FARE Protocol is an ecosystem built on probability smart contracts that are triggered by transparent on-chain events based on probability variables. The first use case of these probabilistic smart contracts is the randomized minting and burning of the FARE token. In this case, minting and burning refers to winning and losing respectively. The platform is designed so that the probability of burning a token is higher than that of winning, a scheme that is similar to how real-world casinos operate but with one major difference, that is, instead of the centralized “house” keeping all the profit from winnings, the collected FARE tokens are re-distributed to the ecosystem.
Yesterday, FARE Protocol announced that it had raised $6.2 million in a seed funding round that was co-led by Goat Capital – a company that is managed by Twitch founder Justin Kan, and C Squared Ventures. The round also garnered participation from other venture capitals including 6th Man Ventures, Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp and DWeb3 among other investment firms. This financing round comes amid plans to launch the firm’s ecosystem and token on Ethereum Layer 2 blockchain Arbitrum later this year.
Arbitrum has in recent days been at the center of one of the most-hyped events, that is, the airdrop of its own long-awaited native ARB token to early builders, users and investors. The event was however, marred with controversy as Arbitrum DAO prematurely moved $1 billion worth of tokens to the Arbitrum Foundation before a vote on how to use the funds had concluded.
Utilizing FARE Protocol’s infrastructure, developers can build FARE contracts and users can deploy the FARE contracts for a change to instantly mint new FARE tokens or burn their tokens. Despite the probability of burning tokens being higher, the firm promises that its probability smart contracts are transparent and verifiably random even though they favor the burning odds.
