A Look at Cryptocurrency Trading, iGaming & Regulation in South Korea
February 24, 2021
South Korea is among the countries at the forefront of cryptocurrency adoption. What is the current state of cryptocurrency in South Korea?
While Bitcoin casino software providers thrive on the market, other altcoin-based casino platforms do not. This is because casinos that accept only Bitcoin Cash, Ether, or other digital currencies are still few. This is why when you do encounter one of these online casino, you might have a hard time playing.
These issues are precisely the reason why FunFair launched in January 2018. It is an Ethereum-based platform that aims to become the “blockchain solutions for gaming” and to change the online gaming industry for both operators and players. By using the latest technology of the altcoin, the provider delivers low-cost, high-quality, and transparent gaming sessions.
3 Casino Problems that FunFair Solves
FunFair team aims to solve some of the biggest problems that online casinos face, both those powered by Bitcoin and altcoins. These issues are:
1 | Lengthy Onboarding
Most online casinos require you to download an app so that you can play the mobile version of its games. Even worse, other casinos require a difficult signup process in which you have to provide your personal information. FunFair casinos remove all the causes of stress by asking only for a username, password, and wallet address. Plus, all games are built in HTML5, allowing you to play on your phone’s web browser.
2 | User Adoption
While ETH-based casinos like Rolleth.io and vDice have original concepts, they tend to have trouble with gameplay. This is because these casinos rely on miners to finish a transaction. And as more gamers play the game, the network becomes slow. Plus, the gas fees attached to the bet amounts can get up to 50% of the original bet, turning off those who have limited bankroll. To prevent this issue, the FunFair team integrated Fate Channels into the casino platform.
3 | Security
The provably fair system is familiar to most Bitcoin casino gamers. On FunFair casinos, though, this verification feature comes in the form of verifiable smart contracts. This lets you check whether the game results are random and fair.
How FunFair Works
Should you decide to put up an online casino with FunFair’s software, you can be sure that you can launch your casino quickly. Simply buy the license of the technology, customize your casino’s features, then your betting site is good to go.
Your FunFair casino has a customized state channel called Fate Channels. These channels generate real-time numbers and facilitate player-game interactions. And because your players’ only interaction with the Ethereum blockchain is at the beginning and the end of their gaming sessions, they only have to pay a one-time gas fee for as many bets they can make.
FunFair definitely stands out in terms of delivering software to its client casinos. But this is a good thing as it aims to provide solutions to casinos run by altcoins, particularly those powered by Ether. This help its clients lessen the risk they might encounter, such as high gas fees and lack of compatibility.
