

Gambling has suffered a bad reputation in the eyes of society. Many amateurs jump into it due to the high profits it brings. They end up losing miserably and turns to deface the game. Gambling can be very beneficial if than professionally and in the right place. Now let's look at the true meaning of gambling. It's the betting of money or something of value on an event with an unpredictable outcome, with the primary purpose of gaining money or material goods. People have made fortunes in gambling and nations have also increased their income from this industry. In this article, I will state some importance of gambling, specifically, online part and how Faireum is using blockchain to revolutionalize this sector.

How it all began

The history of gambling dates back in some the ancients countries like China, Egypt, Greek, Rome etc. In Chin, traces of game of chance were seen on tiles. One of the oldest gambling devices were first discovered in Egypt. Betting on animals fight was common among Romans and Greeks.

Gambling has been part of human nature. People turned every event a gambling ground and its always successful.

Gambling kept changing with time. More and more people got involved and even government came in with regulations. You can't talk about gambling without the mention of casinos or gambling houses, an official business place for gamblers. It appeared in Italy in the 17th century and since then, casinos are seen throughout the world.

In this current time, gambling has evolved into online gambling, making it easier for people around the world to participate.

It's not all that bad to companies

There have been mixed feelings about gambling just like much other business. However, as bad as Sociologists, economist or even parents may see it, it can be very beneficial in the very watchful eyes of the state.

In 2017 the global gambling industry was estimated at $533 billion, with future foresight putting the industry at $1 trillion at the year 2021. This growth has been increasing lately due to how smartphones are bringing simplicity to users.

New technologies and the increased accessibility of the internet is introducing the game to many people, Asia has established itself as the fastest growing iGaming market in the world.



Problems faced in this industry

Online gambling can take many forms. It is now the most lucrative business on the internet. Some of these forms are sports betting, lottery, casino, digital gaming and so on. Since this industry is run by humans, errors, challenges and unsatisfactions are things we can't take away.

Some of the problems the users or players face

a. Risk of fraud. This can be seen when there are not enough security on the platform. At the end of the game, the other party or the losing party may not honour their part of the deal and no one can hold him accountable.

b. Withdrawal restrictions. Recently, two online gambling companies Jumpman Gaming and Progress Play updated their terms and conditions thus preventing players from getting access to their earned money. I took time before that was lifted.

c. Hidden fees: Casinos charge high fees for withdrawal. This shouldn't be so. It even prevents new members from getting involved.

The service providers also have their share of these challenges.

a. High costs of running an online casino. Developers charge high fees for their products.

b. Slow server running speed and frequent downtime events.

c. Lack of transparency and credibility. This is a major problem. Many players are cheated this way because there is always manipulations of results.

How Faireum is using blockchain to address these issues

The Faireum team is aware of these challenges and developing a platform which will completely change how we see online gambling. The platform will be ready at the end of the ICO which will enable developers to publish their own Dapps on the blockchain with custom features to meet Online Gambling requirements.

The blockchain based platform by Faireum will ensure trust, borderless and security.

Operational costs will be reduced therefore, providing higher payouts. Fraud will be a thing of the past since the information of the blockchain cannot be changed. Game developers will also have the chance to monetize their work and generate revenue without having to operate after the

game is released. Many other solutions offered by Faireum can be found in the whitepaper below.

In short

The team handling this project are experienced and well informed to in this industry and have what it takes to bring the true aim of this project thus- making gambling decentralized, low-cost, transparent and secure to engage in. The idea of using faireum token and game contract to achieve this is one of the best. Base on what I have read in their whitepaper, I think this project is solid and realistic.

Some useful links to get you started:

Website: https://www.faireum.io/

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

Facebook: https://www.facebook.com/faireumofficialpage

Twitter: https://www.twitter.com/faireumofficial

Telegram: https://t.me/faireumofficial

Medium: https://www.medium.com/@faireumofficial

Github: https://www.github.com/Faireum

Youtube: https://www.youtube.com/c/faireumofficial

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