set up, all calculations of the game itself are done on a Fate Channel sidechain.
When the player completes his session, the win-loss record and the closing balance are stored in the Ethereum blockchain.
The selection of games is determined by the developer market, and core products such as slots, blackjack, craps, baccarat, roulette and poker have been available on the beta network since May 2018.
The company has also partnered with Spike Games and Big Wave Gaming to create even more blockchain-based gaming content. RaketheRake and CasinoFair are among the first casino operators to adopt the FunFair platform.
While these casino partners are looking for players, the FunFair team, led by co-founders Jez San Obe, Jeremy Longley and Oliver Hopton, handles the paperwork needed to legalize a gambling entity in markets around the world.
For example, in the United States, online gambling companies must apply for a state license, with Nevada being the only state to do so so far. Over the years, operators of online gambling sites like Full Tilt Poker, PokerStars and Absolute Poker have been caught and their players’ funds frozen.
FunFair isn’t the only betting platform on Ethereum, though it doesn’t technically compete with a betting platform like Augure. The types of bets are different, and it promises to stand out from the rest of the pack with a transparent platform. Many casino games (online or physical) advertise false odds or use bots to simulate artificial wagering and unrealistic payouts.
If FunFair can get the proper license and the licensed casino operators can attract enough players, this platform is an absolute winner compared to its competition. But that’s easier said than done.
How can you buy FunFair (FUN)?
You should always be told to only invest money you don’t need. According to many crypto fanatics, this is true for FunFair. When you decide to buy FunFair, you can do so through various crypto exchanges. We recommend that you do it through a major exchange like Binanace, ByBit or Bitvavo. These exchanges can be trusted, so it will not go wrong.
Of course you can also use a decentralized exchange (DEX) such as Uniswap or Sushsiswap. However, it is a lot more difficult to buy crypto coins on a DEX. That is why we also recommend using a centralized crypto exchange .
Where can I store FunFair?
We are lucky that FUN is an ERC-20 token. This allows you to store FUN in almost any wallet; both software and hardware wallets. The ERC-20 token is the token that runs on the Ethereum blockchain, and also the most used token in the world of cryptocurrencies.
If you have a lot of FUN in your possession, it is recommended to store it in a hardware wallet . This way you ensure that hackers cannot access this if the wallet is not linked to a device with internet. You can also store the FUN in a software wallet, as long as you secure it properly.
Is it smart to invest in FUNTokens?
The value of FUNTokens grows as the number of people using the platform grows. The more people who use FunFair, the more people need the tokens to play. This can be an interesting insight for investors looking to take advantage of a price increase. But is it smart to invest in FUNTokens?
Before investing in cryptocurrencies, it is wise to keep a few things in mind. For example, you first need to know how a project works, what the goal is and who is on the team. By examining this, you are doing a fundamental analysis. However, you can also choose to make a technical analysis . In a technical analysis you look at the price figures of a crypto coin, to find out whether it is a good time to buy or sell FUN. This way you ensure that you minimize the chance of a loss.
Funtoken (FUN) Chart
FunFair is not an online casino, but it does operate a blockchain network for casino operators to use. Surviving in this multi-billion dollar industry is no easy feat, but partnerships with game developers and casino operators can make it a success. The odds are determined by these important factors.
FunFair uses Fate Channel state channels to host sessions between players and game developers. The Ethereum Ethernet network is only used at the start and end of the session. Players exchange currency for FUN ERC-20 chips to play games. This is only possible after registration with FunPass to whitelist your Ethereum wallet.
FUN has a predetermined fixed offer and FunFair keeps all collected fees in a special storage to help with inflation.
With these elements in place, FunFair is an ambitious project targeting a lucrative market. If it can make a difference between competition (based on blockchain and legacy) and regulation, FunFair and its partners can make a lot of money .
But like everything in life, they take a risk and take a calculated risk. The same goes for you when you invest in FUN. The price of FUN can rise in the future making you money with it, but you always run the risk of losing money with your investment.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com