FunFair Technologies Post-ICO Update - August 2018 - Crush Crypto

FunFair Technologies Post-ICO Update – August 2018

Overview

  • Project name: FunFair Technologies
  • Ticker symbol: FUN
  • ICO date: June 2017
  • Market cap*: $97 million
  • Circulating supply*: 5,010,848,189 FUN
  • Total supply: 10,999,873,621 FUN

* As of August 18, 2018. Source: Coinmarketcap

FunFair Technologies is a U.K. based tech firm that provides a blockchain based platform for online casino gaming. By using an Ethereum-based technology, they have been able to harness the ability to create an online casino that can be launched by anyone, anywhere in just two clicks.

They have created the ideal environment for secure online gaming by using a decentralized and serverless environment that runs right in one’s browser. These platforms can be launched by any individual looking to host their own private and customized gaming room.

FunFair has created a new technology, patent pending, called Fate Channels that will be used to decrease the transaction cost per bet, by providing a system in which transaction fees are completed at the beginning and end of the sessions, allowing for instant gaming with lower transaction fees per bet.

The diagram below explains the platform for FunFair Technologies:

During FunFair’s token presale, they managed to raise $26 million dollars and reach their hard cap of $10 million in Ether in just 4 hours.

As of August 15, 2018, FunFair has managed to reach many milestones such as partnering with new third-party game developers, launching their own games, going through Beta, launching on the Mainnet and continuing to grow.


Key Milestones/News

  • June 22, 2017: Token presale finishes in 4 hours raising $10 million in Ether and over $15 million in Bitcoin and other cryptocurrencies.
  • July 12, 2017: FunFair Technologies debuts Roulette game with the lowest gas costs per transaction.
  • August 31, 2017: FunFair Technologies has grown to 21 team members. They also describe a small lass in funds due to dip in cryptocurrency market. As of this date, FunFair had $6 million in USD, 1500 BTC which was equivalent to $7 million USD, and 50,000 Ether which was equivalent to $19 million USD for a total of $32 million in funds.
  • September 1, 2017: HitBTC lists FUN token on their exchange.
  • September 7, 2017: Video poker is launched.
  • September 28, 2017: Binance lists FUN token.
  • October 16, 2017: FunFair Technologies announces they are no longer launching a Phase 2 token sale. With 11.173 billion tokens left over, FunFair decides to burn 55%, distribute 42% over the course of 5 years, and allocate 1.4% toward company assets.
  • October 18, 2017: FunFair Technologies decides to burn 6.173 billion tokens rendering them unissued.
  • October 26, 2017: The ERC20 replica token, TESTFUN, is creates and deployed onto the Ethereum test networks, Rinkeby and Kovan to demonstrate the future integration of the FUN token once the platform is fully developed.
  • November 22, 2017: FunFair Technologies wins ICO of the year at the Malta iGaming Awards.
  • January 2, 2018: The FunFair Technologies team grows to 38 people.
  • February 6-8, 2018: FunFair Technologies has their first official gaming launch at ICE in London, U.K.
  • February 9, 2018: Bittrex officially delists FUN token.
  • April 17, 2018: FunFair Technologies announces partnership with Spike Games to recreate some of their games into a blockchain-based form of the FunFair platform.
  • May 10, 2018: Applications to be part of FunFair’s Beta open up.
  • May 25, 2018: Closed beta is live on the Mainnet (https://funfair.io/funfairs-blockchain-casino-platform-enters-closed-beta-in-industry-first/)
  • June 14, 2018: FunFair Technologies creates new company to launch the first casino onto their platform
  • July 4, 2018: Big Wave Gaming is announced as a new gaming content partner.
  • July 16, 2018: RakeTheRake is announced as the first operator of the FunFair platform to go live after the closed beta is completed.

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Conclusion

The market is paying close attention to (1) the license status and (2) first live casino launch.

Jez, the CEO, is active on Telegram which is great for disclosure and transparency. Because of the team's involvement, FunFair’s Telegram channel is very active.

The project is not open source but the demo can be played here. Tech wise, the project is progressing nicely, with 10 different games live in beta on Mainnet.


Additional Resources

FunFair Official Resources

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