The online gaming industry, or iGaming as referred to in the project’s whitepaper, seem to have gotten a second wind with the emergence and subsequent development of the blockchain technology. EOS and TRON had already staked the claim of being the developers of the blockchain, and associated networks, intended almost solely for the industry of online gaming and gambling. No wonder that they are so eager to establish a foothold in that sphere: the official statistics has it that by the year 2022, this particular area of gambling will reach the revenue high-mark of almost $80 billion.
Despite such significant progress, the members of Faireum, the blockchain development project registered in Singapore, are convinced that this industry still has a number of unresolved issues which they plan to duly address.
Aside from the issues that concern data protection and privacy, there is a thicket of problems related to high entry fees, stiff cost of maintenance of gambling platforms, various restrictions with regard to the country of residence or banking providers, and, in some cases, unacceptably high withdrawal limits and hefty taxation on winnings.
The solution offered by Faireum lies in the creation of a network with a public blockchain at its foundation. This network features a stack of protocols that affords ground for the affiliated developers to design a variety of decentralized applications to supply the needs of both iGaming publishers and players.
This will help to eliminate all the aforementioned problems and, additionally, bring the risk of fraud to naught, provide the possibility for developers to monetize their intellectual input, and establish a network of blockchain-enabled provably fair gambling outlets.
The project uses the WebAssembly standard, and the corresponding virtual machine, to develop a proprietary blockchain that features a host of protocols, necessary for the creation of dApps, and utilizes the Delegated Proof-of-Stake (DPoS) to validate transactions. What’s peculiar about Faireum is that it allows the migration of Ethereum and EOS smart contracts, which adds to the versatility of the platform.
The main components of the Faireum blockchain include the Smart Nodes that can perform the function of a digital wallet and a proxy server; the Side Chains that provide for scalability on demand; the Internal Random Number Generator that uses a Zero-Knowledge Proof algorithm to ensure the provably fair gambling process.
Ishihara Yoshihiko. The Chief Executive Officer who specializes in Information Technology and accompanying services. Previously, he worked as a consultant for different Japanese fintech companies.
Evan Dai Shore. The Chief Operating Officer. An experienced product manager who worked for numerous Japanese and American companies, such as Coursera. He is also a founder of Canvas LLC.
FAIRC is the ERC-20 token that serves as a means of economic relations between all network participants, namely the dApp developers, the nodes, and the users. It will also be used for buying apps and games once Faireum establishes a marketplace.
The total supply of FAIRC amounts to 1.2 billion tokens, 50% of which was allocated for the ICO with 5% already been sold over the course of the private sale. Right now, Faireum is having a public sale that is due to end on September 3. The ICO price of 1 FAIRC is $0.015. The project accepts only Ethereum. Citizens of China and the United States can’t participate in this token sale.
|Start||April 24, 2019|
|End||September 23, 2019|
|Soft cap||$2 500 000|
|Hard cap||$7 500 000|
|Minimum investment||1 FAIRC|
|Tokens for sale||600000000|
There is no denying the fact that the gaming industry needs blockchain to solve many of its major problems and help it make the next evolutionary step. It remains to be seen whether Faireum will be capable of delivering on their promise of revolutionizing the iGaming platforms, though they do have some very good tech solutions that will find surely find application in this space.
After checking the project’s website, I have come to the conclusion that Faireum is legit and also has superb media coverage, which is immensely important in the world of contemporary business. They promise to roll out the beta version of the platform in the near future and, according to their COO, the FAIRC token has already been listed on the P2PB2B trading platform. To summarize, Fairum is doing great at presenting itself, which is good for the overall success of the project, and they already have a working prototype. So, I would rate this project 8 out of 10.
It is time for gambling to clean up its act and become an industry that isn’t regarded as disreputable. Obviously, blockchain will be of tremendous service for online gambling platforms and players alike. I think that Faireum can still get on the wave of interest in that subject, created by EOS, and take a good place in that niche. I don’t see any major issues with Faireum - it is a solid project.
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