FunFair CEO Jez San explains how the FUN token works
FunFair founder & CEO Jez San spoke with Crypto Finder about the FUN token & how to use it on the platform.
Interview from Blockchain Week London. 23rd January 2018.
Read the transcript:
Do you have your own native currency?
So we are using the FUN token. The company is called FunFair and the FUN token is the cryptocurrency that players and casinos will use in this ecosystem. And so players will treat it like a casino chip, and they will actually buy the FUN tokens from exchanges or any open market, and they will come to the casinos and use the FUN tokens as if they're a casino chip. And they'll win FUN tokens which they can then convert into anything else afterwards.
The casino operators themselves will stake the FUN tokens for prizes. So when you play roulette you might win 35:1 on a on a bet. If you bet on a number the casino has to have those funds to be able to pay the bet so the casino would have to hold a lot of FUN tokens as a stake, just to be able to offer the games to players.
What rewards do you offer your miners?
So that we don't have any separate miners. The miners are on the Ethereum blockchain, and one day the Ethereum blockchain will switch to proof of stake and we'll be validators instead of miners. So they're the ones that get the reward for validating blocks, and this doesn't change anything. In fact FunFair actually isn't intending to charge a license fee which is another reason that the games are less expensive for casino operators to offer, because most casino operators pay royalties to the games and the platform company. And in our case were not we're charging a tiny amount because for us the incentive is to establish the FUN token as the currency for blockchain casino gaming.
So our incentive is for the token to be used the utilization is the key.
Are there any incentives to get new users involved early?
So that obviously that right now there's a speculation market in that people are buying the tokens because they believe that one day they'll be used. But ultimately the success of the token itself and the value of the token is correlated with its use. So the more casino operators use the token the more players play with the token the more they'll have to buy it, because it's a scarce resource the more it will you know improve in value. So this is 100% relying on the success of the token in the economy of the casino game world for its value.
And how are you funded?
So initially we were seed funded, and the first year in stealth mode. And then in June we did a token sale. We raised 26 million dollars in a few hours in cryptocurrencies. Luckily the cryptocurrency market has appreciated in that time and so what was 26 million dollars is now worth nearly 100 million dollars so we're very well funded.
So you're launching publicly at the ICO conference. After that what's the next big thing that you're looking forward?
So the goal of launching the ICE conference is to come out to the casino industry for the first time. So the crypto industry knows about us, we're well known inside the blockchain community. But because our market is the gaming world, we have to explain to them what blockchain is, what it does for u,s what we can do for them, and so this is a this is a launch of a new gaming technology to the gaming industry.
And what we hope to get out of that are lots of casino operators that want to use our technology in their casinos, and also game suppliers who want to build games to run on our platform. So those are the two goals of attending this gaming conference, but we'll also attend other ones in the world. This is the first time that we come out and then soon after a few months after we will release. So right now we're not live other than as a prototype on our website, but when the first tier of casino operators have licensed their tech they can go live with it. And that will be in Q2.