AMA Satoshi Club x FUN TOKEN, October 13th
We were delighted to welcome our guest from FUN TOKEN. The AMA took place on October 13th, 2021 and our guest was @bigbasher .
The total reward pool was 500$ 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 and questions from the Telegram&Bitcointalk community
Gold Rocket | Satoshi Club: We are with you again, our dear Satoshi Clubbers! We are pleased to announce AMA with FUN token. Today our guest is @bigbasher
Adriaan Brink: Good day everyone!
Adriaan Brink: And than ks for having me
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club
Gold Rocket | Satoshi Club: Thanks for joining
Gold Rocket | Satoshi Club: How are you doing?
Adriaan Brink: I’m great thanks! Been a busy day but I’m all yours now
Gold Rocket | Satoshi Club: and we are yours
Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & FUN token
Adriaan Brink: I have been in online gambling since 1995 and more recently in crypto with the launch of BETR in 2017
Adriaan Brink: BETR and FUN set out to achieve very similar objectives so when the opportunity came to combine forces I was happy to do that
Adriaan Brink: yeah — we all look a bit older now!!!
Gold Rocket | Satoshi Club: The old school is coming!
Gold Rocket | Satoshi Club: An experienced player can only improve new things
Adriaan Brink: so FUN is a token that set out to change the face of gammbling by moving more elements of the transactions onto blockchain, and ultimately reduce the reliance on the custodial element of gambling
Adriaan Brink: excuse my typing!
Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What is the essence of FUN token.
Andrés M. | Satoshi Club: Don’t worry
Gold Rocket | Satoshi Club: it sounds very ambitious
Adriaan Brink: basically we look at how to improve the online gambling ecosystem by moving control of players funds into their own hands, and where possible put funds that are in escrow (eg. a bet has been placed and not resulted) onto blockchain rather than into an operator’s wallet
Andrés M. | Satoshi Club: Interesting features, why did you name it FUN token?
Adriaan Brink: by removing the friction in the ways that funds move we are able to present a more robust mechanism for players and put the control over players funds where it belongs
Adriaan Brink: Because its FUN!!! Online gamling is entertainment — we seek to broaden that entertainment over timem to cover other opportunities (such as travel with Travala)
Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?
Adriaan Brink: But above all — lets have some FUN
Andrés M. | Satoshi Club: Very representative name
Gold Rocket | Satoshi Club: great sense. I think you are very funny guys
Adriaan Brink: We have a relatively small team but it is growing quite fast. I am CEO and currently running tech as well although we are hiring a CTO. We have a team of developers that originated fromm BETR and a great marketing team as well
Adriaan Brink: we also have a number of well known and experienced members on our advisory board
Gold Rocket | Satoshi Club: Is your team anonymous?
Adriaan Brink: such as Eric Benz — who has been in crypto since the start, and Simon Collins — a pioneer in online gaming
Adriaan Brink: no — please check the website for names and bios — we dont pout the entire team there but you can see key members
Andrés M. | Satoshi Club: How long ago you create the project?
Adriaan Brink: both FUN and BETR started in late 2017 but have had a revamop
Adriaan Brink: revamp with the merger of FUN and BETR
Andrés M. | Satoshi Club: Well, we are excited to know more about it. That’s why we received a lot of questions from our community members
Andrés M. | Satoshi Club: Ready to proceed with the first one?
Adriaan Brink: I’m happy to answer as many as I can
Adriaan Brink: sure thing
Q1 from Telegram User @Ask4Unik
FunToken launched the Dplay weeks ago and can already boast of over 53,000 users,and this platform can allow you generate revenue that can burn 5 million tokens,and it promises to allocate 50% of all in house gaming profit to burn fun tokens.My Question is,does this improvement benefit just the cassinos and gaming centers?Or will it benefits all those who invest in the fun?And what other way will also attract more players to join FunToken platform?
Adriaan Brink: FUN is all about utility in gambling and dplay was launched as a testbed to prove that and continue to work on the model. Our learnings from dplay will go into the new XFUN casino and continue to help us shape the offering.
Adriaan Brink: Profits are being put back into the community through the quarterly burn program with the remainder being used to expand the marketing and reach of the FUN ecosystem
Adriaan Brink: Fundamentally, the more that FUN is used the less it is traded (and consequently the better for the price)
Adriaan Brink: Does that make sense?
Gold Rocket | Satoshi Club: it is a very logical system and it justifies itself
Adriaan Brink: Ultimately the usage will drive the price not trading and BTC prices
Gold Rocket | Satoshi Club: Thanks for your answers! Do you want to add something or we can proceed to the next question?
Adriaan Brink: lets move on
Q2 from Telegram User @Billz120
XFUN CASINO- We are meant to understand will launch in Q4 2021 and feature a richer game selection and enhance functionality and operate in XFUN from the outset. Could you tell us when exactly in Q4 2021 XFUN casino will be launch in view of the fact we are already in Q4 2021?
Adriaan Brink: We will launch XFUN Casino by latest end of November but hopefully sooner. It is going through regulatory approval with the gaming licensor at the moment.
Adriaan Brink: It will be a lot bigger than dplay and have a much richer selection of games
Gold Rocket | Satoshi Club: it’s very soon .. but you’re right, all legal rules must be followed.
Adriaan Brink: Its going to be FUN!!!
Gold Rocket | Satoshi Club: Didn’t even doubt
Gold Rocket | Satoshi Club: Thanks for your answers
Adriaan Brink: There are loads of other announcements on the way regarding further content but I cant pre-empt them
Adriaan Brink: we are very busy!
Gold Rocket | Satoshi Club: Сould you tell us please about your tokenomics btw
Andrés M. | Satoshi Club: Of course it will
. Btw, where and how can we earn the token?
Adriaan Brink: Fixed supply which is decreasing with our quarterly burns
Adriaan Brink: currently just north of 10Bn tokens
Adriaan Brink: but the more interesting bit is yet to come with the launch of XFUN on Polygon — this will have a significant effect on the supply of FUN
Gold Rocket | Satoshi Club: yes you seem to want to use layer 2
Adriaan Brink: currently the majority of tokens are in the hands of some large investors, a substantial amount (500M+) locked into the freebitco.in premium membership scheme and a similar amount staked in binance in the savings plan
Adriaan Brink: yes — it has to happen for us to get the usability that I want
Gold Rocket | Satoshi Club: I like that you are the person who understands exactly what he wants
Gold Rocket | Satoshi Club: Thanks for your answers
Andrés M. | Satoshi Club: Btw, could you share your roadmap? We want to check it in detail
Adriaan Brink: I know where we are going
Adriaan Brink: https://funtoken.io/about/
Gold Rocket | Satoshi Club: Thanks for sharing
Andrés M. | Satoshi Club: Thanks for share it, waiting for 2022 to play on your casino
Adriaan Brink: We are already the largest gambling focussed crypto. By increasing content through our own and 3rd party offerings and reducing friction through things such as the L2 token, wallets and zero gas transactions we are creating the default gambling space on crypto
Adriaan Brink: you can play right now on https://dplay.casino
Andrés M. | Satoshi Club: Ohh perfect, let’s play Satoshiclubbers. Personally, I’m addicted to the roulette
Adriaan Brink: there are some cool live dealer versions on dplay
Andrés M. | Satoshi Club: Adriaan thanks for your clear answer to the question. Are you ready to proceed with the next one?
Adriaan Brink: sure
Q3 from Telegram User @chinyere2020
$FUN is listed on Binance. Users can stake on binance exchange and have an interest rate of up to 45% APY. How long are users required to lock their tokens to earn interest? Is the 45% APY fixed or it will change depending on some factors? Is there a minimum or maximum number of $FUN tokens that users can stake?
Adriaan Brink: There are two savings schemes that Binance is running for FUN. One is flexible — meaning you can deposit for as little as a single day, and the other is fixed term where you select 14, 30 or 60 days with corresponding different interest rates.
Adriaan Brink: There are limited amounts of fixed term lots available but the fixed term can automatically change to flexi after the term has finished.
Adriaan Brink: Please take a look at the Binance website for the details — they run the savings plans
Andrés M. | Satoshi Club: Binance is an important partnerships, could you tell us who are your most important partners at the moment apart of Binance?
Gold Rocket | Satoshi Club: Binance is a big milestone. you are cool guys
With a finished work product
Adriaan Brink: We are listed on 26 exchanges. They are all important partners! We are adding more particularly in geographically appropriate areas
Adriaan Brink: and we will be running more marketing on some of the other larger exchanges
Adriaan Brink: ite all about awareness as you know
Adriaan Brink: but — yes — Binance is the giant at the moment
Andrés M. | Satoshi Club: Is there any other option to stake fun tokens?
Adriaan Brink: I believe freebitco.in are offering one
Adriaan Brink: We will also introduce lay staking on our casinos soon
Adriaan Brink: that will be awesome — giving our holders a way to sit on the house side of the table
Andrés M. | Satoshi Club: Absolutely
Gold Rocket | Satoshi Club: this is one of the very first bitcoin faucets. Congratulations
Adriaan Brink: yeah — its huge
Gold Rocket | Satoshi Club: You really know what you’re doing.
Adriaan Brink: we have a close relationship with them which gives us access to their massive player base
Adriaan Brink: which is seriously immoportant — anything like this has to acquire serious user base to work
Gold Rocket | Satoshi Club: Thanks for your answers
Adriaan Brink: just as an example — there were 80K holders of FUN when this revamp took place. as part of it freebitco.in started selling FUN to its users as a premium membership thing
Adriaan Brink: they hav 190K holders now so the user base has quadrupled in a relatively short time
Adriaan Brink: being able to bring the 48M freebitco.in players into our casino offerings is a serious advantage for FUN
Gold Rocket | Satoshi Club: I think many before you tried to do this, but it was you who succeeded. you are an influential person
Adriaan Brink: thanks
Gold Rocket | Satoshi Club: Or do you have a good correct strategy
Andrés M. | Satoshi Club: Thanks for your detailed answer
Adriaan Brink: everything is strategic!!
Andrés M. | Satoshi Club: Let’s proceed with the next question
Q4 from Telegram User @Pavel_Jarosh
Fun token seems to be a stable coin with some back up history. I noticed that I can now pay with Fun at Travala while making reservation for long awaited vacations. Please advise if using Fun token while buying some external products (like travel packages) will bring some additional perks? Maybe a higher cashback or the higher Fun token rate than the current one?
Adriaan Brink: The token rate at 3rd party sites such as Travala is determined by their algorithms, but they are continually sourcing the best deals so it is price competitive with major travel sites.
Adriaan Brink:. And you can pay directly in FUN which I think is a great extension to the utility of the token!
Adriaan Brink: I used them recently on a trip to Amsterdam and the prices were better than booking.com
Andrés M. | Satoshi Club: What are the benefits of pay with Fun tokens instead other methods?
Adriaan Brink: But I think the question carries an interesting point and will raise it with travala
Adriaan Brink: From our perspective its an extension of the underlying utility — providing further entertainment that can be purchased with the token
Andrés M. | Satoshi Club: I agree, another big benefit for holders
Andrés M. | Satoshi Club: Well, any sneak peek about what would be the next place where we bell be able to pay with Fun tokens?
Adriaan Brink: well … that would be telling. but you will have seen mentikons in the past about b ringing other 3rd party offerings on board — we have some really cool things coming uo in the next few months
Gold Rocket | Satoshi Club: Don’t forget to share with Satoshi Clubbers
Adriaan Brink: you got it
Gold Rocket | Satoshi Club: Let’s proceed to the next question..
Q5 from Telegram User @KathDM
I read on your website that the FUN token is an ERC20 token. You mention that the ethereum blockchain makes processes faster and easier. That is true, but its main limitation is the cost of gas. Have you considered launching FUN on other networks in the near future? There are other chains that offer numerous benefits, such as safety, speed, and at the same time cheap gas rates. What do you think of networks like Solana, BSC or Polygon?
Adriaan Brink: FUN is indeed an ERC20, with all the gas woes that go with that. It made sense 4 years ago but does not at the moment with gas fees and latency as they are.
Adriaan Brink: This is why we are rolling out our new ecosystem on Polygon — XFUN. Joined at the hip to FUN, XFUN will provide zero gas transactions for gaming meaning that users do not have to have the native currency (MATIC for Polygon) in order to transact — our system will cover all gas fees.
Adriaan Brink: The token is already live and we will release the bridge in the next two weeks
Gold Rocket | Satoshi Club: Great news
Gold Rocket | Satoshi Club: Thanks for your answers
Gold Rocket | Satoshi Club: Ready to proceed to the next question?
Adriaan Brink: please
Andrés M. | Satoshi Club: Great strategy, that’s a way to include little and big investors
Gold Rocket | Satoshi Club: Btw the last question of this part
Q6 from Telegram User @Jamesxmen
In the past, I used to play Freebitcoin game & presently You have cooperated with Freebitcoin project. As you said, We can buy $FUN tokens directly from Freebitcoin website. Is it safe to buy $FUN tokens from that website? Are there offers for the users those who buy $FUN tokens from Freebitcoin website? As I remember, We can play High-Low game with BTC. Do you intend to add $FUN & $XFUN tokens in to Freebitcoin High-Low game in future?
Adriaan Brink: We work closely with Freebitcoin and I would say that it is very safe to buy FUN on their site. They remove some of the short term gas problems on FUN by running a custodial wallet that supports direct deposit and withdrawals from dplay.casino.
Adriaan Brink: Going forwards we will be launching XFUN Wallets and changing that once XFUN is up and running.
Adriaan Brink: I cant answer as to whether they will add FUN to their hilo game — its up to them — but with all the great new content coming out via dplay and xfun casino I think you will be spoilt for choice.
Andrés M. | Satoshi Club: Yes let’s keep the secrets
Andrés M. | Satoshi Club: Btw, before proceed with the second part could your tell us if your contracts have been audited? Everything is SAFU?
Part 2 — live questions from the Telegram community
Q1 from Telegram User @highpee
Initially, you were known as FunFair. However, some group of users bought a substantial amount of your token from market and at the same time acquired the entire FunFair founders token which made them to claim ownership of FunFair and rebrand it to FUN Token. Can you explain how these ownership has affected the lot of this project implementation, focus, objective and roadmap?
Adriaan Brink: That is correct. The investors who bought control of the token brought with them significant benefits for the ecosystem as a whole, not least funding and access to the massive traffic and liquidity of freebitco.in. We are now in a unique position for a token where we are well funded, have access to a huge player base and have a well traded and liquid token. All of these together make this proposition super exciting
Q2 from Telegram User @chinyere2020
FUNToken recently announced new layer 2 token, $XFUN, on Polygon Network. Why did you choose the Polygon Network instead of ERC20(which $FUN is based on)? What will $XFUN be mainly used for? Will users have to buy $XFUN or users will get $XFUN through swapping $FUN?
Adriaan Brink: Technically we chose Polygon over Ethereum — XFUN is also an ERC20 standard token. We needed to have as close to zero gase fees as possible and the ability to scale to significant transaction volumes. Neither is possible on Ethereum at this time. With XFUN we are able to use some smart technology to completely eliminate gas from transactions.. I believe that having to have ETH for gas and having to hold that as well as the token has been a significant barrier to entry for most tokens. With the new XFUN system we will achieve fast and user friendly transactions. Crypto has to evolve and become simple if we want mass market adoption
Q3 from Telegram User @Robotliker1
YOU mentioned you have listed on 26 exchanges. Binance is not suitable for US users. Can you name some exchanges or list in which FUN is listed?
Adriaan Brink: Simplest thing is to go to Coinmarketcap and look at the trading stats — or you can also see most of them listed on our website. https://coinmarketcap.com/currencies/funtoken/markets/
Q4 from Telegram User @Pratze
i check on your telegram that $FUN token just do BIG BURN for fun token about 5 Million, but can you explain how the burn system work ? is it random burn or only burn on special event ?
Adriaan Brink: We committed to burn every quarter 50% of profits from gaming activities. The first such burn happened a few weeks ago where we burnt 5M tokens. These tokens were removed from the circulating supply and there is no way that they can be “unburnt”. While this mechanism gives back to the community, I think its important to note that the XFUN system will do a lot more to remove tokens from trading supply in the short term than the quarterly burn. XFUN will effectively act as a massive deflationary mechanism once it is in full swing.
Q5 from Telegram User @Ngoctu21
According to the roadmap in Q3 20211, FUNtoken will launch a new token called L2 Token. Can you share why you decided to launch the new L2 token? What advantages will $L2 have over the current $FUN? So will $L2 and $FUN tokens be used in parallel or are there plans to upgrade from $FUN to $L2? Thanks sir
Adriaan Brink: I picked this one as it raises an issue that many are concerned about — the relationship between XFUN and FUN. In order to get an XFUN token a user will have to use our “bridge”. This is software (going through final testing at the moment) that escrows the FUN and then mints the XFUN. The process can also work in reverse — swapping XFUN for FUN means the bridge burns XFUN and unlocks FUN from escrow. We will be publishing the total supply of XFUN (this is public information on the blockchain anyway) and also the escrow wallet addresses so that anyone can verify how many tokens are locked away for XFUN and that the overall balance is correct.
Q6 from Telegram User @Antoni_azx
The most important thing to increase the credibility of a project is to see that it has met all the goals proposed in the roadmap on time and I see that FUN token has an excellent itinerary, but what are your biggest long-term goals? Can you explain to us how much you intend to grow the project and on what factors does its growth depend? Is the system completely decentralized?
Adriaan Brink: Our goal is two-fold. On the one hand we are striving to create the best technology solution — and here we are moving more of the custodial elements of gambling onto blockchain which removes counter-party risk and provides an auditable record. But on the other hand the reality is that tech without adoption is a waste of time, so we are at the same time working hard to increase adoption and users of the token and the gambling opportunities linked to it. Ultimately the number of users and the $amount of XFUN used in gambling is what will drive the price. Without users there is no point which is why we must work on both fronts at the same time
Q7 from Telegram User @coinresearcher
In order to a project to be a successful project, that project must have some new ideas and must solve some problems that other defi projects are facing so which problems are you solving with Fun Token project?
Adriaan Brink: We are moving control of players’ funds back into their hands from the operators. This will progress over a number of stages, starting with making it frictionless to deposit and withdraw, adn moving forwards to completely on-chain betting transactions (we ran these for 4 years with BETR) where there is no 3rd party holding funds in escrow during a bet and both sides of the financial transaction (bet and lay) are completely on-chain.
Q8 from Telegram User @Gaurav1444
While you build your project, do you take into account community feedbacks and demands?
Adriaan Brink: Absolutely! We have active communities on many social platforms including telegram, discord and twitter and our community managers are in daily contact with management passing back ideas and comments\
Q9 from Telegram User @mobilejii
Can you tell us about XFUN launch in details and its integration and usage? When will it be available?
Adriaan Brink: The token is already launched. We will be launching the bridge in the next two weeks and some dedicated wallets by end November. The bridge will support metmask and walletconnect so will work for many users as is but I want to really focus on producing the best user experience with our dedicated wallets.
Q10 from Telegram User @boradam
As we all know there are people in the world those still don’t have any idea of crypto and blockchain technology so how can Fun Token help for those people to understand the technology and join crypto?
I think the single best way is to remove the need to understand the detail. Crypto in general is too geeky at the moment. We need to de-mystify it and make it easy enough that it becomes natural for my 87 year old mumm to use it. Only by making it really easy to use will we gain mass market acceptance. The internet as a whole was in a similar space when I started with online gaming in 1995. It was considered geeky, a fad, not suitable for mass adoption! Roll forward 20 years and we know where we are now. I see crypto in a similar space. And that is the nut that we all have go crack. Make it easy. Make it FUN!!!!
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of FUN TOKEN. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.