Faireum - ICO Review

Faireum Reforms the iGaming Industry 

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.

Problem statement and the Faireum solution

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.

Technical specifications

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.     

The composition of the Faireum team

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.

Full details about FAIRC and the ICO

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.

Author: Alex Paulson for Crypto-Rating.com

  • Tax Evasion and Money Laundering. Online iGaming can often be out-of-sync with local tax mechanisms and contains money laundering risks.
  • Security. Centralized systems cannot assure 100% security nor possess a high fault tolerance.
  • High fees. The profit model of iGaming platforms makes high fees for iGaming operators.
  • Unfair odds. Platforms stake the odds against players by tampering with the Random Number Generator (RNG) by modifying parameters.
  • Negative social reputation. Players have a strong feeling of uncertainty and doubt towards counterparties in live games.
  • Lack of Safety and Transparency. Centralized systems rarely divulge their resources to the public, making independent research difficult.
Pre-Ico Start dateMarch 25, 2019
Pre-Ico End dateApril 24, 2019
  • Ishihara Yoshihiko. CEO
  • Dai Shore. COO
  • Jixing Jin. CIO
  • Jun Fei Yap. CMO
  • Mykola Vdovychenko. Legal Expert
  • Maxim Byakow. Technical Team leader
  • Valeria Boykova. Head Of Design
  • Veliulla Liumanov. Art Leader
  • Mykola Melnyk. Frontend developer
  • Denys Krolevetskyi. DLT developer
  • Alina Zorilo. Frontend developer
  • Dmytro Dubsky. Backend developer
  • Mark France. Blockchain Developer
  • Genesis Gil Bulan. Content Writer
  • Yhoreneo Posada. Operating Manager
  • Andriy Cholak. Blockchain Developer
  • Mitsunori Kamimura. Product Manager
  • Vladimir Solin. Product Manager
  • Anna Vynokurova. HR Generalist
  • Vince Howard. Marketing Expert
  • Galina Mikova. Head of content
  • 2017 Q1-Q4. Research. Market research; Prototype design; Preparations for gambling license.
  • 2018 Q1-Q3. Preparations. Angel funding; Brand registration; White paper.
  • 2018 Q4. Technical upgrade. New website; Cross-chain & ZKP RNG design; Game protocol design; Faireum framework design.
  • 2019 Q1. MVP. ICO preparation; Game platform; Faireum games.
  • 2019 Q2. Framework development. Exchange listing; Test network development; Alpha game protocol; Partial Faireum games development.
  • 2019 Q3. Further development. Faireum blockchain layer development; Faireum wallet development; Partial Faireum games testing.
  • 2019 Q4. TestNet online. Test network online; Partial Faireum games release.
  • 2020 Q1. Upgrade Faireum. Upgrade main network; Upgrade Faireum wallet.
  • 2020 Q2. Module extend. Faireum VM design/development; Completion of the Faireum RNG.
  • 2020 Q3-Q4. MainNet online. Faireum MainNet online; Release Faireum wallet; Release Faireum smart contract; Mainnet token registration.
  • 2021 Q1. Faireum Environment. Faireum platform online; Faireum gambling foundation; Faireum environment extension.

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StartApril 24, 2019
EndDecember 31, 2020
Soft cap$2 500 000
Hard cap$7 500 000
Minimum investment1 FAIRC
Tokens for sale600000000

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.

jeremy   September 2, 2019  

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.

Leonard   July 15, 2019  

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.

Jonathan   July 4, 2019  

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