The gambling industry has not remained indifferent to the phenomenon of cryptocurrency. It’s been Bitcoin’s sudden and dramatic increase in value that has been fuelling all of the headlines — yet it’s the blockchain technology behind it that is the most interesting aspect for many.
‘Trust’, ‘Freedom’ and ‘Fairness’ are a few elements that blockchain technology can bring to many industries and business models. Faireum brings these elements to betting and gambling and in doing so replaces the inefficient centralized model. For the first time ever, it is possible to introduce a solution that creates more secure, instant and transparent payments and connect users and gambling Dapp developers from across the globe.
Faireum is a public blockchain and a set of protocols, which focus on the gambling industry, and provide a decentralized, low cost, transparent and secure betting and gambling experience. The Faireum solution uses a proprietary blockchain to create a decentralized marketplace and enable the next generation of many-to-many gambling and betting applications. The end goal is to help developers create lottery, horse betting, sports betting, casino games and other digital games, and reach a global audience of users.
As a next-generation ecosystem, Faireum will focus on providing third-party developers the opportunity to leverage on the platform and its decentralized and trustless model to accelerate the gaming experiences of users in the online gambling industry. We’re building on top of existing frameworks of the ERC20 standard, our applications will be able to be deployed in a peer-to-peer environment, with complete fairness, transparency and visibility. We believe Faireum is revolutionary, and will change everyone’s expectations of how fair and fast applications and gaming can be.
Faireum’s innovative blockchain approach to the gaming exchange will drive a new level of engagement and competition to the exciting world of gaming. The blockchain-based platform will ensure more secure payments for both developers and gamers. This is due to the transparency of transactions made on the blockchain, as this technology allows every transaction and balance to be seen by all users on the network. As a result, payments made on the blockchain are much more secure and practically impossible to tamper with.
Our aim is to expand the gaming industry’s reach by using the blockchain to serve as a development platform for gaming companies and individual developers who want to retain the majority of their commissions and earnings. Game developers can create their Dapps compatible with all of the WASM blockchain contracts written by high-level programming languages. Developers can also earn Faireum tokens, which are based off of the ERC20 standard and can be used by developers to cover platform publishing fees.
The Faireum team is hoping to create a paradigm shift in the online gambling industry and solve all existing issues. After the ICO, Faireum will fully implement and run a blockchain-based ecosystem with its own set of protocols, where developers can publish their own Dapps with custom features to meet Online Gambling requirements. The end goal of Faireum is to remove the risk inherent in the current system by making it decentralized, transparent and trustless.
The speed and scalability of Faireum’s own blockchain would combine the user’s experience with high-end gambling platform while bringing the transparency and auditability of the new technology. This off-chain solution known as state channels both ensure the speed of gameplay is quick and responsive as players would expect as well as reduce gas costs as fewer blockchain transactions need to take place.
Just as blockchain technology is transforming a number of industries, the gaming sector is starting to realize the value that can be gained from the blockchain. By ensuring more secure, transparent and faster transactions, gamers and developers can take advantage of a new digital goods marketplace that connects casinos, players and developers in real time.
The decentralized nature of this marketplace also guarantees that there will be no third-party interference or censorship. And by introducing a native cryptocurrency for transacting — the FairCoin -gamers will now have more opportunity to access new games across the globe. Ultimately, blockchain technology will empower developers to own their digital goods, boost transparency and connect users and developers everywhere.