Fasttoken Publicizes its State Channels Ahead of Ethereum’s Offical Implementation
The problem of scaling isn’t foreign to anyone who has ever ventured into blockchain application development. Despite the introduction of several solutions like the state channels to the community, the issue still persists and is being projected into every decentralized application developed.
Fasttoken Made Some Major Announcement and Demonstrations
Fasttoken is a blockchain based platform which has been developing some blockchain-based casino games for the past six months. The platform has recently announced the completion of these games at the ICE London event (the gambling industry’s largest event). Fasttoken showcased these blockchain-based casino games demo at the ICE event. The event was also used by Fasttoken as an opportunity to announce the provision of full access to all coding information regarding the platform’s owned state channels.
Based on Fasttoken’s announcement, the codes are fit for use in the gambling industry.
- Scalability – Significant improvement in the number of transactions per second.
- Speed – Using state channels, the time consumed per blockchain transaction confirmation becomes significantly reduced to seconds or milliseconds.
- High Costs – Without affecting the transaction’s security and transparency, state channels removed gas fees. Rare updated only attracts minimal fees.
Currently, the two most popular scalability solutions available on the market are Raiden and the Lighting Network. Although useful and effective in their various roles, the two are not well adapted for an ecosystem such as decentralized gambling.
Raiden is very robust compared to the Lightning Network, which is mainly built for payment and fund transfers. Raiden is currently being used by several decentralized exchanges, IoT (Internet of Things) apps, and decentralized applications.
When it comes to implementing custom gambling solutions, amongst other things, state channels are the best option. Developers also get to build turn-based systems (e.g., games) entirely off-chain, using application-specific state channels. They also get to resolve payments (bets) according to the outcomes of the games on-chain.
The popular casino game of slot has been described as a perfect example of state channels implementation for custom gambling solution. In this game, a player who stakes about 10ETH gets rewarded with double of his or her stake in case of a win.
In light of this, the Fasttoken team has recently announced the launching of its own state channels-based technology “Fast Channels”
Upon launching the “Fast Channels”, the Fasttoken team also released their state channel implementation codes. This makes Fasttoken the first platform to publicize its state channels implementation codes. This is a feat the team is very proud of. The team has also made known their belief that this move is expected to spark a healthy rivalry amongst competitors. This rivalry is going to benefit the industry as better and newer approaches to scaling and developing blockchain applications will be introduced.
The current market boast of many blockchain-based gambling platforms, each with their own unique approach to providing players with pleasurable blockchain-based gambling experiences. However, none of these platforms has its implementation codes released to the public. This clearly defeats the purpose of the blockchain.
The design of the blockchain network allows for all transactions conducted on the network to get recorded by nodes. As a result, the record of the transaction is always growing. Since it is possible for a single network user to make several transactions which in turn get stored on the distributed ledger, the amount of recorded transaction can easily outnumber the total number of network participants and nodes operators.
Once this happens, the network size becomes heavy and network members won’t be able to manage the accompanying storage and computational burden effectively. This, in turn, affects the scalability of blockchain-based applications.
This sums up the reason why the search for scaling solutions by blockchain developer is a top priority.
Currently, there are several solutions aimed at solving the blockchain scalability problems. Some of these solutions include sharding, side channels, and state channels.
To further aid with scalability, Ethereum has made public its intention to introduce native support for state channels later this year.
In the means time, blockchain developers can capitalize on Fasttoken’s state channels implementation to developed blockchain platforms (including gaming platforms) seamlessly.
The Fasttoken teams will be educating other developers and also share their skills and expertise with the community. This is a commitment to their belief that every player deserves an exceptional gambling experience.
This move is considered a major stepping stone towards reaching the next level of the blockchain revolution, shared knowledge.
All the materials can be accessed from Fasttoken’s GitHub channel.
Fasttoken is an Ethereum-blockchain based wagering and betting solution, with a mission to provide a decentralized, transparent and fair gaming ecosystem.
For up to date information directly from the Fasttoken team, join the official Telegram (t.me/fasttoken_eng) group and follow the official website – Fasttoken.com. The team can also be reached via emails: firstname.lastname@example.org — and developers can check out the project’s Github account for resources.
The Fasttoken team also declared that: “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.”