BitYard hosted an AMA with FUNToken on 20th October 2021. Here’s the transcript in case you missed it.
Today we are glad to tell you about the AMA session with our friends from the FUN team. The AMA took place on October 20, 2021, our guest was the CEO – Adriaan Brink
The total reward pool was 30,000 FUN and was divided into three parts. In this AMA Recap, we will try to summarize some of the most interesting points for you.
PART 1: INTRODUCTION
Anna – BitYard: Hi there! Thank you all for participating in our AMA with the FUNToken team.
By partnering with top blockchain-related firms, we can keep improving the BitYard trading platform to offer our users a better service.
In this AMA event, we are pleased to introduce Adriaan Brink, the CEO of the FUNToken project to you.
FUNToken is the leading cryptocurrency for gaming and has over 150,000 crypto-savvy holders.
Let’s welcome Fun Token CEO Adriaan Brink!
Hello Adriaan, thank you for joining us today. Would you please introduce yourself to the chat and share a brief overview of FUNToken?
Adriaan Brink – FUN CEO: Hi everyone, and thanks so much for having me.
A little about myself – I started work in the online gambling industry in 1995. It was very early days for the internet and many people at the time questioned the validity of the internet as a whole. Was it too niche or geeky for mass adoption? Was it just a fad?
Somehow much of that now resonates with the current state of the crypto space. I am firm of the belief that the similarities between those early internet days and crypto today are significant. and crypto will grow over time to be as important as the internet is today in modern life.
I have been in gambling – lottery, casino, sportsbook, and social games for 25 years now and am delighted to be leading FUNToken. FUNToken is a gambling cryptocurrency. It is already the largest gambling currency and will be growing and solidifying its place over the coming years with our introduction of layer 2 scaling, widespread adoption and increases in the content available.
Anna – BitYard: Thank you for the introduction! For anyone who wants to know more about FUNToken, please visit its official site: https://staging.funtoken.io or Telegram group: https://t.me/officialFUNToken.
Ok, it’s time to start the first segment of the AMA section today. Here are some questions for the FUNToken CEO.
- Q1. Can you tell us the reasons why FUNToken was founded? Is this project to solve any particular problem in the blockchain or gaming industry?
Adriaan Brink – FUN CEO: FUNToken is fundamentally about putting control of the players’ money back into their hands – where it belongs.
By moving more and more of the custodial elements of gambling from the operator to the player we move the control over funds and make it possible for players to interact with multiple different gaming operators seamlessly with effortless movement of funds and more importantly with funds remaining in the player’s non-custodial wallet rather than in the custody of operators when not in use.
Anna – BitYard: Thanks for the answer. Now we know how the FUNToken project can benefit us, for our next question.
- Q2. How and where can people use this token, for what purpose?
Adriaan Brink – FUN CEO: Players can currently use FUN on the recently launched dplay.casino and also to buy flights, hotels and other travel through our association with Travala.com the cryptocurrency vacation booking platform.
They can also use FUN as part of the premium membership program on Freebitco.in.
Freebitco.in have 46+ million users and have had a significant uptake in their FUN Premium Membership (where their members buy FUN off-chain as a premium token). In the space of six months, they have sold FUN to over 200K members (which is more than double the existing on-chain number of holders). These members will be brought on-chain as part of the rollout of XFUN.
We will be announcing a new casino platform in the next month or two and integrating with existing 3rd party major gaming platforms which will increase the content available to our tokenholders.
There are also a number of savings schemes for those who simply want to hold and make a return, most notably on Binance where you can get up to a 45% APY return.
Anna – BitYard: Thanks for sharing! We believe that FUNToken is a good choice for anyone who loves cryptocurrency and gaming, and for the next question.
- Q3. Can people from all over the world buy and use this token? What’s your suggestion for people if they want to start with FUNToken?
Adriaan Brink – FUN CEO: There are no limits to where you can buy and use the token although there may be restrictions on certain activities in some countries. Operators make their own decisions about where they engage with customers.
Anna – BitYard: Thank you! Now we begin to understand this project, and for the fourth question.
- Q4. Can you share some successful cases about the uses or applications of FUNToken with us?
Adriaan Brink – FUN CEO: I think the two outstanding examples in the past six months have been dplay.casino and the freebitco.in the premium membership program. The latter launched in March and as of yesterday have sold 590M FUN to 202,682 members. That’s an investment of 362 BTC ($22M) in 6 months and growing all the time. Holders on the site get certain rewards and can also play with their FUN on dplay.casino through a fast off-chain funds transfer mechanism.
dplay.casino launched about 6 weeks ago and has had a terrific start with over 60,000 players joining and over $400K in deposits.
Anna – BitYard: That’s awesome. I guess now more people want to own FUNToken after this AMA, for the fifth question.
- Q5. Can you tell us about some future plans for FUNToken to go further in the crypto industry?
Adriaan Brink – FUN CEO: We are in the process of rolling out XFUN which is a layer 2 token on the Polygon blockchain. This will be linked 1:1 with FUN (XFUN can only be issued in exchange for FUN) and will have the benefits of gas-free and fast transactions for users. By moving the utility off the Ethereum network with its high gas prices to Polygon where gas prices are lower (in fact zero for XFUN) we take a huge step forward towards realizing the goal of smooth and frictionless movement of funds.
In November we will launch XFUN Wallet on IOS and Android which will feature integrated swapping between the two tokens and seamless integration with our own and 3rd party gambling sites. By making it possible for players to hold their funds on their own non-custodial wallets yet instantly have them available on integrated gambling sites we start to realize our vision of decentralized gaming. In effect, we are the “defi” of the gambling world.
We will focus on expanding the usability of the token. Usability is fundamental to everything we’re doing. The increase in usage of the token (whether that’s using it on-chain as FUN or using it on our parallel chain with XFUN) directly reduces the circulating supply, which of course has a positive impact on the price. From a tokenomics point of view, it’s all about getting people to use the token. This means a number of things – from the user experience (including wallets and zero gas transactions) through to increased content so that users join and stay within the FUN ecosystem.
We have also committed to burning at least 50% of profits made on our gambling opportunities as a way to return funds to token holders. The first such burn took place at the end of September (5M tokens) and we will continue to do this on a quarterly basis.
Anna – BitYard: Sounds great!
PART 2: QUESTIONS ABOUT FUN
Anna – BitYard: Let’s start with part 2. We have already selected 10 questions about Fun Token from our community. If your question is selected, you will get 1500 FUN as a reward.
1.@danhaiphong – What is the most lethal feature and competitive advantage that distinguishes the FUN Token project from other projects? Does your project support the staking program? If yes, could you explain the reason?
Adriaan Brink – FUN CEO: I love the word “lethal” in that sentence! There are a number of things that set us apart from others but I think that as a whole what makes us most powerful is the access that we have to the massive player base from freebitco.in. That in combination with the fact that we are a very well-funded venture gives us the opportunity to succeed where others may falter. Without users any project is dead. The FUN user base (including the custodial tokens on freebitco.in) has grown from about 80,000 when we took over in February to nearly 300,000 now. And it continues to grow. We will be adding lay staking to some of the casino offerings early next year.
Anna – BitYard: Next is from @doithay1617 – FUNToken announces new layer 2 token XFUN on Polygon, why have a new token – $XFUN? Why did you choose the Polygon Network instead of ERC20(which $FUN is based on)?
Adriaan Brink – FUN CEO: Simple answer – speed and cost of the transaction. Ethereum is bogged down with transactions taking ages to complete and costing far too much for it to be practical as a gaming machine. By launching XFUN on polygon the gas fees are low enough that we can absorb them through our “gas-free” transaction protocol and let users play with XFUN without having any MATIC or ETH in their wallet. Getting away from the complexities of the underlying blockchain is super important if we want to bring in the mass market..
Anna – BitYard: 3.@Hoanganhq8 – We have seen in many betting platforms & casinos that there has been a big problem of High gas fees while betting, hasn’t it? How do you aim to solve that?
Adriaan Brink – FUN CEO: I think this is to some degree answered by the question above. With XFUN we will enable gas-free transactions for users. Users should not have to think or understand gas and transaction fees. XFUN incorporates a mechanism whereby users will be able to interact with our gambling sites with zero requirements for underlying gas (ETH or MATIC)
Anna – BitYard: Next one, 4.@jingduya – Gamers are increasing daily and have lots of scopes. Also, NFT is becoming popular in digital gaming. What are your thoughts on FUN Token with NFTs?
Adriaan Brink – FUN CEO: Interesting question. There is no doubt that NFTs are all the rage right now. We are actively investigating ways to incorporate NFTs into our product offering. I can’t say much more than that right now – we are working with one of the most experienced companies in this space – we will make a formal announcement when the time is right.
Anna – BitYard: 5.@junphamms – So many gambling platform start to make their move in this period, it will make FUN have more challenge. Can you describe your plan for the next 1 – 2 years? because with so much challenger make old platform will be forgotten. so it was important to have some plan from now?
Adriaan Brink – FUN CEO: We are already the largest gambling token in the world. We will solidify that position with an increase in users and usage using our access to traffic from feebitco.in and collaborating with other operators in this space. We are creating a gambling ecosystem – by inviting existing operators to join our ecosystem we will grow much faster than we would on our own. More about these partnerships in the coming months. We have a plan – it is huge and it is happening!
Anna – BitYard: 6.@kimchivun – 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 to any solution you implement with a side chain, would I always hold the private key for my funds?
Adriaan Brink – FUN CEO: Yes – with XFUN some of the mechanisms on freebitco.in will change. We will be launching brand new non-custodial wallets in the next month putting users in control of their funds, and bringing in the existing custodial tokens from freebitco.in. The current custodial wallets on FBC were implemented in that way because of the issues with gas fees and latency on Ethereum. With XFUN we get away from these issues.
so – yes – you would have your private key
Anna – BitYard: 7.@LeKieuNhi – Currently attracting real users and mass Adoption is a problem for Blockchain projects. So How will solve this problem?
Adriaan Brink – FUN CEO: We already have them. Freebitco.in is one of the busiest websites in the world. It ranks 1500 on the Alexa rankings with 6M monthly uniques. The numbers are staggering – and we have access to that traffic. We have seen a small taste of that with dplay.casino and I think you will be surprised at how fast we will grow as we finalize the XFUN rollout. Watch this space!!
Anna – BitYard: 8.@namcuongg – Could you please explain FUNToken token economics to us? Is the token meant to rise and fall in tandem with the platform’s success, and are there any scarcity paths, such as stake, store, or burn?
Adriaan Brink – FUN CEO: The token will grow in market cap (and price) as we increase the usage. Eventually, I hope to break away from the situation where the price is driven by price fluctuations in BTC and move more toward demand for our products to drive the price. XFUN in some ways separates the utility and trading activities of the token. You need to think of XFUN and FUN as essentially the same thing – the sum of issued XFUN will always be matched by escrowed FUN. As liquidity flows into XFUN it is removed from FUN.
Anna – BitYard: 9.@thienvinh – I believe that “With Right Token Everything is Possible”. What all Key Features and Killing Benefits make $FUN Token Right Token according to Investors? And What is your strongest advantage that you think will make your team lead the market?
Adriaan Brink – FUN CEO: We have a strong trading token on multiple exchanges, a massive user base through freebitco.in and some amazing gambling content being released right now. Add to that an experienced team and an already profitable operation, and in a way, we have the perfect storm! I am super excited about where we are right now and the direction that we are heading. Having XFUN do the heavy lifting and FUN running as the reserve token we create the basis for a powerful ecosystem. Add to that the players … I think I have covered the rest already – hold on to your seats!!!!
Anna – BitYard: Sounds great! And the last one 10.@trumcrypto – Without proper planning, utilizing, working in the market and capital infusion: many projects nip in the bird… Can you assure us (users) that you have sufficient power over the issues and capital to sustain this project to the top?
Adriaan Brink – FUN CEO: 100%. We are very well funded and profitable on a daily basis. We have not had to raise any funds from investors and do not intend to. The team is growing and we are adding some super knowledgeable and experienced new people in the coming months. We will continue to execute our strategy as per the roadmap (with a few extra surprise titbits on the way) and gain market share. I would expect the token price and market cap to start to reflect this in the coming months.
Anna – BitYard: Thank you for answering the questions!!!❤️This is the end of the community section
PART 3: Open chat
Anna – BitYard: The next section is an open chat!
Each member can post up to 3 questions in the group. If your question is selected, you will receive 1500FUN as a reward!
- Q1 is from @JacquieFitzgerald: Regarding the safety and security of your platform what are the security measures adopted and have you done any audit of smart contracts?
Adriaan Brink – FUN CEO: We are keenly aware of the issues surrounding security. We have a number of external companies collaborating with us on all aspects from penetration testing and environment setup through token audits and code reviews.
- Q2 is from @glenn_nicholson: Southeast Asia is a very vibrant market and there are many new platforms under development. So what do you think about Southeast Asia and do you have plans to grow there?
Adriaan Brink – FUN CEO: Absolutely – it’s a great market and has huge potential!
- Q3 is from @Abbyschaffer2003: Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Adriaan Brink – FUN CEO: Profitability is fundamental to the long-term success of any venture and I don’t see why the crypto space should be any different. We make money on our own operated casinos and gambling operations and also through referral income where we bring traffic to other operators. We are fortunate in that the user base is already large and active enough that we are profitable.
- Q4 is from @Moruvumi: How do I GET YOUR token? can I buy it on dex or any other CEX?
Adriaan Brink – FUN CEO: There is a number asking similar questions to this. We trade actively on a number of exchanges and of course, are listed n coinmmarketcap and other tracking websites. With daily trading volumes around $25M, there is no issue either buying or selling the token.
- Q5 is from @JermaineDominguez: What are the benefits of holding your token as a long-term investment? Can you tell us about the motivation and benefits for investors to keep your token in the long run?
Adriaan Brink – FUN CEO: You need to have a picture of the gambling industry to understand this more. Right now there are probably > $50Bn in players funds lodged in player accounts across online sportsbooks and casinos around the world. XFUN changes that paradigm, moving control of the funds back into the user’s hands. As usage increases our market cap will increase to accommodate demand. Given that we are relatively small right now it is not hard to see a strong growth path for FUN.
Please visit https://staging.funtoken.io for links to social channels and other information
Part 4: Quiz
As usual, for this part, BitYard asked the chat 5 questions about FUN Token. 7,500 FUN was distributed between the winners.
Q1: FUNToken is partnered with the world’s leading cryptocurrency online travel agency, so to what extent can FUN token holders use it?
- All of the above
Q2: Is FUNToken.io the corporate entity behind FUN Tokens?
Q3. The values of XFUN and FUN are maintained at?
Q4. What is the recently launched FUN casino called?
- DPLAY Casino
- FUN play
- FUN Casino
- Digital Casino
Q5.Which cryptocurrency online travel agency has FUNToken partnered with?
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