The Faireum Blockchain: A New Way to Invest, Play and Everything In Between
Faireum releases its new blockchain-based technology that will break ground for crypto investors, traders and online gamblers alike.
This feature article may also be read in Ethereum World News, Smart Ereum, Blockonomi, The Bitcoin News, Crypto Coins News, Coin Idol, ZY Crypto, Coin Gape, Money in Crypto and Krypto-Nachrichten.
NEED SHELTER AMID THE CRYPTO WINTER?
Ever since the crypto winter has started, the cryptocurrency market has gained a lot of negative impression from the mainstream community. Although Bitcoin’s value is still significantly higher than it ever began with, its price recently has never gone higher or lower and this has given the bearish enough ammunition to ambush with criticism both crypto enthusiasts and investors alike.
Of course, no one else knows better about how bad the crypto winter is other than the coin holders themselves. It cannot be denied that money has been lost due to the drop in prices, and some have lost faith and given up entirely. Interestingly, despite this, the crypto-economy still remains one of the most lucrative industries to date. But how does it still remain the Goliath that it is?
The answer is simple. Just like any other climate or season, nothing lasts forever. The ups and downs of prices are part of the crypto-economy. Everyone living in the real, imperfect world knows it’s not always rainbows and clear skies. Majority of crypto enthusiasts, investors and coin holders know this well. And this is why even amid the current crypto-climate conditions, countless ICOs with innovative ideas are emerging left and right to persuade investors into fulfilling their game-changing vision, giving investors an opportunity to profit while at the same time, allowing them to realize their technological endeavors, crypto winter or not.
This is where Faireum comes in —
“A warm light in the crypto winter…”
Faireum boldly presents itself amid the bearish climate with a sole mission: to provide the people with the best that the blockchain technology has to offer backed by a self-sustaining economy. The team behind Fairuem works tirelessly in targeting the strengths of existing blockchain projects and improving upon them in order to develop an entirely new and independent blockchain ecosystem that is ideal for investors, traders as well as gambling enthusiasts.
BREAKING THE STIGMA is the main challenge that Faireum faces in imparting these core values into the crypto world. Faireum wishes to change the negative image of casinos, gambling and games of chance and instead present it to the people not as an addictive vice, but an intricate science essential in maintaining a stable internal economy that is not overly-reliant on external crypto conditions.
In an oversimplification, Faireum wants to create an investor-friendly environment by creating a stable economy by means of providing completely safe, transparent, and fair gambling platforms that eradicate all the destructive impacts of traditional gambling to the players, safeguarding both their trust and well-being, as well as the economic standing of the Faireum ecosystem, unaffected the crypto winter.
PARADIGM SHIFT: TRANSFORMING THE BUSINESS MODEL
“Why online gambling?” This perhaps is the most pressing question among interested investors and the answer boils down to one factor: token relevance. What most investors miss out when it comes to weighing ICOs is that these coins must be able to achieve a significant increase in market capital. This is possible through a large and constant trading volume, and maintaining a trading volume relies on the use of the coin/token.
Growing at a compound annual growth rate (CAGR) of 4% in 2017 and increasing, the global gambling industry is expected to grow from $533 billion to $1 trillion by 2021. This means that the applications of the Faireum coin and blockchain alongside its protocols will remain relevant, even outside the main crypto market, because of its applications in the gambling industry. This assurance of a trading volume safeguards the coin price from over-volatility and unpredictability, which are the most common problems that most ICOs suffer in the market.
Faireum eyes to bring a full 180 turn in this behemoth of an industry by introducing the blockchain technology in online and mobile gambling, betting and gaming that will eradicate all the disadvantages and bad practices of the traditional and centralized gambling structures, creating a decentralized, transparent, secure, and — most importantly — fair environment for every participant in the ecosystem.
And this is how Faireum does it…
“ONCE FAIR, ALWAYS FAIR.” — THE FAIREUM PROMISE
Faireum learns from the best and improves on the best
The team behind Faireum has developed an entirely new and competitive independent blockchain based on the strengths of Bitcoin, Ethereum and Hyperledger. Alongside this is Faireum’s consensus algorithm which is adopted from the Byzantine fault tolerance-based delegated proof-of-stake (BFT-DPos) which assures the verification of transactions on the Faireum Blockchain as well as its performance. An attack on the consensus is virtually impractical and impossible, as proven by Faireum’s role models.
Faireum’s very own gambling platform, along with its new generation of gambling decentralized apps (DApps), is built on top of the Faireum blockchain and its set of protocols (including game protocol, RNG protocol, asset protocol, digital protocol and others). Furthermore, these next-gen DApps are able to execute Smart Contracts that are versatile and compatible with other blockchains thanks to Faireum’s very own web assembly virtual machine (WASM): the Faireum Virtual Machine (FVM). This allows users and investors alike to create smart contracts that are interconnected with a wide array of blockchain-based coins, as well as freely exchange assets at any time, in any place.
Fairness at its purest — the Zero Random Algorithm
This may not be known to many, but generating a “true” random number is virtually impossible. Coming up with a random number objectively is impossible to achieve without any form of bias. Even random numbers generated from scientific calculators aren’t truly random, but instead, are termed “pseudorandom.” Pseudorandom numbers are generated by means of pseudorandom algorithms, which are mathematical formulas that come up with a series of numbers whose sequence resemble that of random numbers. These algorithms are called pseudorandom number generators (PRNG) or simplified as random number generators (RNG).
Obviously, RNGs are essential for games of chance, otherwise, they wouldn’t be games of chance at all. However, the problem is that there are no standard methods of creating an RNG that is closest to being truly random. This results in a flawed game logic that centralized online betting platforms implement. No one knows how these programs work and people are losing money without them knowing.
Faireum aims to change this rather unjust business norm by creating a provably fair game logic. The Zero Random Algorithm is Faireum’s answer to these questionable RNGs being implemented in gambling platforms. By having a blockchain-based internal RNG that is validated by Zero-Knowledge proof, each random number generated from the blockchain is verified to be truly random. Furthermore, the Faireum blockchain supports external number generation from external trust sources like the External Oracle service which is made compatible thanks to the FVM. This gives game developers and platform owners a variety of options for their game logic, all of which are transparent, meaning anyone can access the programming behind the RNG and protocols.
There are no secrets between Faireum and its valued users.
Build your world, a Faireum-powered world
Outside Faireum’s very own official platform, everyone else can get their hands on Faireum’s innovation. With Faireum’s application program interface (API) and software development kit (SDK), game developers have all the tools to create their own Faireum-powered DApps that utilize Faireum’s protocols, RNG, FVM and other features. Platform proprietors can also easily adapt and integrate Faireum into their games and systems and tailor them in such a way that they see fit for their preference.
Integration of Faireum into various platforms is made even easier thanks to the FVM’s compatibility with almost all existing gambling smart contracts written for Ethereum and EOS.
Faireum sees a business model where blockchain is a service where all its protocols and unique features are accessible to everyone and profit is gained through its service. A value-for-value ecosystem. This eliminates the chance-altering systems of gambling platforms that exist solely for profit. In this way, players get what players give. A fair chance for everyone.
THE FUTURE: FAIREUM AT MAXIMUM
The Faireum ecosystem at its full potential will have countless other essential protocols and game-changing features. With these, Faireum sees itself as the pioneer for a completely decentralized, secure, scalable and fair investing and blockchain-based gambling experience. For the first time ever, there would be a blockchain that would unify all the features of coins and tokens, making the exchange of digital assets easier and more universal than before. Governments would be trusting online gambling platforms once more due to the transparency and honesty of Faireum’s technology, and alongside this is the empowerment of the image of crypto-economy as a reputable environment for investing.
With Institutional Investors such as University endowments like Harvard and MIT now investing in cryptocurrency funds, a more transformed business model awaits the crypto-economy wherein various economies of countless fields merge into one stronghold that is insusceptible to mere crypto climate conditions alone. Faireum brings this transformation to the investors — a soil to plant their seeds on — to show them that their seeds aren’t dead, after all.
Transforming investing, gambling and beyond — this is the vision of a Faireum-powered future.
Be sure to keep in touch with Faireum’s technology development and token sale. Click here to visit their website. You may also visit their official SNS for Telegram, Twitter, Facebook and LinkedIn.
