Despite the high rates of growth of the industry, trust in online gambling is lacking. This problem covers all aspects of the gambling industry, from user experience to payments. This is where the novel approach of Faireum comes in.
The combination of a proprietary blockchain and a set of the standards used for gambling DApp and smart contracts compatible with all of the WASM blockchain contracts written by high-level programming languags will enable the creation of a global, decentralised system, where any barrier and central authority is eliminated, and where players would enjoy a fast, fair and secure online gambling experience.
The objective of Faireum protocol is to enable a sustainable model which benefits all the parties involved in the online gambling business process. (i.e it should be more profitable for the developer to use Faireum, rather than work on its own, and less costly for a casino operator to provide better service for the players. Players should have access to more diverse range of games from independent game developers while having a higher level of security than in traditional online casinos).
Along with a distributed ledger model, Faireum expands real-time betting, live betting and skill-based products that would be difficult, or impossible, using fiat currency. Through a Rewarding by Contributing Model and consensus between the main and side chains — third-party developers will be given the opportunity to leverage the platform and its decentralized and trustless model to accelerate the gaming experiences of users in the online gambling industry.
With the act of creating a new blockchain, based on the Ethereum protocol and custom features to meet Online Gambling requirements, Faireum will remove the risk inherent in the current system by making it decentralized, transparent and trustless.
Our mission is to enable the next generation of 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.
http://www.faireum.io/SOURCE:
https://www.reddit.com/r/faireumofficial/comments/bkqonb/reimagining_the_gambling_industry/