The gambling industry has been at the forefront to make the best use of the blockchain wave and the ICOs have shown tremendous success ratio. Another project trying its hands in this industry is Faireum.
The company aims to make the industry more transparent, low-cost, secure and obviously decentralised with the help of a public blockchain. The blockchain platform comprises ledger nodes, P2P networking for game developers, a virtual machine for smart contracts, and a well-constructed governance model to facilitate token distribution, payments, rewards, compensations, digital asset exchange, and cross-chain atomic swap. The main blockchain uses the Web Assembly Virtual Machine to run its default Smart Contracts. The blockchain uses Byzantine Fault Tolerance with Delegated Proof of Stake as its consensus protocol.
The platform supports its services across various games like Lotteries, Casino, Digital Games (e-sports), horse betting, and sports betting. The Faireum Smart Node (FSN) can turn a user’s smartphone or computer into a blockchain node with wallet and proxy server functionalities. The project is based in Japan with team members located in different parts of the world. Faireum currently faces competition with Edgeless and Wagerr, and like these projects, Faireum’s progress also depends upon the number of users on the platform. If the project succeeds in building a strong community, Faireum can manage to jump at least in the top 200 crypto currencies of the world.