Gambling is a profitable industry because it provides entertainment, the thrill of calculated risks and technology in a single package. However, traditional betting and gambling betting platforms have flaws and cannot provide seamless experiences.

Common issues currently facing the gaming industry deal with censorship, third-party interference, fraud, account constraints and more. The benefits associated with blockchain technology, however, can offer a solution to many of these problems. After all, a blockchain serves as a digitized, decentralized, public ledger for all cryptocurrency transactions. And, a blockchain-based platform is built entirely on trust and provides full transparency of every transaction that has ever taken place by any person associated with the network.

Currently, the majority of traditional gambling service providers are actively creating and innovating around the web to provide gambling and betting solutions. However, the central, slow, trust-based protocol specific to online gambling is inefficient and requires urgent attention especially as we anticipate the boom in the industry come 2021. If the industry must attain the expected boom, then it must adapt to the internet 3.0 which, in other words, is adopting the blockchain protocol.

To fully understand the significance of what blockchain technology will bring and the way Faireum will transform gambling, we must look at the betting industry today and see how it can be improved — what the industry should be opposed to what it is.

Defining the size of the gambling industry is difficult as estimates for specific niches can be accurate but aggregation of those figures can result in a wide range. This is aggravated by the fact that some estimates include regulated markets whilst some will not include them. For example, it is estimated that the US gambling market is worth 240 Billion but estimates of illegal markets on just one sport, namely NBA, put that figure at 400 billion. China, which is the biggest gambling country in the world, dwarfs these figures and with the rise of online and mobile applications the growth is only continuing.

Sports betting, bookmaking and gambling have always seemed an interesting domain to avid investors and entrepreneurs searching for entertainment. And for a good reason. After the multi-billion dollar gambling industry was revolutionized by the internet, now it’s time for a new technology to take it to the next level.

Faireum’s blockchain-powered platform is tapping into this growth industry, presenting the structure and technology for developers and service providers to develop and deploy Dapps on our main or side chains, and reach a global audience of users in a decentralized environment. Because we are an open source, other game developers can sign up with us to list their game, which will be played on the Faireum platform in line with our goals. This service will be available for all high-growth betting and gambling sectors, such as lottery, sports betting, casino, digital games and other blockchain-based games.

Reimagining the gambling industry

Despite the high rates of growth of the industry, trust in online gambling is lacking. This problem covers all aspects of the gambling industry, from user experience to payments. This is where the novel approach of Faireum comes in.

The combination of a proprietary blockchain and a set of the standards used for gambling DApp and smart contracts compatible with all of the WASM blockchain contracts written by high-level programming languags will enable the creation of a global, decentralised system, where any barrier and central authority is eliminated, and where players would enjoy a fast, fair and secure online gambling experience.

The objective of Faireum protocol is to enable a sustainable model which benefits all the parties involved in the online gambling business process. (i.e it should be more profitable for the developer to use Faireum, rather than work on its own, and less costly for a casino operator to provide better service for the players. Players should have access to more diverse range of games from independent game developers while having a higher level of security than in traditional online casinos).

Along with a distributed ledger model, Faireum expands real-time betting, live betting and skill-based products that would be difficult, or impossible, using fiat currency. Through a Rewarding by Contributing Model and consensus between the main and side chains — third-party developers will be given the opportunity to leverage the platform and its decentralized and trustless model to accelerate the gaming experiences of users in the online gambling industry.

With the act of creating a new blockchain, based on the Ethereum protocol and custom features to meet Online Gambling requirements, Faireum will remove the risk inherent in the current system by making it decentralized, transparent and trustless.

Our mission is to enable the next generation of many-to-many gambling and betting applications. By building on top of existing blockchains, 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.