The recently announced $6.2 million seed round funding led by Goat Capital and C Squared Ventures has surely made waves in the blockchain community. This comes as FARE Protocol is gearing up for its ecosystem and native token launch on Ethereum layer 2 blockchain, Arbitrum. However, with any groundbreaking advancement, comes its fair share of skepticism and debate.
On the one hand, FARE Protocol’s innovative use of probability smart contracts promises to revolutionize the gambling industry by offering a fairer, more transparent system. With the potential to generate on-chain events based on probability variables, FARE hopes to emulate the excitement and risks associated with real-world casinos without the need for a centralized “house.” Instead of profits being gobbled up by the house, the protocol aims to see the collected FARE tokens distributed within the ecosystem.
Support from big-name investors such as 6th Man Ventures, Republic Crypto, Arrington Capital, and Spark Digital Capital, among others, is also a testament to the project’s credibility and potential future success.
However, placing FARE’s launch on the Arbitrum platform invites concerns due to the recent controversies surrounding the platform’s ARB token distribution. Arbitrum’s questionable management of its $1 billion tokens has put a spotlight on the platform and stirred debate around its transparency and reliability going forward.
Moreover, there prevails inherent skepticism around the online gambling sector due to its underworld associations, potential for addiction, and the increasing demand for stricter regulations. With all these challenges to overcome, FARE Protocol will need to prove its faultless technology and fair gambling experience even more for it to gain trust from the wider public.
Still, FARE Protocol’s innovative approach is undoubtedly intriguing, and the fact that it will operate without a centralized house essentially makes the project a decentralized finance (DeFi) platform of sorts. Therefore, it is crucial to bear in mind the enormous potential of DeFi, which could contribute to a more democratized global financial infrastructure.
In conclusion, the primary conflict of interest here lies in FARE Protocol’s ability to demonstrate its transparency and security amidst the recent controversies and concerns surrounding its host platform – Arbitrum. Furthermore, addressing skepticism around online gambling and balancing the potential opportunities and risks posed by DeFi will play a significant role in determining the project’s success. This is an undoubtedly captivating time for the blockchain and cryptocurrency communities, with eyes fixed on FARE Protocol’s anticipated launch later this year.
Source: Coindesk
