Blockchain has stretched its arm into about every industry at this point, whether you know it or not. Uses for the technology are being deployed in financial service institutions, health care systems, real estate transactions, and even in terms of online gambling. FunFair is one of the companies utilizing blockchain for online gambling. On Tuesday, they announced the launch of CasinoFair, the first fair blockchain casino the world has ever seen.
The CasinoFair, which in the words of FunFair is ‘Famous for Fairness’ utilizes blockchain and Fate Channels, which is the company’s proprietary version of generalized state channel technology, to offer the fairness to its players. The Fate Channels work to mitigate many of the inefficiencies that Ethereum currently facing in terms of scaling. In the gambling environment, player protection is guaranteed, as funds are never held in custody. Rather, all fund are held in escrow and are immediately distributed to the winners when the game ends. Beyond distribution of winnings, FairChecker ensures that tampering with any of the games is not possible on the platform.
So how does it really work? Players use what are called FUN tokens to play any of the wide range of games located on the site. The FUN tokens are directly funded from a players crypto wallet. Then, players simply have to play. FunFair is pushing its latest game, Fate of Thrones and FunDice, to its players, but also offers the popular casino games, like Blackjack, Poker, and Roulette.
In a statement regarding the announcement, FunFair founder, Jez San, said:
FunFair continues to lead the way in delivering a viable, quality blockchain casino with the launch of CasinoFair on our first-gen platform. Building our platform on blockchain technology allows us to deliver the levels of security and fairness that players demand, going beyond what is currently understood as provably fair, and CasinoFair will be the first of many FunFair partners changing the face of casino gaming for the better. With additional games, increased functionality and usability in the FunFair pipeline, CasinoFair will only get bigger and better, as we evolve from offering a service to the crypto community to disrupting the gaming mass market.
Jez San expressed that other forms of online gambling and even physical gambling are vulnerable to unfair play. He said, “ This issue is no longer relevant with a FunFair-powered casino such as CasinoFair, which guarantees every deal of a card, the spin of a reel or roll of a dice is exactly as it should have been, using the blockchain for transparency and security. Players can no longer be cheated as they hold full control of their funds, and we believe that for these reasons, the potential market for a quality blockchain casino is vast.”
Initially, the platform will not be available for all players; rather, it will be launched to a limit number of markets and operated by TTM BV, a subsidiary of the FunFair group. TTM BV aims to leverage the experience and feedback of its initial users to continue to improve the product and create the best outcome for when the product is truly at its full-scale. Currently, CasinoFair is only open for operations to players in Norway, Finland, Switzerland, and Canada.