Scalability is without a doubt one of the most pressing issues for most large-scale blockchain projects of today. There are numerous solutions designed to fix this problem. One technology that proved to be very efficient at ensuring the required scalability for blockchain projects is that of state channels. Be that as it may, this technology is still very unknown to the developer community.
Introducing Fasttoken’s State Channels
The development team behind Fasttoken has been working for over six months at a demo of their blockchain-based casino games. The demo was presented at ICE London, the largest event for gambling, an event that aims to bridge the gap between both online and offline gaming sectors.
The demo presentation is accompanied by a very exciting announcement. The Fasttoken team will be opening access to all their state channels technology and implementations, specifically tuned for the gambling industry.
State channels bring forth the following advantages:
- Greater scalability potential – if a typical blockchain can process millions of transactions in a matter of hours, with the help of state channels the same amount of transactions can be processed in mere seconds.
- Enhanced speed – by moving various operations off-chain, state channels bring the confirmation times down, and transaction confirmations can be done in a few seconds (or even milliseconds in some cases)
- Lower costs – this is because state channels require next-to-no gas fees.
Solutions proposed by the Lightning Network and Raiden are very good for dealing with scalability issues. The main problem with these technologies is that they have very broad use cases. For instance, the Lightning Network has been built specifically for enhancing the network fund transfers. Raiden is a more encompassing solution as it is a platform that enables the creation and deployment of decentralized apps, exchanges, and IoT (Internet of Things) apps.
For creating custom gaming solutions, state channels are by far the best technology available. Developers can effortlessly implement them in turn-based systems (including gambling and gaming platforms). The state channels are used off-chain, and the results are processed on-chain.
Fasttoken’s take on state channels is called Fast Channels, and it’s a technology designed specifically to bridge the gap between the online gambling and blockchain industries.
Fasttoken’s state channels in the blockchain scene
The passionate team behind Fasttoken takes great pride in being the first to offer open access to state channel codes for the public. There are currently many gambling platforms that employ blockchain technology in order to ensure user safety and privacy, but none of them have gone so far as to make publically available the codes of their own technologies.
Blockchain technology was built on the principle of open-source. Not only should the development process be transparent, but the technique should also be shared and available to the public.
Because blockchain transactions are stored in nodes, the transaction ledger’s resources can be easily overwhelmed if the number of users grows at a fast pace. As the network expands, more resources are required. Ultimately, without an efficient solution for scalability, many blockchain platforms struggle to process transactions, making them slower and very costly.
Of course, developers are always hard at work in coming up with technologies to counteract this effect, such as sharding, side channels, and state channels.
Fortunately, Ethereum has recently stated that it will introduce support for state channels sometime this the year. Until then, developers from all around the world can take advantage of this unique opportunity presented by Fasttoken and its open codes.
Fasttoken is the first gambling platform that has directed a considerable amount of effort into providing its players with a flawless gambling experience. Not only this, but it has the potential to make the lives of developers who want to implement state channel technology a lot easier.
All the materials are publicly available on Fasttoken’s GitHub channel.
Fasttoken is a complete blockchain-based platform developed to ensure high-quality betting and gambling experiences in a transparent and fair manner to all its players.
For inquiries or questions, users are advised to either subscribe to the official Telegram channel or contact the team directly via email at [email protected]. The project can be viewed on GitHub at https://github.com/BetConstruct/Fasttoken, but for the latest news, users can also check out the official website of Fasttoken.
“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.” – the Fasttoken team declared.