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What Are Fun Tokens And How Do They Work
Fun Tokens are the cryptocurrency that powers FunFair Casinos which are revolutionary new casino platforms that offer state of the art solutions to the gambling industry. The crypto token is an ERC-20 token that powers the ecosystem. The platform uses its proprietary Fate Channels to process off-chain transactions which produce a faster processing time than the competition along with helping to lower costs for casino operators. The technology is available through a license so anyone can set up a casino and enjoy the benefits that it provides.
FunFair aims to be the world’s leader in providing casino games solutions using the Ethereum blockchain. Its team of global cryptocurrency and online gambling experts have looked extensively into the present problems faced by the industry and uses state of the art smart contract alongside Fun Token technology to provide solutions.
The State Of The Present Gambling Industry
The gambling industry is controlled by only a few organizations and developers presently which have been designed around how to make profits for the operator at the cost of the user. Most use underhanded tactics such as utilizing algorithms to identify successful gamblers and make sure that their accounts are limited in some way such as not offering promotions or even closing down accounts or refusing to pay out winning. It has meant that the industry has gained a bad reputation over the years and now younger gamblers are choosing different options
The Rise Of FunFair
FunFair is an open-source development company that has created a white label turnkey online casino platform for operators of casinos. It generated more than $20 million during its ICO sale that ended in June 2017. It aims not only to reward the operators of the platform but also the players.
The turnkey platforms are powered by FUN tokens which at as the currency and fund the whole ecosystem. They can be purchased using real money options or other cryptos along with exchanged by using cryptocurrency exchanges. The system in place ensures that all players are guaranteed to be paid out as the operators must have a large enough FUN token balance to pay out any winnings.
Wallets That Accept FUN Tokens
FUN is a property ERC-20 token created using the Ethereum blockchain. It means that any wallet that is ERC-20 compatible can store FUN Tokens. These include popular wallets such as Ledger S and MyEtherWallet.
If you have played at a casino before you will have had to buy chips to be able to play the games as these are the currency used by all operators around the world. They create their own branded chips that can then be exchanged for real money when the player wants to cash in. FUN tokens work the same way.
How To Play At A Fun Casino
Before you can play at a Fun Casino you will need to register for a FunPass. During this process, you will be required to verify age along with providing KYC identification documents. Once these are approved and you have entered your Ethereum wallet address, it will become whitelisted so you are free to start playing at one of the platforms.
How FunFair Casinos Work
Once a user has set up a Fun Pass account and been approved a smart contract on the Ethereum blockchain is created. This contract is between the game’s developer along with the player. A small fee will be incurred to be able to convert the funds into FUN tokens. Once this is carried out the games are played off-chain using the proprietary Fate Channel.
Once the gaming session is over the smart contracts calculate the winning/losses to create the final player balance which is recorded on the blockchain. Using the Fate Channel means that the gameplay is much faster than is possible on other similar platforms along with helping to reduce the transaction fees.
If FunFair is a success it could become the world leader in providing online casino solutions to operators. The gambling industry is worth more than $60 billion each year and FUN tokens could be one of the main currencies used in the future. By limiting the use of the Ethereum main net it means it can overcome present issues face by blockchain-based gaming that struggles to cope due to the speed required to run such a platform.
It is still early in the development stage but already there are two FunFair Casinos available to play at. These are CasinoFair and CryptoCasino so make sure to read our full in-depth reviews on each of these platforms. There are free FUN tokens available for signing up for an account and making a deposit so now is a great time to sample the future of online gambling.