FunFair - The world's fastest Ethereum casino platform | ICO 22/06/2017
FunFair is a decentralised gaming platform powered by Ethereum smart contracts. Thanks to our breakthrough technology, it is the first platform to solve the big challenges that have made other blockchain casinos unplayable. Our vision is a limitless universe of transparent, secure casinos that can be easily created by anyone, anywhere, where games are fun, fast and fair. That’s why we’re called FunFair.
FunFair - Smart Casinos
Create your own low-cost blockchain casino quickly and reap the rewards
of our pioneering technology. Using the Ethereum blockchain, smart
contracts and our own never-before-seen ‘Fate Channel’ solution, we can
offer the ultimate casino experience – complete transparency,
astonishing efficiency and unrivaled user experiences.
FunFair - Fast & FairGames
Using decentralised, open-source technology and Ethereum smart contracts, we can eliminate any doubts about game fairness. But transparency isn’t enough. Users should never have to wait for their next game, nor should anyone have to shoulder the burden of blockchain transaction fees for each spin of the slot, or hand of blackjack. Our ground-breaking approach to Random Number Generation and ‘Fate Channels’ delivers the seamless experience that 21st century gamers demand.
FunFair - PureEntertainment
Players are at the centre of everything we do, which means fairness, speed and better payouts are just the start. Our combined 40 years of experience building gaming and casino software means we will never compromise on user experience. Our great looking, intuitive games come preloaded with the platform, showing future FunFair developers what’s possible. And so you know we mean business when it comes to delivering a product, you’ll be able to test some of our games yourself before the token creation event begins.
Funfair’s token, FUN, is the currency of this new ecosystem. It is the fundamental method of interaction with FunFair smart contracts, ensuring every participant is rewarded for their contribution. Users will buy FUN tokens as the chips in FunFair’s online casinos. Game developers will get paid in FUN. Casino licensees will finance their operation solely with FUN, and affiliates who bring in new players will be paid in FUN. Platform service fees such as Random Number Generation will be paid in FUN, and then burnt. Participate in our upcoming token creation event and you’ll join us on the FunFair ride of your life, as we revolutionise the world of online gaming.
FunFair Token in Brief
Our token FUN will be used for all platform actions, including betting, lending, paying out players and compensating stakeholders. FUN will only be created during a single event commencing June 22, 2017 at 14:00 UTC. FUN should become more valuable and useful over time as additional FunFair developers and operators launch casinos and new games
Start Date: June 22, 2017 (UTC 2017-06-22T14:00:00Z)
End Date: July 7, 2017 (UTC 2017-07-07T14:00:00Z)
Cap: 5 Billion Soft, 12.5 Billion Hard.
Price: 100 FUN/USD
Founder Stake: 37.5%
Advisor Stake: 2.5%
Bonus Period: Up to 150 FUN/USD
FunFair Games Details:
Figure 1: 3D Roulette - one of the Many Games Built on the FunFair Platform
Combined, FunFair’s founders have a proven track record of over 40 years’ creating innovative interactive
entertainment products and have sold millions of games in the process. We know what it takes to
make a good casino game great and now we’ve built the world’s first blockchain-based platform that is
capable of meeting the demands of a high-quality online gaming experience.
Our core team comprises more than ten full-time developers and we have already completed the first
blockchain-based 3D games using the FunFair platform in HTML5. These initial games stand as a
fully-playable proof of concept, demonstrating the advanced capabilities of FunFair’s platform and
serving as inspiration in order to kickstart the ecosystem ofoperators and developers around the world.
Games built on the FunFair platform run directly in the browser on desktop and mobile devices without
requiring an app download, completely eliminating one of the major pain-points of player onboarding.
Here are sample images of some games under construction (we have six in our launch suite). You can
view more images and videos of these games in action on the website. They will be offered as playable
prototypes prior to the token event to demonstrate the technologies and capabilities of the platform,
including the first generation Fate Channel technology will be playable in at least one of the games
Operators: Launch A Casino in 2 Clicks
We’re not planning on launching just one online gaming casino — we have built a platform to effortlessly
launch thousands of online casinos, hosted by operators and organizations of all sizes, anywhere in the
Operators and developers who license the FunFair platform have the ability to create fully-customized
player experiences for traditional games of chance such as slots, blackjack, roulette and baccarat. We
want to enable anyone who wishes to build, publish, host and play them — and for all parties to be
fully assured that every game is fair and trustworthy.
Unlike any existing online gaming platforms or services, a FunFair license allows an operator to easily
set up and host their own casino under a private label. Individuals or organizations will be able to
select games from a marketplace and offer standard or VIP rooms with customized in-house bonuses
for their players.
When the operator is ready, the platform enables them to publish a full casino suite and go live in just
FunFair’s platform is designed by game developers, with game developers in mind. The games already
built demonstrate the superiority of the FunFair platform. No other platform has to date been able to
offer instant, cost-effective real-money gaming to players and developers.
FunFair investors have already acquired several gaming-related .eth domains, including blackjack.eth,
for FunFair operators’ and affiliates’ exclusive use. Full details on how to access these domains will be
published in Q3 2017.
Instant, Frictionless Gaming
To date, developers have not been able to create blockchain-based games that are worth playing.
Nobody wants to sit for a minute (or longer) while the dice roll waits for multiple blocks to be mined
before it can report the result back to the player. Yet this is the state of blockchain gaming today. None
of our competitors have addressed this shortcoming — not because they don’t recognize the issue, but
because it’s a very complex problem that nobody has solved — until now. FunFair’s patent-pending
technology does the hard work of making truly instant blockchain games available to everyone. This is
what will win the market.
1.Signup and KYC
Self-sovereign identity technology from industry leaders including Consensys Civic and New Alchemy
is coming to market later this year. Where possible we are planning to support these technologies to
allow safe, private single-click sign-ups that take less than a second. We believe that every second of
customer time saved during sign-up will double participation1.
2.Putting Social First
The FunFair platform has been designed from the ground up to encourage viral uptake. All casino
games are designed for easy invites and sharing so that users can create virtual groups and play with
their friends. Additionally, post- launch, functionality will be integrated which allows operators to
grant affiliate revenue sharing to social players.
We’ve created a browser-based online gaming platform that utilizes the HTML5 and WebGL standards
on both mobile devices and desktop computers to provide the rich 3D graphics to deliver a highly
polished fast and responsive user experience that players of app-based games are used to.
10x Cheaper Betting
The sluggishness of legacy blockchain-based games isn’t their only limitation: Even if players were
patient enough to play fewer than 30 bets per hour, they wouldn’t be prepared to pay the price. Not
only can high transaction costs wipe out winnings for players, they can also severely impact earnings
1.Current Competition is Unsustainable
We have been actively tracking gas costs across multiple Ethereum blockchain-based casinos presently
operating. Transaction costs to play a single hand of blackjack can exceed $1.00 and dice games can
exceed $.75 per bet on average.
A typical preferred individual bet stake is in the $1-$10 range — this is how the majority of real-money
bets are staked globally. At these sizes, transactions fees can overwhelm the size of the bet.
Even when a player wishes to make larger bets in the $20 range, the transaction costs can still
overwhelm the house edge — in total an average 12% cost between house edge and fees. For this
reason, only players willing to stake amounts greater than $50 generally play these games. Lowering
gas costs is only a temporary solution because as ETH prices rise, fee costs will make bets such as this
uneconomical once more.
As part of our market research we contacted Encore Las Vegas, a high-end casino operator, to determine
what percentage of their machines are used for high dollar bets. Encore’s representatives estimated
that there were “definitely five” $50+ slots out of 1,000 machines in the entire casino (as of June 6,
2017.) It is apparent to us that high-stake bets in excess of $50 will not become commonplace in
typical use-case situations.
2.Fate Channels: A Long-Term Solution
Online games should be cost-effective, affording repeat gameplay without adding unsustainable
transaction costs. Because ETH prices may continue to rise, pushing up gas costs in the process,
we needed to devise a solution that provides bets at less than 1/100th of the current industry cost.
Typical competitor costs today can exceed 10% per bet for players — our goal is 0.1%.
We believe that we have created a long-term solution for transaction cost problems with a unique
patent-pending implementation of State Channel technology, developed specifically for online gaming.
We call this technology Fate Channels.
A Fate Channel 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. Because a gaming session is instant and can include
hundreds of bets, our costs are an order of magnitude lower than our competitors.
A complete description of Fate Channels, our Random Number Generation Scheme and the Technology
Roadmap can be downloaded in the White Paper section at funfair.io.
FunFair has been engineered to be as attractive to online gaming operators as it is to players, eliminating
server racks and stifling overhead costs of the traditional online gaming systems (that can run into
millions of dollars to deploy). Our existing technology allows licensees much lower overhead costs for
running a casino.
By the time FunFair launches its v4 Fate Channel implementation the system will be entirely serverless.
A completely serverless, employeeless peer-to-peer casino is vastly more resilient and significantly
cheaper to operate than one which must deal with banking institutions, data center hosting costs and payroll management. We firmly believe our technology will be transformative for the online gaming industry.
FunFair (FUN) Exchange Announcement:
Funfair Listed on:
Funfair token (FUN) presale raises $26 million in 4 hour
Investors back blockchain gaming pioneers to build fastest Ethereum-powered gaming platform using breakthrough Fate Channel technology
Tech entrepreneur Jez San’s latest venture, FunFair Technologies, has raised a landmark sum from the presale of tokens that will eventually power every aspect of its blockchain-based gaming technology platform. FunFair is designed to deliver unrivalled transparency for consumers and efficiency for casino operators.
Slated to last a maximum of 15 days, FunFair’s Phase 1 Token Presale on June 22 sold out in just 4 hours, having reached its hard cap of $10M in contributions made using the Ether cryptocurrency. FunFair also received more than $15M in Bitcoin and other cryptocurrencies from individual contributors as well as institutional funds, including Kryptonite1, Block Tower Capital, and Pantera Capital.
“I’m thrilled that the blockchain community and institutional investors have so emphatically backed the team, our vision and the progress we’ve already made,” said Jez San OBE, founder and CEO. “Now it gets even more exciting as we work towards a live platform and the creation of a truly fair, transparent and player-focused gaming world.”
“FunFair is an incredibly clever Ethereum-based casino games company – decentralized, P2P, provably fair online gaming. My intuition is that Funfair is going to be huge,” noted Dan Morehead, Founder and CEO of Pantera Capital.
“Funfair will be one of the first practical applications to go live on Ethereum, and it actually solves a real problem of high casino fees and trust. It’s an Ethereum app that I could actually see my grandma using, which is pretty cool!” remarked Joey Krug, Co-Chief Investment Officer of Pantera Capital.
“FunFair has built the first production-ready state channels, powering incredibly quick games without compromising on provable security. They’re leagues ahead of other efforts. Jez is everything you could want in a project lead, and I believe FunFair will be an invaluable addition to the ecosystem,” said Charles Noyes, Analyst, Pantera Capital.
“Funfair, the team and the technology, were very impressive. Gaming is a major vertical set for disruption by smart contract technology and Funfair are by far the furthest ahead in terms of functionality and playability.” George McDonough, CEO of Kryptonite1.
“I’m excited to see an experienced entrepreneur like Jez San bring Blockchain technology to gambling. Gambling is an obvious use case for Blockchain tech, but hasn’t yet been implemented in a user-friendly way – I’m looking forward to seeing FunFair change that,” noted Ari Paul, Founder, Block Tower Capital.
“Jez and the FunFair team are fantastic. I’ve known Jez since 2013, and it’s been a privilege to work with his team defining the token mechanics and creating the ultra-efficient, token sale contract. I’m looking forward to the next phase for FunFair!” said Peter Vessenes, Managing Director of New Alchemy.
FunFair (FUN) A model for future token sales
Founders Jez San, Jeremy Longley and Oliver Hopton have a proven
track record of over 40 years creating innovative interactive
entertainment products and have sold millions of games in the process.
The team went public with their plans in early June, publishing
commercial and technical white papers, news of its Token Presale and an
early platform prototype with casino games playable on an Ethereum test
network, using FunFair’s unique Fate Channels.
FunFair’s Token Presale took place against the backdrop of recent Initial Coin Offerings (ICOs), which have placed enormous strain on the blockchain, causing global disruption and shutting out potential investors. FunFair delivered an orderly sale with no blockchain disruption and no fraudulent interference thanks to a number of ICO innovations:
- FunFair was the first to use the Ethereum Name System (ENS) in a Token Sale, directing people to ‘funfund.eth’, in addition to providing a hexadecimal Ethereum address. This resulted in a more secure investment channel, reducing opportunity for fraudulent activity.
- New Alchemy, the advisers and managers of the FunFair Token Presale were responsible for the gas efficient, Multi-Mint Technology that enabled FunFair to accept not only Ether, but also Bitcoin, ZCash, and selected ERC20 tokens.
- FunFair is implementing a two-phase token event strategy, including a limited Phase 1 Presale enabling early adopters and investors to participate, followed by a larger Phase 2 event due later in the year.
- Combination of VIP and community outreach maximized both volume of participants and total USD raised, with over 1,500 transactions to the smart contract, evidence of the broad participation base sought by the team.
- Soft cap and further 4-hour sale period enabled all investors to participate within the short time window.
Read more about FunFair’s PreSale in this medium post by Ethereum Foundation developer Nick Johnson and advisor to FunFair “Token Sales Done Better: FunFair”.
The FUN token has already been listed on one cryptocurrency exchange including Bittrex and EtherDelta, helping to raise awareness of the project and determine a fair market value ahead of the Phase 2 Token Event in September.
According to FunFair’s roadmap, its development team will now focus on more advanced iterations of its proprietary Fate Channel technology, a larger suite of games including Roulette and Blackjack, and an Alpha release of the platform before the year’s end.
FunFair (FUN) Debuts Fastest Online Roulette
We’re pleased to announce the world’s fastest blockchain-based Roulette game. The game can be played using “test Ether” – have a go here: showcase.funfair.io.
Using our breakthrough Fate Channels technology, FunFair delivers the fastest, most cost-effective, fun, and fair online casino games.
In addition to beautiful hi-res graphics, the new FunFair Roulette game has the lowest fees (gas costs) paid per transaction. Players only pay at the beginning and end of each session – not each roll of the dice like most other games. As a result, players can receive the biggest profits without delays or withdrawal fees – even during long sessions that most players prefer.
Players will need “test Ether” to play the new Roulette game. In due course we will issue free, test versions of our FUN tokens to play our games. FUN tokens power every aspect of the FunFair gaming platform.
We’d love to hear your feedback; please join the FunFair Community group on Discord #showcase-feedback if you haven’t already. You can register at discord.gg/rwETqSP.
Jeremy Longley Co-Founder & CTO FunFair Technologies
FunFair New FUN Token Contract
Dear FunFair Community
As you might be aware there were some minor tweaks being made to the FunFair token contract.
The changes are going live right now as we speak (10am Pacific time)
The old token contract will no longer be operational, and no token transfers will work using it any longer.
The new FUN token contract address : 0x419D0d8BdD9aF5e606Ae2232ed285Aff190E711b
All balances of every address will contain exactly the same number
of FUN tokens of the new contract that were contained in the old FUN
Bittrex is making this change as we speak so trading should be able
to continue. We’re contacting EtherDelta so they can make the change
but in the meantime, you can use the new token contract address
Trading on the old FUN contract will terminate at 6pm UK time, 10am
Pacific time. Trading on the new contract will be restarted 5 minutes