The FUNToken team held a live AMA with CEO Adriaan Brink on the Official FUNToken Telegram channel on Thursday 22nd April.
Here’s a recap of the Q & A.
With regards to sports wagering using the FUN token, what will be done differently where BETR failed? Thanks!
— “I think it’s a bit unfair to say that BETR failed. The system worked very well in fact and was all on-chain. The unfortunate side effect of that is that the gas fees became very high. The last bet placed for around $20 had $450 gas fees! clearly that is not sustainable.
We will be porting the system to a FUN based system over the coming months with a solution to the gas woes.”
How will users be able to gamble on casino games while avoiding high gas costs?
— “That kinda leads on from the first in a way and perhaps I will preempt some of the upcoming questions with a bit more about the issues with gas and ETH
Ethereum is a very complete solution for on-chain activity which is why it has such tremendous following. Unfortunately it is also to some degree a victim of its own success. Latency and gas fees make it untenable for any high velocity activity such as gambling and we are putting in a lot of work at the moment into exploring and testing a number of different approaches to side chains and alternate chains. We will launch a token on at least one and perhaps more than one side chain within the next quarter. The token will be pegged at 1:1 with FUN and tokens will be issued on the side chain by escrowing them from the Ethereum main net.
Apart from these new tokens being super fast and gas free (or very cheap) they will also have the effect of removing the escrowed tokens from trading circulation
Bear in mind that both the lay side and betting side of any games will have to be escrowed onto the side chain for the games to work – so this effect could be substantial.
Once on the side chain the tokens will flow from one activity to another fast and free or very cheaply (I am aiming for free).”
In your opinion, what is the easiest way to bring value to the FUN token?
— “Fundamentally I believe that for this token to achieve long term growth in value it will be through using the tokens for the stated activities.
We need to present a use-case that will drive usage and growth for the token rather than have it simply sitting on exchanges as a trading punt. This usage will drive the growth long term, in the shorter term we are looking at marketing activities and expanding the user base through our association with freebitco.in who have an enormous user base which will start to impact as we freebitco.in who have an enormous user base which will start to impact as well.”
What do you see as FUNToken first target?
Is there any listing with Coinbase?
— “I would love to list on Coinbase but I doubt that will be possible – at least in the medium term. It is always trickier to get listings when there is gambling associated with a token.
As to target – do you mean price?
I don’t want to speculate on price – it’s for the market to decide. Obviously I have my internal targets (much higher) but I don’t control the price.”
What is the roadmap for FUNToken in 2021 ?
Any upcoming projects?
— “ As per my opening statement I had hoped to present the roadmap here today but need a little more time. We will release it to the website and also message here as soon as it’s ready.
It is an ambitious roadmap, but one that I believe is achievable. We will be busy!!”
When will FUNtoken be listed on the coinbase exchange?
Don’t you intend to be listed on the world’s largest stock exchange?
— “I think we have answered that already unless there are any reps for Coinbase on here in which case pm me!”
What do you see as the future for FUNToken?
And you said there will be burning FUNTokens – is that going to be quarterly based on certain percentage of profits? Please provide clarity on that. Thank you
— “We intend to incorporate gaming when we re-release its mechanism for burning a substantial portion of any profits from the games. The exact % will be made public when the games are released and will probably vary from game to game. It is absolutely on our agenda.”
Based on the BetrBot experience, do you plan to implement a similar platform to the FUN project once a cross chain solution is available?
— “I would love to but to be honest the turnover on the bot was never that high. It was a cool development and maybe we will resurrect it but the focus has to be on the high volume activities so we can bring entertainment to the masses on freebitco.in and consequently bring that player base into the FUN ecosystem.”
Question, what was the purpose of purchasing the Fan Fair coin? When did it become clear that the Fan Fair is not suitable for use in the gambling business? Why didn’t they immediately create their own service token in accordance with the right parameters.
— “I presume that’s a typo and there isn’t another group for fan fair?
Not sure why FUNfair (assuming that’s who you are talking about) is regarded as having failed – they provided some great innovation in the space but in the end, landed up being hit by the same gas issues that hit BETR.
I believe they spent $200K in Feb on gas with a relatively small player base.”
Is there a possibility to port FUNToken to a different blockchain to improve speed and gas prices?
— “We will launch the new token. I will be making public a lot more information on this when are closer to launch. It’s not so simple to port an existing mainnet ERC20 to another chain – there are many dependencies not least being the large number of exchanges that currently support FUN.”
How important is the adoption of FunToken by FreeBitco.in for the growth of the currency?
Are you planning to make agreements with other iGaming sites?
— “We will publish open APIs for any gaming sites that wish to join our ecosystem. The more the merrier in a way.
Fundamentally the only way to grow this sort of business is through users which is why I am so up-beat on the support from freebitco.in. Their user base is huge and will give us a really great start. This will drive further adoption by other organisations – whether as a method of payment or using the hooks that the new token will incorporate to enable on-chain gaming.”
Is the FUNToken team working with FreeBitco.in to develop applications using FUNToken and to explore scenarios where FUN could be useful?
— “ We are looking at the best way to bring their player base into the ecosystem and avoid the heavy gas fees. I think the premium member numbers were posted here earlier – there has been substantial interest from their members already (the number of purchasers of FUN outnumbers the entire current FUN population already)
So – I think the answer to that one is yes.”
When will the new logo and branding start?
— “We had a design meeting this morning with the agency and they are in full swing on the revamp – but these guys are perfectionists so it will be a few weeks yet.”
What are the most popular games for FUNToken?
— “ Right now we are in a transition so that’s a hard one to answer. We will be launching a suite of casino games for FUN within the next month as an interim before the side chain launch
It’s worth saying that Funfair did some really nice innovation on their game suite and we expect to incorporate their games going forwards
I am becoming a bit of a fan of Crash games too – more on that later!!!”
Hello Mr. Adriaan Brink, what is the future of the fun token?
How many fun tokens are in circulation right now?
How many total fun tokens have been created?
What is the estimated value of the fun token in the next five (5) months?
— “The numbers on CMC and our website are correct – just over 10Bn. There is no way to issue further tokens, even when tokens are burnt.
No comment on the price as per above.”
How can I stake my FUN bag?
— “Interesting question! Are you saying you want to lay games? Or play?
We will be introducing a system where players can lay as well as bet many of the games – so that may be what you are talking about?”
Is there any possibility for NFT integration?
— “Hot topic right now. FUN was not designed to be in the NFT space so it’s not obvious how we could be in it – but it is certainly a happening thing at the moment.”
Is there a plan to burn tokens? 11 b looks a bit heavy. A smaller cap would be more attractive and boost the morale of the longtime holders perhaps.
— “I think I already answered this to some extent above. Circulating supply will drop substantially with the launch of the side chains (this won’t affect the number on CMC but we will make the numbers available). We will also burn profits over time so that will decrease supply.”
What’s the progress on the side coin option? Can you give us an example of how other projects have done something like this successfully?
— “As per earlier we are making good progress with this and will release a lot more detail in coming weeks and months. In some respects it’s a bit like BNB which exists both on ETH and BSC – similar concept although I would hope to make it a bit more user friendly!”
Does having a large amount of tokens being held freebitco.in scare off other big casinos? Do casinos want to collaborate? Seems like Freebitco.in have the house advantage. Not trying to be negative. From a strategic position I can’t see the leverage. Except maybe sharing a customer base?
— “I don’t see why they would have a house advantage any more than any other operator. What they bring is players. Show me any online operator who doesn’t want players!
That is the leverage – as an operator I want to be where the players are. If I can also take care of the payment processing at the same time (by accepting FUN as a currency) then it’s a double win.”
What can holders do to help?
What message does FUN want to project into the wider crypto community?
— “Spread the word! Let’s work together to grow the community and get more people involved. Our goal is to provide the goto place for gambling and gaming in the crypto space and we are putting substantial efforts behind that goal.”
Hello Is there any future plans to get use on bigger casino/gambling sites? I am thinking UK mainly Betfred, William hill, Coral etc. I think this could bring good exposure if winning were paid in FUNToken as an incentive.
— “I would love to. There is currently a negative approach within the UKGC to crypto so it’s unlikely they will be the first but yes – for sure it would be great to add as many operators as possible.”
The crypto money community has seen that the executives active on Twitter are doing quite well. For example, what will you do to be more active like Alexandre Dreyfus, Justen Sun?
— “I admire these people who can spend hours and hours on social and get on with actually doing some development!
We have an active social staff and they are looking after these aspects.”
Any ETA for a sportsbook and a casino using FUN?
— “We will release a FUN casino within the next month, but that is only a stepping stone on the way to the new token.”
With the announcement of Bitcoin I’m sure this will change quickly if your can attempt to contact companies could be a big step for you.
— “Hope so – I know a lot of the big players in the space so if there are deals to be done we will go after them.”
Hi Adrian . Would you give a specific time to use profit to burn some token?
— “It will depend on the game. With BETR we incorporated a burn into every bet. Casino gaming is more tricky – one has to calculate the net over longer periods of time and then burn part of the profits.”
How about the ETA regarding a sportsbook?
— “Later this year. Sports books are a passion of mine – can’t wait!”
Hello, One of FunFair’s main selling points was that each party was always in control of their own Funds. Having to leave considerable amounts of Fun on FBC goes against this (in my opinion) to gain any rewards or to gamble. Would this be similar on any solution you implement with a side chain, would I always hold the private key for my funds?
— “I couldn’t agree more and this is only a short term solution until the new side chain token is launched at which point the freeebitco.in holders will move to that chain directly.”
Thank you to all of our fabulous community members who took the time to submit questions and participate in the AMA!
A special thank you to @ohtejera who helped collate the questions and answers from the AMA session! Thank you for your time and support!
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The FUNToken Team
FUNToken.io is the corporate entity behind FUNToken dedicated to building and operating a decentralised blockchain gaming ecosystem. FUNToken.io provides clear direction for the token’s utility, relevant software development, and technical infrastructure. FUNToken.io encourages gaming operators to utilize the FUNToken ecosystem. FUNToken.io plan to launch a sidechain, which is more performant and less expensive than Ethereum; develop new products including a new casino and on-chain peer-to-peer gaming including casino, sports betting, and poker; and move beyond current gaming opportunities to embrace other games such as social gaming.
Find out more.