Earlier than ethereum official implementation! Fasttoken publicizes its state channels.
— Psst… Solving state channels easily!
— Wait, what?
— Yes, yes. State channels…Open source. Now!
If you’ve ever tried solving any complex issue on the Ethereum blockchain, then you are more than familiar with the issue of scaling. Although acceptable solutions like state channels have been known for a fairly long time, it seems like nobody is in a hurry to show them or share the experience.
Fasttoken is coming to town! 🌏
After being in an active development process for over six months, Fasttoken showcases their blockchain-based casino games demo at ICE London, the industry’s largest gambling event that bridges the online and offline gaming ecosystems.
In the light of this massive event, the team officially announced what they regard as one of the most ground-breaking news in the blockchain space: opening the full access to all codes regarding their state channels implementation, uniquely adapted to the gambling industry!
Similar to the Lightning Network and Raiden, state channels significantly improve the following critical aspects:
- Scalability — the number of transactions per second increases, reaching potentially millions.
- Speed — The blockchain confirmations for transactions are time-consuming, averaging a couple of minutes. State channels reduce this time to seconds or milliseconds.
- High Costs — There are no gas fees inside state channels, and minimal fees are paid during rare blockchain updates. Yet, transactions are highly secure and transparent.
However, the Lightning Network was primarily built for payment and fund transfers. Raiden has a much broader usage, as it can serve as a platform for many decentralized applications, decentralized exchanges and IoT (Internet of Things).
This is why state channels are the best option for implementing custom gambling solutions. Application-specific state channels allow developers to utilize them in turn-based systems ( e.g., games) entirely off-chain, and resolve payments (bets) based on the outcomes of the games on-chain.
An example of this implementation would be a game of slots when a player bets 10 ETH and in case of winning, is awarded 20 ETH or more. Taking this into consideration, Fasttoken has built its unique technology — Fast Channels — based on principles of state channels.
And now, buckle up and keep your eyes peeled!
Fasttoken is proud to be the first team that has taken the necessary steps to publicize their state channel implementation. The team is utterly convinced that healthy rivalry among competitors is highly beneficial for the industry, players and users. The market already has many platforms offering “unbelievable” blockchain-based gambling experiences in a transparent environment. However, to date, none of them have unveiled their codes of state channel implementation.
At the end of the day, what is the blockchain’s purpose if companies hide their code and knowledge?
On the blockchain, all transactions are recorded by the nodes, as a result, transaction ledger grows exponentially faster than the quantity of network users. When the network size increases, the storage and computational burden on network members become too large to handle. Consequently, blockchain-based applications always face the barrier to effective scaling, and this explains why blockchain developers avidly search for scaling solutions.
We are on a crossroad now, when all the blockchain platforms are planning to suggest multiple solutions to overcome this barrier with various approaches like sharding, side channels, and state channels.
Ethereum promised to introduce native support for state channels later this year, which will lead to the further improvement of the technology making it more developer-friendly.
Till then though, Fasttoken gives a MASSIVE advantage to any blockchain developer to deal with codes and easily build blockchain platforms (including gaming platforms) without having to do a lot of heavy lifting.
As one of the early initiators of blockchain-based gaming, Fasttoken feels responsible for providing exceptional gambling experiences to players. Also, the team wants to educate others, share their skills and expertise, and ultimately improve the technology, by any means possible. This step should shape the road to the next level of the blockchain revolution, which is shared knowledge.
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Fasttoken is the all-in-one, Ethereum-blockchain based betting and wagering solution enabling decentralized, provably fair gaming in a completely transparent environment.
Join the official Telegram group to learn more information directly from the Fasttoken team. Also, the official website — Fasttoken.com — is an excellent resource to keep yourself updated with the latest changes and enhancements to the technology.
This announcement is just the beginning, a lot more is on the way, and trust us, you don’t want to miss out on any of that.
