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FunFair (FUN) - Token Burn
October 18, 2017 3:00 PM - 4:00 PM
1.5 ETH GIVE AWAY CONTEST
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Event Details
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Time Zone
Argentina Standard Time

Created Date:
October 18, 2017 6:00 PM UTC

FunFair Prices
updated 6 days ago
0.00000506 BTC
$.0401057 USD


Donate to contributor
BTC: 1B28hvV9VoBpsucfL1LUXAbwbRB86ErQmo

ETH: 0x0390Ed2ba7344793DE8d2b04666750546a294De0

NEO:Ad3q9h7BHnDKE3fYiuSVd6KANYcAAUzfNJ

IOTA: VLDLYZNCGSXSSJGVTWNBJSBXIVV9QMZWSPXBVOEBDOKQBDKTXNCLAYI9HAYGVOBWWU9ACJMNAGAXBABHDDTQXO9KWD
Source/Proof Url:
https://kryptocal.com/r/2081

FunFair Company Update 16th October 2017 1. New hires. 2. Sponsorship of Devcon3. 3. Replacement strategy for phase 2 token sale. 1. New Hires It is with great pleasure that FunFair can announce the appointment of David Greyling as Chief Operating Officer. David joins us from his former position as Director of International at William Hill PLC, one of the largest gaming companies in Europe, where he was responsible for £130m net revenue across their Regulated and Unregulated International markets. In addition, James Harrison joins us as interim Director of Corporate & Regulatory Affairs after an initial stint as a consultant and will report into David. Together they will focus on establishing an efficient business structure and operating model in readiness for an H1 2018 commercial launch to casino operators and affiliates. They join co-founders Jeremy Longley (CTO) and Oliver Hopton (Senior Developer) enabling them to increase their focus on the technology and development side of the business. At the present time, FunFair is growing fast and is about to exceed thirty people operating from its offices in Camden, London – making it one of the largest and fastest growing Ethereum based development companies. 2. Sponsorship of Devcon3 FunFair is pleased to be a Global Sponsor of Devcon3 (Ethereum Foundation’s annual developers conference), which starts on November 1. We will be sending our team out to Devcon3, who are all looking forward to engaging with the Ethereum community and at the same time attend the amazing presentations to learn more about the innovative and exciting work going on in the Ethereum development space. 3. Replacement strategy for Phase 2 token sale. After our oversubscribed Phase 1 token sale back in June, we had intentions of a second / phase 2 sale during September/October that would sell the bulk of the 11B tokens that we had issued and allocated for this occasion. Instead, due to a combination of factors; regulatory, commercial and legal issues including a highly changing world marketplace – we’ve decided to scale back our token sale and cancel the original Phase 2 plan as originally envisaged. We’ve decided to spread out the sale over a longer period of time (five years), so that instead of selling almost 11B tokens in one go this October, we’re going to limit it to 1B tokens each year, for nearly five years. In addition, we reserve the right to burn further tokens if we decide they’re not required at the end of 2018 and each subsequent year. The new plan will provide suitable liquidity (for product investment or M&A) over the long term, at a significant lower issuance rate, rather than do it all at once with the large issuance of circulating tokens that the previous plan had entailed. So to summarise: We’re allocating 1.4% of the 11.173B tokens (0.16B) immediately to the circulating tokens that will become company assets. This raises the current amount of circulating tokens from 3.84B to 4.00B (4%), and allows the company to incentivise new hires, to spend FUN tokens on some contractors who wish to be paid that way, and to fund and incentivise outside companies accordingly where they wish to be paid in FUN instead of in cash. We prefer contractors to be aligned with our interests and paying them in FUN is a good way to do this. CoinMarketCap was informed of this change last month and the circulating token number has been correctly reported for the last couple of weeks at 4.00B. We’re allocating 42% of the 11.173B tokens (4.7B) that we’re putting into cold storage and will restrict token sales to a max of 1B per year for four years, and an additional 0.7B tokens for the fifth and final year. These tokens will be sold to institutions or large token buyers to minimise overheads and retain highest compliance, via OTC and market trading. The tokens will be sold as close to market price as possible, to minimise dilution and maximise value. And finally… We’re allocating 55%, the majority of the 11.173B tokens, to be burned. This equates to 6.173B tokens that will all be burned on October 18th (now we are clear of the Metropolis’ Byzantium hard fork) at 3pm GMT (4pm British Summer Time). Burning tokens has the effect of taking them out of issuance. They will never become circulating tokens and so every other token holder benefits proportionally due to additional scarcity. The tokens will be sent to the infamous burn address of 0x0, and the token contract will automatically reduce the total number of tokens from 17,173,696,075.7222 to 11,000,000,000 in the ‘Total Supply’, as detailed on Etherscan and ERC20 reporting tools. The Burn mechanism we’re using for this has been in-built into the token contract since day one, and will demonstrate the effectiveness of burning tokens that can be accomplished on the live platform. To remain compliant with regulations where our intention is to burn tokens that have been used as fees (in a consumptive way like tickets for transit), we intend to take additional advice but should this prove problematic for compliance, we’ll work on alternative strategies prior to first use. Thanks for reading! Jez San & the FunFair Team

FunFair Details


June 1, 2018

1
License in Great Britain, Malta and Gibraltar June 1, 2018 [Possible Date]

June 30, 2018

5
FunFair (FUN) Gambling License June 30, 2018
FUNFAIR ($FUN) PUBLISHING API DOCS June 30, 2018
Announce Games Developer June 30, 2018
Original Slot Games June 30, 2018
First Operator June 30, 2018

December 31, 2018

1
FUNFAIR ($FUN) RELEASING REPORTING TOOLS December 31, 2018

October 18, 2017

1

December 20, 2017

1

January 9, 2018

1

January 31, 2018

1
FunFair (FUN) January Update January 31, 2018

February 5, 2018

1

February 8, 2018

2

March 1, 2018

1

March 31, 2018

2
FUNFAIR ($FUN) BETA + GAME RELEASE March 31, 2018
March Update March 31, 2018
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Details Date
A reminder to all of our users that we do not run airdrops or giveaways for free FUN. There are a number of fake a… https://twitter.com/i/web/status/986925987597312000
5 days ago
Thanks to @crypt0snews for the shout out about our new partnership with Spike Games If you missed the news you can… https://twitter.com/i/web/status/986644273675223040
5 days ago
We're excited to announce our partnership with Spike Games, another key step on our journey to changing the face of… https://twitter.com/i/web/status/986309316012425216
6 days ago
Warning: there are a number of fake accounts attempting to pass themselves off as us. We have reported them to Twit… https://twitter.com/i/web/status/986261963377467392
7 days ago
Find out more about our new partnership with Spike Games https://bit.ly/2qdc1pp
7 days ago
Jez talking about FunFair today @thelondoncryptocurrencyshow. https://t.co/1zOf0YG5UZ
10 days ago
Hi everyone, we wanted to find out a bit more about what makes our community tick whilst also seeing who would be w… https://twitter.com/i/web/status/984828464724406272
10 days ago
Some lunchtime viewing for those of you in the UK Here's Jez talking at Enterprise Ethereum Alliance in London https://youtu.be/fotkhryge6i
13 days ago
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13 days ago
Do you live in Hong Kong? We want to hear from you... https://bit.ly/2q62d0u
18 days ago
We've redesigned our website and it includes the next stage of our roadmap Check out what's new here https://bit.ly/2piygoo
28 days ago
We've redesigned our website and it includes the next stage of our roadmap Check out what's new here https://bit.ly/2piygoo
28 days ago
Jez talking @ThePathfounder #TheBusinessofBlockchain conference in the City of London today. Video highlights to fo… https://twitter.com/i/web/status/978654305413627906
28 days ago
Jez talking @ThePathfounder #TheBusinessofBlockchain conference in the City of London today. Video highlights to fo… https://twitter.com/i/web/status/978654305413627906
28 days ago
Great response from those present and plenty of questions from the community. We'll hopefully share Jez's reaction… https://twitter.com/i/web/status/972151792053170176
one month ago
Great response from those present and plenty of questions from the community. We'll hopefully share Jez's reaction… https://twitter.com/i/web/status/972151792053170176
one month ago
Don't worry if you missed the live stream, you can watch Jez's presentation back on the official #EthCC YouTube cha… https://twitter.com/i/web/status/972150536077225985
one month ago
Don't worry if you missed the live stream, you can watch Jez's presentation back on the official #EthCC YouTube cha… https://twitter.com/i/web/status/972150536077225985
one month ago
Jez is now live here >>> https://www.youtube.com/channel/uco0f-1_6ogwq3zrrtunbv0w?view_as=subscriber https://twitter.com/funfairtech/status/972124853737349121
one month ago
Jez is now live here >>> https://www.youtube.com/channel/uco0f-1_6ogwq3zrrtunbv0w?view_as=subscriber https://twitter.com/funfairtech/status/972124853737349121
one month ago
This is your one hour warning for Jez's presentation at #EthCC We'll be streaming it live via this link http://bit.ly/2g7orkq
one month ago
This is your one hour warning for Jez's presentation at #EthCC We'll be streaming it live via this link http://bit.ly/2g7orkq
one month ago
Standing room only as @VitalikButerin delivers a talk on Plasma Cash #EthCC https://t.co/XHRxsMv2eV
one month ago
Standing room only as @VitalikButerin delivers a talk on Plasma Cash #EthCC https://t.co/XHRxsMv2eV
one month ago
It's lunchtime on Day 2 of #EthCC and the Ethereum community is taking the opportunity to network! https://t.co/9OKHXHYtLp
one month ago
It's lunchtime on Day 2 of #EthCC and the Ethereum community is taking the opportunity to network! https://t.co/9OKHXHYtLp
one month ago
A reminder that our CEO Jez San will be presenting at #EthCC this afternoon at 4pm GMT and you can watch it live on… https://twitter.com/i/web/status/972039692098179072
one month ago
A reminder that our CEO Jez San will be presenting at #EthCC this afternoon at 4pm GMT and you can watch it live on… https://twitter.com/i/web/status/972039692098179072
one month ago
A really interesting first day at #EthCC in Paris We caught up with our CEO Jez San to find out what his key takea… https://twitter.com/i/web/status/971787664000208896
one month ago
'Your data is not just yours, it is you' Interesting take from @Saj_JZ from earlier this morning at #EthCC
one month ago
We'll be live from #EthCC throughout the next few days giving our thoughts and insight on all the hot topics Plus… https://twitter.com/i/web/status/971663537474031616
one month ago
"Ethereum will become the blockchain of choice" Find out what else Jez had to say when he spoke to @EGRTechnology http://bit.ly/2tqdgme
one month ago
Jez was speaking in the latest issue of @EGRTechnology http://bit.ly/2tqdgme
one month ago
"Regardless of the token, regardless of the speculation, I believe FunFair is one of the most interesting and meani… https://twitter.com/i/web/status/969186621567504384
one month ago
The panel at ICE, including Jez San, giving their answer to the question - 'Is it really an issue that the player d… https://twitter.com/i/web/status/966366803751587841
2 months ago
‘You can’t just know the technology and be part of the community, you need to know the underlying business you’re i… https://twitter.com/i/web/status/965660604655652864
2 months ago
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2 months ago
Last week, Funfair attended #TotallyIceGaming at @ExCeLLondon. It was a great chance for us to introduce the brand… https://twitter.com/i/web/status/963826673396445185
2 months ago
To manage expectations we have been given a timeline of approx. 4 months for the license to be processed and issued… https://twitter.com/i/web/status/963367219685183488
2 months ago
As per our commitment to working with gambling regulators we are pleased to confirm that we have now submitted an a… https://twitter.com/i/web/status/963367126429044736
2 months ago
This will not affect any of our plans, in fact, with a hugely successful ICE event under our belt it's very much bu… https://twitter.com/i/web/status/963080259590606849
2 months ago
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2 months ago
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2 months ago
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