FunFair (FUN) wants to build the casino of the future
Jez San, co-founder of FunFair, gives his 30-second pitch for FunFair plus why the future of gaming and casinos will benefit from blockchain technology
Interview from Blockchain Week London on 23 January 2018.
Read the transcript:
What does FunFair solve?
The main problem is a trust issue. Players don't trust to leave their money in the custody of the casino, and part of that, is that all online casinos require you to make a deposit and leave the money possibly for months or years in the casino. And you can only play the games in the casino when your money is in their control, and if you want it back, you have to ask for it and you might not get it.
So with our technology, the player keeps their money in their own wallet and plays games directly from their own wallets and the winnings come back to their own wallet. The casino never holds their money. So the player is in control of their funds at all time, and hopefully, that will let them trust to play the games.
So where are you right now in the thing? How long have you been around for?
So we were in stealth mode for about a year, and then we did our token sale in June, and we had a working prototype – novel concept to actually have real technology working prior to a token sale. So we actually built the technology before we wrote the white paper and before we offered any tokens, so we are now significantly further developed and the tech is almost ready.
And we actually are launching publicly at a gaming exhibition on February 6. The biggest gaming exhibition in Europe called ICE, International Casino Exhibition, and we might be one of the few blockchain companies that has a real product launching in the non-blockchain industry.
We're actually targeting the gaming industry, and this is the first time the blockchain is possible, the blockchain actually works, for this industry.
So who are your competitors?
We see the, the entire gaming industry as a, will benefit from our technology, so they're not really competitors, but we believe we can disrupt the entire gaming industry with a better system that is more fair for players, better margins for casino operators, better transparency for regulators. So we just think there are so many benefits and so few disadvantages that we think we're like Uber for taxis. We think we have a better mousetrap. We think that this technology will completely disrupt the gaming industry.
So what are some the disadvantages that you've run into and you're trying to solve?
The main disadvantages that we would have is education. We have to explain first to the operators why this is a better technology and then the regulators and then eventually the public. They have to understand why they don't trust the existing casinos and why they can trust this technology because it won't cheat them, and it could never cheat them because the rules of the games are embedded in smart contracts which execute on the blockchain independently. So there's just no way for them to get cheated.
What's in it for casinos to change to this system?
So right now, casinos license their game software from a game supplier and they still do that with us, but they run their games from an offshore server, usually in a remote island location that is very expensive and costly to run those servers. They might have hundreds or thousands of servers and they have to have bandwidth in remote locations and so on. This is a very high overhead that we don't need because the casino games are actually running on the blockchain which is already there and is already, the transaction's already being validated or mined by miners and validators, and so that computing power is already there on the network and the casino games are able to exploit it without people having to own their own servers.
And what's your growth plan?
So the growth plan is start small and take a few casino operators initially and iron out the kinks; make sure that everything is running smoothly and then ramp up. We can take hundreds or even thousands of casino operators – that anyone in the world could be using our technology. They could be regulated; they could be unregulated; it doesn't matter because the technology has such strong regulation built into the smart contracts that we don't think anyone can be cheated. Even if some really dodgy company was running our technology, the players are safe.
So you're saying, essentially you're not going to run into issues with regulation in individual countries with any legislation because actually, you have a higher standard?
So, in most countries, the supplier of the technology is not regulated. Actually, in the UK is one of the few that is, so we are applying for a UK license to develop software, but because we're not a gaming operator, we actually don't need an operations license. And most countries in the world, you don't even need a development license. So we can license our technology to casino operators around the world, both regulated and unregulated, and each country is different. Some countries have regulation; some countries don't have regulation; some countries have regulation but the operators ignore it. So it's different in every single country, and we'll serve them all.