Bullshit detector: what's happening with Funfair after ICO?
10/20/2017

Overview from the team kript.io


What is Funfair: a platform to create online casinos.

They develop games for the online casinos: roulette, poker, craps, blackjack, and slots. As the developers say, smart contracts and the blockchain will make the gaming transparent — anyone is allowed to see the operations. They build the games that can't cheat. But we ask ourselves then — is there any casinos that lose?

In the future, you can quickly create inexpensive blockchain-casinos on the platform using the Ethereum and smart contracts.

Their main difference from the competitors: they don't use Flash.
Website: funfair.io

Token trading: 27th June, 2017.

Where to buy tokens: Bittrex, Binance, HitBTC.

Token price: +129,4%.

How much they planned to make/made: $5 million / $26 million.

What their token gives you: an internal currency.

What will happen to tokens: before an ICO they promised to burn all unsold tokens to increase their value. After that it was complete silence on their part: they announced that they'd burn them within two years; later, they said that they would burn them by the end of 2018 if they didn't need them. But in the latest update in 16th October, FunFair announced that in 18th October they would burn 55% of the remained tokens — they did at last.
Crew: they hired a new COO — David Greyling. He previously worked in the European gaming company Hill PLC where he was responsible for operations in international markets. An ex-consultant James Harrison became a temporary director of corporate issues. Together they need to create a business structure and operating model by Q1 of 2018. After that, FunFair plans an official public release. All in all, the crew has grown almost twice — ten more people joined them.

What they promised/made:
release Roulette MVP in Q3 of 2017 — ✔️
release Craps and Video Poker MVP in Q4 of 2017 — ✔️
test an alpha version in Q4 of 2017 — ✖️ (not yet)
Review after ICO:
they promised to launch the second round of tokens' sale in the mid-September-beginning of October, but in 16th October they canceled it because of the changes in the global market. Instead, FunFair will sell tokens every year within the next five years;

you can already play nine local and two blockchain games. To play the blockchain games, you need a connection to the Robsten or Koran test Ethereum networks. If you don't have this access, you can play the local games instead — they work online on the browser. As the developers say, they don't send any data to the services during the game. Plus, the local games are still far from the standards that FunFair has set — in sum, the versions are in the early stages of production and look very primitive, but it's better than nothing;

they were talking a lot about the changes in the Ethereum rates that caused the drop in token sale' holdings from $26 million to $15 million. They were afraid that it wouldn't be enough for the further development. But by the end of August, the team already had 32$ million on their account. The developers said that it should be enough to continue the development and cover all expenses;

the official public release of the beat version is set for Q1 of 2018.

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