Blockchain technology has been trailblazing its way through different industries at lightning speed. From changing the way we do groceries to preventing cars from being mis-sold, is there any place where blockchain technology doesn’t come in useful?
Fast forward to the online gambling arena which has always benefitted from developments in technology. There is no surprise then that Blockchain and Cryptocurrency have now made its way to the tables and even started powering the dealers. Thanks to this technology, cryptocurrency is now being used to decentralize online casinos and enhance security without compromising on gameplay. To know about these developments you need to know everything about FunFair.
What is FunFair?
The play on words is a great indication about FunFair. They are aiming to keep the fun in online gaming while striving to make it more secure, and ultimately more fair. FunFair is a Blockchain technology that allows anyone to begin their very own online casino. Games on these platforms will be enjoyed using a cryptocurrency known as FUN tokens, which can be gambled, won, saved and converted to hard currencies. The idea behind creating this sort of blockchain technology in the gambling industry is to craft an ecosystem of different gambling companies.
What Makes Them Different?
When users play online slot or learn to play blackjack card games, they may not realize the difference from the interface. These casinos will adopt the most advanced graphics and look similar to conventional online casinos. Moreover, they will also be enjoyed in real time. However, the main difference is due to the aforementioned currency. Players use FUN tokens to gamble which run on the Ethereum blockchain.
Why Is This Important?
Using cryptocurrencies to work online casinos is completely unique and offers multiple benefits. These advantages are all in line with what cryptocurrency stands for such as decentralizing power, transparency and making transactions more secure.
As all transactions that occur on this platform will be executed on the blockchain, all transactions are open to the public. This means that no third party can interfere with them and it enhances the security of every move.
The secondary benefit is that FunFair is inclusive. You no longer need to be an international online casino to start using FunFair. Established businesses are of course welcome to use FunFair but the little guys are also free to use the technology.
How Much Are Fun Tokens Worth?
Like most cryptocurrency innovations, the developers offered tokens in return for investment. During this phase, more than 17 million FUN tokens were handed out in return for around $26 million. Time will tell if this was a worthwhile investment for those backing the project.
How Will FunFair Pan Out?
Naturally, there are still some questions that FunFair needs to answer. Learning about their long-term vision and how successful they can be will be uncovered in time. However, if we could predict their success based on blockchain’s success in other industries, you can expect them to have created a cornerstone moment in online gaming.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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