Throughout 2018, blockchain industry witnessed unprecedented lows and the crypto market experienced the burden of the bear with no bull opening in site. Can the industry, which promised and still stands to deliver revolutionary changes for mankind, bounce back?
The blockchain system, whose stance has always been of achieving transparency and eliminating the constraints of trust with the creation of decentralized public ledgers, remains an integral part of plans of giants in different industries.
Such has been the impact of blockchain’s ecosystem that the very institutions it had targeted during it’s creation, have been investing in this technology to surge ahead of competitors.
This article focuses on how the gambling industry intends to emulate the success of blockchain-based projects that would change the field of play.
A New Player In The House – Faireum
An upcoming blockchain venture, linked with the gambling industry, is Faireum.
Created to give users access to a public blockchain, its focus is to purportedly, eliminate the problems plaguing the online gambling industry with a set of in-place protocols.
Faireum states on its website that it wishes to provide a “decentralized, low-cost, transparent and secure gambling experience.”
Gambling Revolution The Blockchain Way
The Faireum blockchain is a brand new blockchain, created from scratch, and having adopted the principles of industry leaders- Bitcoin and Ethereum- it is equipped with Faireum’s very own consensus algorithm, which makes any breach attempt literally impossible.
The most revolutionary implementation that Faireum hopes to proceed with is the deployment of the Zero Deployment Alogorithm, which is intended to replace the flawed random number generators (RNGs) that are being employed by current, non-decentralized online gambling platforms, which ensures the house always wins.
This new algorithm is also an attempt to attract customers by generation of ‘truly random’ numbers, which gives them a fair chance to win.
Apart from it’s own blockchain, Faireum is looking to provide casinos and gambling houses with software development kits (SDKs) in coming times, which will essentially allow them to integrate their own games on Faireum’s blockchain.
Crypto Winter Nothing To Bother About
The crypto economy has seen recently seen a silght, positive correction in it’s prolonged bearish graph but I don’t think that cryptocurrencies will affect the adoption of blockchain technology by industries in the near future.
Even though both remain a closely knitted pair, the world has been presented with enough evidence that both blockchain technology and crypto assets, can provide limitless opportunities in totally opposite directions.