The global gambling industry is a billion dollar industry. The popularity of gambling has led to the growing size of this giant industry. However, despite being a billion dollar industry, it has some issues to address. The present gambling industry is faced by several challenges which need to be solved for the benefit of all. Problems like lack of trust, transparency, high fees, bad user experience, and multiple intermediaries have brought a bad name to the whole industry. All these problems need to be solved so that both the players and the game developers can be benefited from it.
The problems prevailing in the gambling industry can be solved by transforming the whole industry into a decentralized platform. This is what is aimed by the new blockchain project called Faireum. Faireum happens to be a blockchain based decentralized platform that focuses on solving the problems of the gambling industry. The platform seeks to solve the problems by reducing the costs, promoting transparency and providing secure betting options. The platform is still under development, but it is expected that it is soon going to bring a significant change in the gambling industry. The platform comes with plenty of useful features that are going to benefit the players, service providers and even the developers.
About Faireum
Faireum is a new blockchain project that is developed by the team of Faireum. Faireum is a blockchain based platform which has been designed with its own set of protocols. This decentralized platform mainly aims to solve the growing issues in the gambling industry. It offers a practical solution to each of the problems through its decentralized platform. The main aim of the platform is to reduce the costs, promote transparency, to provide secure betting and to improve the gambling experience.
This particular platform is based on the best practices of Hyperledger, Ethereum, 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 also has its own native currency and smart game contract which is known to provide premium betting services and experience in sports betting, casino games, lotteries and other digital games to the players. 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 main aim of the platform is to enable the next generation of many-to-many betting and gambling apps while transforming the gambling industry into a decentralized platform. With the help of blockchain technology, the platform seeks to deploy their apps in a peer-to-peer environment which will provide visibility, transparency, and fairness. The platform with its features is going to change the look of the gambling industry.
How does it work?
Despite the significant growth of the gambling industry, it is surrounded by several problems. This has made some of the countries reluctant about legalizing online gambling. Faireum as a decentralized platform aims to solve all these common problems so that the industry can reach greater heights. It is the benefit for all. It is because of these issues that many of the players are not even willing to try online gambling.
Some of the main problems faced by the players include lack of trust, a limit on withdrawals, hidden casino charges and more. Not only that players but even the service providers are not spared from the rising issues. High entry fees, lack of transparency and credibility are some of the significant problems that are faced by the service providers.
Faireum seeks to address all these problems by providing a solution in the form of a decentralized platform. The main aim of the platform is to eliminate all these problems for the benefit of all. The platform is also known to provide some benefits to the players. The platform seeks to reduce the costs, promote transparency and provide a secure betting option with the help of its decentralized platform which is developed with its own set of protocols. The platform will enable the developers to publish their Dapps. One of the main objectives of the platform is to remove the risk inherent from the current system. This will be made possible by decentralizing the gambling industry.
Games on the Faireum Platform
The platform is also known to have a vast collection of games on its platform. Players can access thousands of great gambling games from its iGaming platform. Wild West, Emperor’s Garden, and Super Dragon’s Fire are some of the games that can be found on the platform. The platform will include both official and best games from their network of providers. This will include:
- Lottery
- Casino
- Digital games
- Sports betting
Faireum Token
1.2 billion Tokens are going to be released during the main token event and presale. Each Faireum token will be mapped into a single corresponding ERC20 token on the Ethereum ecosystem as the Faireum platform is still under development. Once the Faireum ecosystem is ready, there will be three major participants in the Faireum token economics including network supporters, users, and developers.
Faireum token will become the native currency on the platform in the future.
Team Members
The Faireum project is led by qualified professionals from diverse fields. What unites them is their love for blockchain technology. It is with the joint effort of all the members in the team that the Faireum platform has been developed. The team is known to work dedicatedly toward the success of the platform. The main members include:
- Ishihara Yoshihiko, CEO of the project.
- Evan Dai Shore, COO of the project.
- Jixing Jin, CIO of the project.
- Jun Fei Yap, CMO of the project.
Conclusion
Faireum is a decentralized platform with its own set of protocols. The platform is aimed towards solving the problems in the gambling industry by transforming the sector into a decentralized platform. It provides several features that are going to benefit the entire gambling industry.
You can learn more about Faireum by visiting their official website or downloading their whitepaper.
Article Creator: pamkinpie