Faireum: Reshaping The Gambling Industry

in #blockchain3 years ago

The rise of the internet paved the way for lots of high-end achievements to be made possible, new techs were culled and designed as a result of the existence of the internet. It's inception did help in improving traditional things such as the business and finance sector grew tremendously because of the implementation of the internet into it and even new and amazing things were carved. It has been noted that the application of the internet to every business model did produce significant results.


Gambling is nearly as old as humans as evidence shows that the history of humans is inextricably linked to that of gambling but it wasn't until the early 17th century in Italy that the first casino was established and because of the time you should know that the type of technology they'd use at the time would be look really odd right now.
The gambling industry did see a lot of profit as the years went by and as more technological advancements were made and according to a recent study, the global gambling industry was said to worth $533 billion and future predictions were also made that it would be worth 1 trillion US dollars by the year 2021 which is as a result of integrating it with the internet and thus providing the public with "online gambling".

However, given this values and predictions, the gambling industry does face a lot of problem even in the presence of great technologies such as the internet and due to these problems, the gambling industry is gradually sinking and should be even more worth than it's 2021 prediction and these can only happen if the problems plaguing the industry is eliminated.


The gambling industry is plagued by a lot of issues which results into;

  • Lack of trust between players, developers and service providers and this is caused because of many intermediaries.
  • Even in the midst of well advanced technological infrastructures and amenities the gambling industry still makes use of traditional methods and models, aside that of the internet though and these systems needs to be changed.
  • Centralization is a big issue in the world at large and thus every other sector suffers from it, these too needs to change.

With these problems affecting the gambling industry I am quite sure that the industry would crash in just a few years unless the proper changes are made and FAIREUM is here to make such changes.

What is Faireum?
Faireum is a public blockchain with a set of protocols which aims to refine the gambling industry, eliminate it's problems and make the industry achieve even better result.

Advantages Of Faireum.

Faireum is set to redeem the gambling industry from all of it's issues and makes use of the blockchain technology to achieve this goal which will provide the following advantages;

  1. Transparency: The main issue of the gambling system is that of trust between the involved parties this will be eliminated as Faireum will introduce transparency into the system and with this feature every involved body in the gambling business will be able to clearly see how their funds are being utilized, like, how it is used, where it's been sent to and players will be sure that everything is going well. Transparency will bring an end to mistrust in the system, which will mark the beginning of significant growth in the industry.

Security: Faireum guarantees secure betting to every gambler out there and this is because of the Blockchain Technology whereby unlike the traditional online gambling, individuals would have to provide their private details and thus be subjected to getting scammed. On the blockchain technology which is been utilized by Faireum, individuals do not need to provide their private data thus not being subjected to getting scammed thereby guaranteeing a secure betting experience.

  1. Low cost fee

  2. Decentralization: Faireum promises a decentralized gambling system for individuals, they would be in control of their assets and not been governed by a body that they'd have to pay huge bills to. With a decentralized gambling industry individuals do not owe anything to anyone.

Faireum utilizes the Delegated Proof Of Stake (DPOS) consensus algorithm which assures the confirmation of transactions on the Faireum blockchain as well as top performance.

In conclusion, the application of Faireum to the gambling industry will mark the beginning of a revolution as the industry will be free of its problems and go ahead to produce better results.

For more information on the Faireum project click the links below;

Website: https://faireum.io/

Whitepaper: https://faireum.io/assets/files/Faireum_whitepaper2.0_En.pdf

Writer's Info
Bountyox username: Jude07

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