Blockchain technology has come a long way since it was first introduced to the world by Satoshi Nakamoto. Be that as it may, a great number of blockchain projects are still very much affected by their inability to scale in times of network expansion.
Among the numerous proposed solutions, we find state channels, a technology that allows transactions to occur off-chain (making them faster and cheaper than regular on-chain payments).
Fasttoken’s exciting announcement
The Fasttoken team worked tirelessly for six months to showcase their demo for blockchain-based casino games at ICE London, the most prestigious gambling event of this sort.
The team also announced that Fasttoken would take all the required measures to ensure that everyone can access and use their state channels technology by making the code public. This marks an industry first, as Fasttoken is the first company to publicize these codes for the entire world to see and use. These codes will prove especially useful for developers or companies that want to create custom betting solutions.
Besides the Lightning Network and Raiden, state channels also improve blockchain scalability. Here are a few advantages:
- increasing the number of transactions per second by a large margin
- speeding up confirmation times
- lowering the overall network costs, as they don’t incur gas fees.
While the Lightning Network is more appropriate for payment solutions, Raiden is a platform with a more extensive list of use cases. Raiden can be used for developing decentralized applications, decentralized exchanges, and a wide range of IoT (Internet of Things) apps.
When it comes to custom gambling solutions, it’s obvious that a more tailored solution is required. This is where Fasttoken’s state channels come into play. They can be implemented easily as they can be customized to perfectly suit turn-based systems (used in gambling applications). State channels are perfect for settling the bets made on-chain in an off-chain environment.
Fasttoken’s own bespoke version of state channels is called “Fast Channels.”
The Fast Channels in the blockchain industry
Even though Fasttoken is not the most popular gambling platform to date, it’s a pioneer project as it’s the first project of its kind to reveal the source codes of their state channels publicly. Blockchain technology has always gone hand in hand with the concept of open-source.
According to the Fasttoken team, using blockchain without ensuring full transparency contravenes the technology’s basic philosophy. The blockchain industry needs all the help it can get in order to solve the problem of scalability.
As the number of transactions and users increases, the blockchain’s ability to process the additional workload is reduced. Because this requires more computational power, the network is slowed, hence, processing transactions costs more. There have been various solutions proposed for scaling issues. These include sharding, side channels, and state channels, which, in the case of gambling applications, seem to be the best.
Things will most probably take a turn for the better, as Ethereum has recently announced that it will be adding native support for state channels. Until then, blockchain developers are advised to take advantage of the open technology provided by Fasttoken. With the help of their state channels, developers can build various app-specific gambling platforms (and more) with little to no effort.
Fasttoken prides itself as being a truly innovative gaming platform with a clear view towards the future of both blockchain-based gambling and the blockchain industry as a whole. By making the source code of their state channels technology available for everyone, Fasttoken proves their dedication towards moving the industry forward. The team hopes that this will speed up the development process of most blockchain platforms and will eventually enforce a better, and more transparent philosophy.
All the materials are publicly available on Fasttoken’s GitHub channel.
Fasttoken is an all-encompassing solution for delivering a rich gambling experience and all the necessary tools and technologies to make this a reality.
Users interested in learning more can visit the Fasttoken.com website, join the official Telegram channel, or check out the project’s GitHub repository. For more complex matters, users are advised to write at [email protected].
“There’s a lot more to come, as we are just getting started. Let’s build the future of blockchain-gambling together. Don’t miss out on what’s to come.” – the Fasttoken team.