Faireum - A Fair Solution for the Gambling Industry

Introduction

The Gambling industry is plagued by a host of issues and inefficiencies - the result, a lack of trust between players, developers and services providers due to multiple intermediaries, high fees and unintuitive user experiences. There is an urgent need for an overhaul of the whole gambling system. A major solution to a fair and modern gambling system is a decentralized gaming platform that leverages the advantages of blockchain technology.

Faireum is a public blockchain with a set of protocols, which focuses on the gambling industry and provides a decentralized, low cost, transparent, and secure betting and gambling experience. Faireum uses its own native currency and smart game contract to guarantee a superb and premium betting experience and services in lotteries, sports betting, casino games and other digital games to users. Faireum release a smart client based on the set of protocols for the creation of a trustful, borderless, secure, and fast online gambling network that benefits all.

Mission

Faireum has developed a competitive public blockchain based on the best practices of Bitcoin, Ethereum and Hyperledger. The consensus algorithm adopted from the Byzantine fault tolerance based delegated proof of stake (BFT-DPos) assures the verification of transaction on the Faireum Blockchain as well as its performance.

The protocol we are working on is a set of the standards used for gambling DApp on the Faireum Blockchain. It is also compatible with all of the WASM blockchain contracts written by a high-level programming language and implements Faireum protocols. The first version will be released at the end of 2019. It will keep on evolving together with the Faireum ecology and will be the key component to bring a next-generation, unbeatable gaming experience to the user.

Our mission is to enable the next generation of may-to-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.

Problems with Existing Online Gambling Sytems

Despite the significant growth of the online gambling industry, several on-going issues have made some countries reluctant to legalize online gambling. Additionally, a large number of people are deterred from trying out gambling due to problems with trust, security, and unreliability.

At present, all aspects of gaming from RNGs, user account management to market access rules for developers can be attributed to its centralized model and lack to trust.

Problems for players:

Withheld bonuses
Account restrictions due to location
Hidden fees: casinos charge a fee for withdrawal
Withdrawal restrictions
Limits and slow processing speed of payouts
Risk of fraud

Problems for Services Providers:

High entry fees for the game developers
High costs of running an online casino
Operations overheads such as integrating payment systems and user account balance management.
Slow server running speed and frequent downtime events
Lack of transparency and credibility
Lack of support for blockchain services/protocols

There are many other problems with traditional and online gaming systems. For example, starting from game selection, the transparency of the random number generation and payment process will greatly affect the player's gaming experience. Without blockchain-based intervention, there can be no sustainable model for online gaming.

The Faireum Solution

The Faireum is currently developing a platform that will create a paradigm shift in the online gambling industry and solve all aforementioned issues. After ICO, Faireum will fully implement and run a blockchain-based ecosystem with its own set of protocols, where developers can publish their own Dapps with custom features to meet Online Gambling requirements by making it Decentralized, transparent and trustful.

Token System

1.2 billion Faireum tokens will be issued during the Presale and the main token sale event. Each Faireum Token will initially be mapped into one corresponding ERC20 token on the Ethereum ecosystem as the Faireum ecosystem is being developed.

Once the Faireum ecosystem is released, there will be three major participants in the Faireum token economics: user, network supporters (nodes), and developers. Faireum will also build a marketplace on FSN games and Dapps.

Before the public release version of the Faireum blockchain, all Faireum tokens will be minted based on the ERC20 standard on the Ethereum. In the first release version of Faireum, the genesis block would produce the same amount of coins for 1:1 exchange between Faireum and Ethereum. Faireum tokens on the blockchain will be the main circulating token for our gambling ecosystem. Accompanied by the functional improvement and the incorporation of partners, the application of Faireum tokens will be diversified.

In the future, Faireum token in the Faireum blockchain will become the native currency of the Fairuem Environment.