Faireum — The Other Side of Online Gambling
A few thousand years ago, since humans started to form more complex societies, gambling has taken its place as one of the main human vices. It is incredible to find that some form of gambling was present almost everywhere on the globe and that this activity has been present for ages.
Nowadays it is not different, gambling represents a huge global business and online gambling is quickly spreading and gaining supporters. A lot of people will easily avoid the negative social reputation or the pressure of live games, turning to online gambling as their favorite.
But online gambling presents a few problems that tackle it’s development and global mass adoption. The usual centralized systems present huge problems in security, lack of transparency, possibility to tamper with the Random Number Generator (RNG) thus modifying the odds, high fees, etc. Online gambling can also be out of sync with local tax authorities allowing the possibility of tax evasion and money laundering.
This is where Faireum comes in, launching a public blockchain with a set of protocols that will provide a decentralized, transparent, low-cost and secure gambling experience. Faireum aims to deliver a premium betting experience across countless games including lottery, horse-betting, sports-betting, casino games, digital games, etc. These guys will include both their official games and the best games from their network of providers, giving their customers a huge selection.
But how will Faireum accomplish its premium service and gambling experience?
As a decentralized solution that includes a public blockchain and additional protocol, Faireum guarantees the fairness and transparency of the whole system through the open source underlying framework, system framework, and game contracts, while the blockchain is used to register the state, data and settlement information in the game process.
They are building an entire ecosystem that includes ledger nodes, P2P networking, a virtual machine for Smart Contracts and a set of rules aimed at token distribution (including token reward, payment gateway, digital asset exchange, and cross-chain atomic swap). A smart client called Faireum node works together with these protocols, helping to provide users with a safe, seamless and smooth experience while playing all the games they wish to play.
And how Faireum purposes to guarantee their random number generation?
These guys developed a combination of blockchain block hash and zero-knowledge proofs that should turn the prediction or deduction of the number impossible by using an inverse, turning the random number in more than just data that can be deducted from the code. They’ve called this algorithm the Zero Random Algorithm (ZRA).
To turn everything into a solid package they have additionally pre-configured the Faireum blockchain with several other RNGs (Random Number Generators) aimed at different areas of the platform including Faireum Random Digital (FRD), dedicated to digital games, Faireum Random Casino (FRC), dedicated to casino games, and a dynamic probability balance index generator, called Faireum Dynamic Betting (FDB), which is configured for real-time results such as sports quizzes.
Their application is called Faireum Smart Node (FSN) and can be used both on desktop or smartphone, providing both wallet functionality as a client and proxy functionality as a server. Their app is all in one and works as a Node Service, as a Client Service integration, as a wallet or game center or as a Smart Exchange for Smart Node Partners.
Let’s now look at some of the key details of their token sale, in which they will be issuing the Faireum tokens as ERC20 tokens on the Ethereum chain, while they develop the Faireum ecosystem, aiming for a later swap.
The Faireum Token will be the main circulating token on their gambling ecosystem.
- Token Symbol: FAIRC
- Total Supply: 1,200,000,000 FAIRC
- Sales Supply: 600,000,000 FAIRC
- Token Exchange: $0.05 USD = 1 FAIRC
- Soft Cap: $2.5M
- Hard Cap: $25M
- Sales During 2 months starting on the 25th March
Worth to note that on the token distribution, there is a modest 10% allocated to the team members, advisors and developers and 5% to the founders.
Their roadmap looks solid and reasonable and promises that the test network will be online and there will be a partial Faireum games release no later than 2019-Q4, we can also count with a fully working product running in its own blockchain at máx. 2021-Q1.
Looks like these guys are presenting a solid solution, and while there is a whole lot of development yet to be made, they seem to be committed and capable, and judging by their website they are collecting partners and media appearances by the ton…
NOTE: this article is meant as an analysis/opinion, not financial advice
Faireum — The Other Side of Online Gambling was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.