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One of the most known issues with which the Ethereum blockchain is currently dealing with is scaling. State channels are a form of blockchain interactions which are conducted off-chain and can be used to support higher scalability. Although this method has been around for some time, it doesn’t seem to be a favorite in terms of implementation.
After six months of on-going development, Fasttoken has presented a demo of their blockchain-based casino games at ICE London, which is one of the most significant events of the gambling industry; this brings together both the online and offline world.
The team also took the opportunity to officially announce at this important event that they will be making all the codes of their state channels available for public viewing. This publicizing is an unprecedented move in the industry. Also, these state channels have been specially developed to cater to the online gambling environment.
Just like other blockchain network solutions such as Lightning Network and Raiden, state channels significantly bring improvement to various aspects by:
- increasing the number of processed transactions per second, thus making the scale more easily.
- making transaction confirmations faster as state channels reduce this time to seconds or milliseconds.
- reducing fees, as there are no gas fees inside state channels, with minimal fees incurring on rare occasions, such as updates. This is done without compromising the security and transparency of the transactions.
But Lightning Network was developed to facilitate payments and fund transfers while Raiden was created to serve for more purposes, such as a platform for decentralized applications, decentralized exchanges and IoT (Internet of Things).
Seeing as these solutions were built with different purposes in mind, state channels are seen as the best option to use in custom gambling solutions. Application-specific state channels can be applied in turn-based systems (such as games) in a complete off-chain environment to settle payments (bets) which are generated by the results produced on-chain by the players.
Having this in mind, Fasttoken developed its proprietary technology called Fast Channels, which expands on the principles of state channels.
Fasttoken and The Blockchain Industry
Fasttoken’s team of developers is the first ever to open the codes of their state channel employment. They believe that it is necessary for competitors to have a healthy rivalry, which in turn will benefit all participants in the industry.
There are currently many gambling platforms which are based on blockchain technology and offer a transparent environment, but none of them have revealed the underlying codes on which they implemented their state channels.
Hiding the codes goes against the transparent philosophy on which blockchain was initially based on and its purpose.
Nodes have the role of recording all transactions that take place on the blockchain, which lead the transaction ledger to expand faster than its number of users. As this happens, more computational power and memory is required to keep up with the increased network load, this thing burdening its users and also the blockchain’s efficiency. This is why all blockchains face issues with scaling efficiently, and why developers are working round the clock to find new solutions.
Multiple solutions have been put forward, with various platforms suggesting implementations such as sharding, side channels, and state channels to solve the scaling problem.
Ethereum plans on implementing native support for state channels soon, and as a result, will make the technology easier to develop.
Until that happens, Fasttoken enables any blockchain developer to have access to these codes which they can then use to create blockchain platforms (including gaming platforms) without having to build the code from scratch.
Fasttoken is among the first players in the blockchain-based gaming scene that feels compelled to offer a seamless gambling experience. But aside from this, they also want to help others learn by making available their codes and expertise, which will further the development of this technological sector.
Fasttoken is a platform based on Ethereum technology which provides a comprehensive betting and wagering solution that furthers decentralizing, fairness and transparency in the gaming environment.
For more information regarding the Fasttoken project and its team, join the official Telegram group, or access the official website – Fasttoken.com – to stay informed about the newest innovations and advancements in this technological field.
According to an announcement made by the Fasttoken team, this “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.”
To find more about the project and to get in touch with the team behind it, check the links below:
Email: [email protected]