Affiliate

A gaming affiliate promotes online gaming operators to its own website’s audience, and receives a fee for each customer it refers. Affiliates are therefore marketing entities who provide a useful source of new players.

Blockchain

A blockchain is a decentralized and distributed digital ledger used to maintain a permanent and tamper-proof record of transactional data.

Blockchains such as Bitcoin or Ethereum are managed by computers (nodes) which belong to the peer-to-peer network. Each of the computers in the distributed network maintains a copy of the ledger to prevent a single point of failure (SPOF). All copies are updated and validated simultaneously.

Burning

Cryptocurrency tokens are sometimes said to be ‘burned’ by the issuer, which in effect permanently destroys the tokens. FunFair’s ecosystem includes a number of platform processes (for example random number generation and game transaction fees) which require a small token fee to be paid. Initially, those tokens will be burned, rather than retained by the FunFair team or any other participant in the ecosystem.

Counterparty risk

When a deposit is made to a bank or online casino, that organisation is responsible for holding those funds, and thus becomes the counterparty to the transaction. In trusting an organisation with their funds, the depositor assumes a counterparty risk. As FunFair’s technology enables casino customers to play games directly from their crytocurrency wallet, no counterparty is needed, and the casino operator is never required to hold a customer’s funds.

Cryptocurrencies

A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. In the case of the FUN token, all tokens were created in one minting event on 22 June 2017, and no further tokens will ever be created.

Developer

Although FunFair Technologies provides the platform and many of the casino games, third party games suppliers are encouraged to contribute game content to the platform. Developers may range from artists with a concept through to existing large scale game technology suppliers who wish to port content onto the FunFair platform.

Fate Channels

Fate Channels are our advanced version of State Channels. We use them to generate real time random numbers, facilitate player-game interactions and most importantly, enable micropayments with zero gas cost. State channels enable users to transact without needing to use the blockchain or wait for confirmations except to open and close the channel.

FUN

FUN is FunFair’s native cryptocurrency which powers every aspect of the FunFair technology ecosystem, from player bets to operator licence fees to developer rewards. FUN is listed on a number of online exchanges.

Operator

Traditional casino operators are companies with land-based casinos and/or digital products (websites, apps). However in the context of FunFair, anyone can create an online casino in seconds, and run it with minimal cost and effort.

Platform

The FunFair platform is a online casino solution which combines 3 technology layers – the Ethereum blockchain, casino games (run through smart contracts and Fate Channels) and operator branding. Potential operators can integrate FunFair casino games into their existing website or app, or utilise a FunFair off-the-shelf lobby and games.

Player

The operator’s end user, who registers, deposits, plays and withdraws funds.

Provably fair

Casino games designated as provably fair offer the player a means of verifying each transaction in the game. This is usually enabled via use of open source algorithms for random seed generation, hashing, and random number generation. FunFair’s platform delivers provable fairness via the use of Ethereum smart contracts.

Smart contract

Applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Smart contracts bring untrusted parties together to execute a transaction once specific conditions have been met. The smart contract’s terms are publicly verifiable and its execution recorded on the blockchain.

White label

A white label (also referred to as a skin) is a branded version of a technology solution. White label products are common in the gaming industry, for example the Microgaming Poker Network, which is comprised of over 20 skins whose branding differs but whose underlying technology is virtually identical.