Funfair in a Nutshell - Writeup
Funfair aims to create a decentralized gaming platform that provides a provably fair environment for the players. Based on Ethereum smart contracts, they hope to improve on existing transparency, transaction costs, and speed of current online gaming casinos.
Funfair is co-founded by Jez San. He previously founded Argonaut Software and helped develop Star Fox for the Super NES. He has been involved in the gaming industry since the 1980's and even has an OBE to show for his efforts.
Funfair proposes to improve upon existing blockchain casinos in the following ways:
- Provably Fair
- Bankless
- Fast
- Flexible
Provably Fair
One of Funfair's main goal is to integrate and improve on blockchain technology to provide fairness and verify gameplay. They have used state channels and multiple reverse hash chains to help with their encryption.
Bankless
In conventional online casinos, people have to first make deposits with their own money onto the casino's own accounts. Effectively, what does means is that players lose control of their funds. Funfair will not require this step. Players can make bets directly from their own cash wallet.
Fast
To improve on the speed of transactions, a state channel is 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. This greatly improves speed as well as lowering costs.
Flexible
They also want to give players more options, such as being able to adjust funds mid-session, vary the size of bets from game-to-game, and to use winnings immediately.
Funfair Going Forward
Funfair eventually hopes to license their platform to casinos in the future.
Resources:
https://funfair.io/wp-content/uploads/2017/06/FunFair-Commercial-White-Paper.pdf
https://funfair.io/wp-content/uploads/2017/06/FunFair-Technical-White-Paper.pdf
https://coinmarketcap.com/assets/funfair/
Article posted at http://boxmining.com/funfair-fun-nutshell/
I invested in funfair a few months back. Have been playing the dips ever since. Quite an easy ride to be honest.
Also has a good team behind it.
Funfair is one of those companies that will demonstrate real world use of blockchain technology. Non have done so yet!
Michael; When you do the market cap roundup, can you pls scroll a bit higher or switch the position of yourself to the other side of the screen? Mostly you are talking about the coins/tokens that are invisible for the viewers.
Thanks for the daily updates and information.
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