Blockchain innovation has currently developed itself with numerous applications in different industries. However, according to FUN Token, the video gaming market can also benefit.
We talked with Adriaan Edge, the CEO of FUN Token, an online video gaming veteran with over twenty years in the industry, about the prospects of the online gaming industry and what decentralization pertains to it.
I have been online video gaming for over twenty years, starting with a lottery game in 1995. When I got my head around ‘crypto’ and blockchain, I spent a lot of time determining how blockchain might enhance the gaming experience and, particularly, the security and custody of players’ funds.
In 2017, I released BETR, a peer-to-peer sports betting system, where we encapsulated the entire funds processing on blockchain – getting rid of the “house” from the equation.
It ran for some-years but gradually declined as the gas charges became increasingly demanding on Ethereum. Previously this year, we had the chance to take the lead at the Funtoken group, and BETR was merged with FUN. We will roll out a brand-new release of the betting experience on the new XFUN token in 2022 and are now working on moving the custodial parts of casino gaming back into players’ hands.
Not at all. I would-question the supposition that those industries have a horrible image, particularly online.
Online gambling is a massive industry with much big business playing their part – the recent statement of the $22 billion deal for the acquisition of Entain by Draftkings being a brilliant example. We are fundamentally in the business of offering home entertainment for our users, and in the large bulk of cases, the activities are seen to be positive.
We will introduce XFUN, an ERC-20 certified token, on the Polygon blockchain. We have likewise added the ability for our applications to money users’ deals, which means that users will not have to have any MATIC in their wallets to transact.
We tackle decentralization in numerous steps. It has to do with decreasing the custodial aspect of online gaming at its core. In a standard online sportsbook or casino, players deposit funds, then ‘bet’ or play, and then either-withdraw their funds or leave them for ‘playing’ in the future. While these-funds are in the operator’s hands, they are not offered to the player, and the player depends on the operator’s stability to settle when they ask for a withdrawal.
The procedure of moving the funds is pricey for the operator and exposes them to scams, so they tend to make it complex or lengthy for players to withdraw. Throughout the primary step, we will provide a mechanism for players to connect their XFUN wallets to the operator-site, which will make the ‘deposit’ and withdrawal of funds smooth, at zero cost, and super quick. This method will keep funds in the gamer’s non-custodial wallet when not in use, offering the player absolute control over their funds.
Additional decentralizing actions, consisting of sports wagering entirely on-chain and on-chain mechanisms for gamer lay-staking, will be rolled out in the future.
The most crucial thing for us is presenting the XFUN bridge and wallets. These enabling innovations will finish the XFUN ecosystem, and we will then move from FUN to XFUN.
We will also be releasing another more fully-fledged gambling establishment in the future for XFUN. Later this year, we will-start adding third-party operators to the community – considerably increasing the content readily available to our gamers.
Expect poker and sports betting to be added to the mix as we advance. We will also be looking outside the gambling-space for further synergistic partnerships like the one we already have with Travala for travel.
In 2022, we will deal with mechanisms to bring more video gaming processes on-chain, starting with peer-to-peer sports-betting and moving on with casino and lay-staking on casino games. We are also checking out NFTs and how they can fit within our community – while this is not formally on our roadmap, it is a hot topic.
Above all, we will be focussing on ‘growing’ the user base and use of XFUN through marketing and additional content – thus increasing the general value of the environment.