

Even if you do live in a cave, I will like to believe you have heard of the word, “gambling" before now. Here comes the question, "Why is gambling so popular?". This is due in large part to the fact that the gambling industry is believed to be worth well over 500 billion USD with an envisaged worth of about 1 trillion USD by the year 2021. Due to the amount of funds in circulation within the global gambling industry and the increasing popularity of online gambling platforms, we really do have the right to expect more. However, what we get is an industry that is ravaged by several issues that lead to lack of trust between players, developers and service providers due to the presence of a chain of intermediaries, excessive fees and untenable user experiences. All these problems reinforce the need for a complete overhaul of the online gambling system and what better way to do it than leverage on the decentralized nature of blockchain technology.

Introducing Faireum

Faireum is intended to be a public blockchain protocol which ushers in a new dawn in the gambling industry. The platform provides decentralized, low-cost, transparent and secure betting and gambling experience. Faireum makes use of it's own native currency and smart game contract with the goal of guaranteeing users top notch betting experience and other services in sports betting, casino games and lotteries that leaves users satisfied.

The team behind Faireum is in the process of creating a project which has the potential to revolutionize the online gambling industry and solve the problems earlier listed. When the ICO is complete and fundraising goal is met, the team will set the ball rolling in developing the blockchain based ecosystem where developers will also be able to publish their own dApps with the condition that it meets online gambling requirements.

Benefits offered by Faireum

Through the introduction of a blockchain based platform with features which meet online gambling requirements, Faireum will offer the gambling industry benefits which include;

Reduction in operational cost of online gambling which will create higher payout for users.

Reduction in cost of user accounts and money management for online casino operators.

Offering game developers the opportunity to monetize their work without having to manage the processes after the game is released.

Reduction in risk of fraud.

Provision of an official gambling platform which is based on the Faireum network to enable a completely transparent betting system.

Key components of Faireum

- Transparency: Faireum assures transparency as recording of all transactions is done on an immutable ledger that is available to the public.

- Trust: Due to the nature of smart contracts, users are not at the mercy of any controlling body.

- Security: Users are completely in control of the private key to their wallets which takes out the chance of account being accessed by a third party.

- Reward: Faireum has developed a perfect reward mechanism for the gambling platform.

Tokenomics of Faireum

The platform operates a token based ecosystem. The token ticker is “FAIRC" and it has a total supply of 1.2 billion tokens of which 660 million will be put up for sale.





Conclusion

Due to the dilapidated state of the gambling industry, I believe Faireum has come into the equation at the perfect time to revolutionize the gambling industry.

For further information, you can visit any of the following links;

Official Website: https://faireum.io/

Whitepaper: https://faireum.io/assets/files/Faireum_whitepaper2.0_En.pdf

Descriptive Video: https://faireum.io/video.html

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