Scaling is something that most popular crypto and blockchain platforms struggle with. One of the wide range of proposed solutions are state channels. Even though the technology behind state channels is a valid one, not many projects are yet ready to give it a chance.
Fasttoken and the advantages of state channels
After putting in lots of hours of hard work during the last six months, the Fasttoken team revealed their blockchain-based casino games demo at ICE London, the most popular and largest gambling event in the industry.
Before the event, the Fasttoken team stirred up interest by making a very exciting announcement. They announced that full access to all the codes regarding the state channels technology is now available for the public. What’s most interesting about Fasttoken state channels is that they have been created explicitly for the gambling industry.
Throughout the course of blockchain history, there have been numerous solutions to improve blockchain scalability, the most famous of which are the Lightning Network and Raiden. State channels aim to improve this critical aspect in a similar fashion. The end results are:
- An increased number of transactions per second
- Confirmation times which usually last for minutes and even hours are reduced to a couple of seconds or milliseconds.
- Costs are drastically lowered, transactions become more secure and highly transparent.
It’s worth remembering that the Lightning Network was primarily built as a payment and fund transfer solution. Raiden, on the other hand, as a broader spectrum of use cases. For example, Raiden can power various dApps, decentralized exchanges, as well as IOT (Internet of Things) apps.
As efficient as they may be, there’s no getting around the fact that these solutions have very broad purposes. In the case of blockchain-based gambling, a more focused solution is required. That solution is represented by the implementation of state channels in various custom gambling apps.
State channels specifically developed for gambling apps allow developers to use them in turn-based systems entirely off-chain. In the case of gambling apps, the state channels can also be used to resolve payments (bets) based on the results of the games on the chain itself.
Based on the principles of this technology, Fasttoken has built its bespoke technology called Fast Channels.
Fasttoken and the blockchain industry
In an industry where all involved parties tend to keep their technologies locked away, Fasttoken emerges as the first team to have publicized their state channel technology. The team believes that by making their state channels technology public and fully transparent, the industry will evolve faster and better. After all, healthy rivalry among competitors is something that usually leads to better and more user-focused products.
Blockchain technology is all about decentralization, transparency, and security. This begs the question: why use it if all that knowledge can’t be accessed by other companies or even developers?
Due to the unique nature of the blockchain, the transaction ledger grows exponentially faster than the number of users. When the network size increases, both the storage and computers usually become overwhelming for the somewhat limited number of network users. If there’s one thing we’ve learned during the last couple of years is that big platforms such as Bitcoin and Ethereum constantly suffer from the lack of scalability.
Scalability is nowadays one of the primary concerns of developers. Sharding and side channels are two very good proposed solutions (besides state channels) for fixing the issue of scalability in the blockchain platform.
Some good news for the industry come from the side of Ethereum that aims to introduce native support for state channels later this year. This will inevitably speed-up the development of the technology, while also making it a lot more accessible and user-friendly.
Until that happens, developers looking to implement state channels can turn to Fasttoken for help. Fasttoken doesn’t just want to educate others, share its immense experience and expertise, and improve the technology as a whole; the team also feels responsible for providing unique and high-quality gambling experience to its players.
You can find all the materials on Fasttoken’s GitHub channel.
Providing fully decentralized, fair, and completely transparent betting and wagering solutions is exactly what Fasttoken, an all-in-one, Ethereum-based app, is all about.
For more details, feel free to check out the project’s official GitHub repository, join the official Telegram channel, or email the team directly at [email protected]. Finally, the project’s website is a very good place to keep yourself updated with all the latest happenings and enhancements of the technology.
“This announcement is just the ‘tip of the iceberg,” as we have big plans for the upcoming period. Make sure you don’t miss on any of that” – Fasttoken team.
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.