What is Fun?
A Beginner´s Guide to Buying, Selling, Using, and Mining Fun:
An In-Depth Fun Guide by Ya Poker
Cryptocurrency Home | Fun
It is being discussed globally that Blockchain technology would disrupt several industries. More public-focused use cases are being developed using the underlying technology for cryptocurrencies. Its experimentation is more pronounced, especially in the financial and healthcare sectors.
Other industries are taking advantage of the technology’s capability to improve service delivery. Among them is the casino industry whose market estimate puts its worth around $60 billion. The global casino industry has shown increased interest in blockchain technology of late.
Several online gaming platforms have emerged with plans to introduce blockchain-backed projects. They seek ways to tackle the three key problems necessary to disrupt the industry. These are lack of fairness, slow game speed and poor game experience.
A key platform that has distinguished itself is FunFair. It is said to be the world’s fastest Ethereum blockchain casino platform. FunFair is a developer of the platform, protocol and games. The games can be played without players knowing what is under the hood. This builds players’ trust as they remain a secure custodian of their own funds.
What is FUN token?
The FUN token powers every aspect of FunFair’s Ethereum-based casino platform and protocol. FunFair is one of the first practical applications to go live on Ethereum. It seeks to make transparent and secure casinos easy for anyone to create anywhere.
Though its token currently sells for about $0.016, FunFair’s market approach differs. The platform is not limited to what the developers of FUN create. It allows private label casinos and people can develop custom games.
Founded in 2017 by Jez San, FunFair’s headquarters is in Singapore with an office in London. Jez is known for reverse engineering a Nintendo Gameboy without Nintendo’s help. He later met Nintendo’s President, Hiroshi Yamauchi and then worked for him on 3D games.
How Do I Buy FUN?
FUN tokens can be bought and sold on a cryptocurrency exchange. There are more exchanges with interfaces that make buying and selling them easier. FUN cannot be bought directly with cash like USD or EUR. Rather, it can be traded for major cryptocurrencies like Ether (ETH) or Bitcoin (BTC).
FUN is available for trading on major exchanges: Bittrex, Binance, HitBTC and EtherDelta. After buying ETH or BTC, the coins can be sent to the user’s wallet on the exchange and traded for FUN.
To store FUN, there are three most typical ways. Users can store it on the exchange where it was bought (though not recommended). If you choose this option, activate the Two-Factor Authentication to have control over your tokens. It can be stored on an account created with MyEtherWallet.com. This is highly recommended because FUN is an ERC-20 token.
MyEtherWallet lets users create a paper wallet (with the private key) which can be printed out. This offline storage method lowers the tokens’ exposure to hackers. FUN can also be stored on a hardware wallet such as Ledger Nano S and Trezor. Hardware wallets are built to protect private keys from hackers while still making it easy to perform transactions.
How Do I Turn FUN into Cash?
To turn FUN into cash, the token has to be exchanged for major cryptocurrencies like BTC or ETH. It will follow the process used to purchase the coins but in reverse. The BTC or ETH could be sold or converted into other currencies or liquidated into fiat for cash like USD or EUR.
Cash can be withdrawn at an ATM in two ways. One could be after the conversion to fiat and its transfer into a bank account. Some exchanges allow direct conversion to fiat currencies like USD or EUR. The other way is by withdrawing cash with a crypto-backed debit card.
How Do I Use FUN?
FUN will power the smart contracts that run the FunFair platform. This include the network’s unique new Random Number Generator and Fate Channel services. FUN tokens can also be hold and sold as investments, or to play games in other platforms.
How Do I Mine FUN?
FUN is not mineable. Its issuance has been limited to its token creation event in mid-2017. This is supposedly to make it deflationary. That is, no extra tokens would get into circulation afterwards. From a long-term perspective, deflation is better to cause a rise in FUN’s value.
During the event, contributions were made using fiat currencies, BTC, Zcash, ETH and other ERC20 tokens. 100 FUN exchanged for $1 or its equivalent and a one-time capped 17,173,696,075 FUN created.
How will FUN Scale?
The crypto scene is growing by the day. Price charts help question whether tokens can meet demand for growing transactions. FUN’s use in common gaming transactions will likely result in increasing value. This will add to moves by FunFair to scale back its token.
About 6.173 bln FUN were burnt on October 18th. Burnt tokens means they are out of circulation. As a result, token holders benefits proportionally due to more scarcity. So in all, the total number of tokens in supply reduced from 17 bln to 11 bln.
Approximately 4 bln FUN are in circulation while the founders hold on to about 2.3 bln FUN. A planned Phase 2 token sale has also been canceled. Rather, they chose to spread out the sale of the rest 4.7 bln FUN over five years.
The token sales will be limited to a max of 1 bln per year for four years and 0.7 bln tokens for the fifth and final year. The tokens will be sold to institutions or large buyers over the counter and via market trading. The tokens will be sold as close to market price as possible to maximise value. There are also considerations to burn further tokens if seen as not required at the end of each year.