The global gambling industry is faced by several issues which need to be taken care of. The common problems in the gambling industry have resulted in a lack of trust between players, service providers, and developers. This has mainly happened due to high fees, multiple intermediaries and unintuitive user experience. There is an urgent need to change the way the gambling industry is run. One of the most obvious solutions is developing a decentralized gaming platform for all that leverages the benefits of blockchain technology. This is where the need for a blockchain decentralized platform like Faireum comes into the picture.
Faireum is a decentralized platform that focuses on transforming the gambling industry by reducing the costs, providing secure betting options and transparency. It also aims to improve the gambling experience among the players. The platform has it’s own smart game contract and native currency to provide a premium and superb betting experience and services to the players.
What is Faireum?
Faireum is a public blockchain which has been developed with a set of protocols. The platform focuses on providing a solution to the problems prevailing in the gambling industry. It offers a decentralized platform to promote transparency, reduce the costs, to provide secure betting and to improve the gambling experience.
The platform is based on the best practices of Ethereum, Hyperledger, and Bitcoin. The consensus algorithm adopted from the Byzantine fault tolerance assures the verification of transactions that are carried on the platform. It also verifies the performance as well.
The platform has its native currency and smart game contract to provide a premium and superb betting services and experience in casino games, lotteries, sports betting and other digital games to users. The platform is based on a set of protocols which enables the creation of borderless, trustful, fast and secure online gambling network for all.
The primary mission of the platform is to enable the next generation of many-to-many betting and gambling apps. With the help of blockchain technology, the platform seeks to deploy their apps in a peer-to-peer environment which will guarantee transparency, visibility, and fairness. The platform is expected to change everyone’s beliefs regarding gambling and betting.
The solution offered by Faireum
Despite the massive growth of the online gambling industry, it is faced by several issues which need to be addressed immediately. The rising problems of the gambling industry have made some countries reluctant about legalizing online gambling. Also, a large number of people are afraid to even try online gambling because of all these issues.
Problems for the players:
- Withheld bonuses
- Account restriction because of location problems
- Hidden casino charges
- Restrictions on withdrawal
- Slow processing of pay-outs
- Risk of fraud
Problems for service providers:
- High entry fees
- Higher costs of running an online casino
- Operations overheads
- Slow server speed
- Lack of credibility and transparency
- Lack of support for blockchain services
All of these problems are to be solved by Faireum blockchain platform. The company currently is focused on developing a platform that will create a paradigm in the online gambling industry. This will help the platform to solve all the mentioned problems in the gambling industry. Faireum is aiming to implement and run a blockchain based platform with its own set of protocols. The platform will enable the developers to publish their Dapps with features that are required to meet the demands of the online gambling industry. The main aim of the platform is to remove the risk inherent from the current system. This will be made possible by decentralizing the gambling industry and thus, making gambling to have transparency and trust.
The platform is known to provide some benefits to the online gambling industry. From reducing the operational costs to enabling the game developers to generate revenue, it is going to solve all the main issues that are currently prevailing in the industry.
Games on Faireum
The platform also seeks to have a vast collection of gambling games within its ecosystem which will include the best and the official games from their networks of providers.
- Lottery: In this gambling, numbers are drawn, and the prize is declared on that basis.
- Casino: This will include a variety of gambling games and activities. This will allow players to choose and play a game of their choice.
- Digital games: This will include e-sports games which have recently gained a lot of popularity.
- Sports betting: This involves predicting the results of a sporting event and placing a wager on the outcome.
Tokenization
Around 1.2 billion tokens will be released during the main token event and presale. Every single Faireum token will be planned into a single matching ERC20 token based on the Ethereum blockchain. This is because the Faireum ecosystem is still under development.
The Faireum ecosystem is developed with a total of three major participants in the Faireum token economics. The participants include network supporters, users, and developers.
The faireum token will become the native currency on the platform in the future.
Team Members
The Faireum project is led by a group of respectable and qualified members from diverse fields. It is with the joint effort of each of the members that the platform is heading towards becoming a success.
The main members of the team include:
- Ishihara Yoshihiko, who happens to be the CEO of the project.
- Evan Dai Shore, who is the COO of the project.
- Jixing Jin, who is the CIO of the project.
- Jun Fei Yap, who is the CMO of the project.
The team also include blockchain developers, legal expert, technical team leader, and other members.
Conclusion
Overall, it can be concluded that Faireum is a great initiative taken by the team of Faireum project. The main aim of the platform is to solve the problems of the gambling industry to help it grow further. It aims to transform the gambling industry into a decentralized platform for the benefits of all.
To learn more, visit their official website or download their whitepaper.
Article Creator: cryptomagis
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This is correct, gambling industry is a huge market (a billion dollar) and tapping blockchain tech to solve the existing problem this sector face is a smart move.
Never heard of Faireum before but upon checking their website and the people involved in this project, they seems to be legit. But don’t take my word for it, cryptocurrency market is highly risky and we really can’t tell the future of a particular project. Faireum is developing something that could effectively solve the mishap that traditional online gambling sector is facing. Still worth the follow.
Good point @Michael and I gotta add that they had acquire a good business name. 😀
And like you said, it is too early to judge a project. People must do their own deep research for any project they find would be a good investment in the long run.
Faireum has an intended market niche to disrupt and that is the online Gambling industry and they seem sure to know what they’re doing.
It has quite a good number of partners. Thanks for writing a good summary of the project. Invested in some few good crypto projects recently and might as well check on Faireum.
Good concept. Thanks for the summary and review of this project.
Faireum is one of those projects that looks good all the way round it. It’s a promising project. It has a good application of blockchain technology, as it attempts to solve the main issues in the gambling industry.
Their core team has passed the KYC, w/c I find to be a mandatory aspect for every legit project these days. And also have real blockchain advisor/s expert/s.
Importantly, they already has a working MVP.
I agree with you @Kara, the first most important thing one should look for to a blockchain project is the team members, if they were all legit and really does exist. Faireum has a legit team members and is a group of professionals which knows and has background on Gambling industry. Great project! Good read.