2017 was an incredibly turbulent year for digital assets. It’s predicted to continue in 2018 by speculators and internet forum conversationalists alike. With the rise of Bitcoin from under $1,000 at the beginning of 2017 to nearly twenty times that towards the end of 2017, the floodgates have opened and the masses are adopting the utility of cryptocurrencies.
We’ve covered how Bitcoin changes online casino payments in the past. We also feature Bitcoin casinos in our Top 10 Casinos list. However, we believe that Bitcoin was just the beginning. Companies over the last few years have started creating proprietary networks that run off of blockchain technology. One of those companies is FunFair Technologies.
What is FunFair?
FunFair’s mission is to revolutionize the online casino industry. According to FunFair, they claim to have a protocol in place that will allow someone to create a secure, fast, fair, and efficient online casino in a fraction of the time it would take to create a traditional online casino. In addition to all that, they boast low operating costs and rich user experience.
One of the unique things about FunFair is their FUN token. It’s an ERC-20 token, which has quick transaction times, and is in this instance – deflationary. Not to mention only eleven billion tokens were created, and no more will formulate in the future. Online casino games will utilize the FUN token, as well as in-app purchases. The FUN token is available for sale on a handful of online cryptocurrency exchanges.
The Technology in a Nutshell
Funfair utilizes the Ethereum blockchain and protocol. The advantage of using this as opposed to any other technology is that Ethereum is the most widely used blockchain technology that has a focus on smart contracts. A smart contract automatically executes when all the predetermined conditions are met. (Expiration date, etc.)
Smart contracts fit perfectly in the world of online casinos. Online casinos need to be secure, trustworthy, and tamper-proof. Blockchain technology will account for every change.
What Does This All Mean for the Future?
Though blockchain technology has been around for almost a decade, it’s taken a while for implementation to be able to reach mainstream use cases. Blockchain technology has evolved into something much more than Bitcoin and cryptocurrency. From currency to smart contracts, to an online gaming protocol, blockchain is here to stay.
The potential for this type of technology is profound and game-changing. Undoubtedly, there will be competitors that will be out there in the future. But, for now, let’s take a moment to appreciate what FunFair has to offer. Let’s cheer them on, and any other company that tries to build upon the solid foundation of online gaming and changes things for the better, or better yet, revolutionize it entirely. Three cheers for the future!