You don’t have to be a blockchain developer to know that one of the most pressing issues most crypto platforms struggle with is that of scalability. Over the years, various good solutions have surfaced. Technologies such as sharding, side channels, and state channels have all proved that scalability can be tackled successfully.
In regard to the latest of the lot, state channels, there is no company more bent on sharing its experience and helping the industry evolve than Fasttoken.
And, what better place to showcase its blockchain-based casino games demo then at ICE London, the industry’s largest and arguably most important gambling event? After six months of development work, the Fasttoken team announced what can be considered a very rare event in the blockchain space: it is opening the full access to all codes regarding their state channels implementation.
The end goals of state channels are very similar to those of Lightning Network and Raiden, some of the most popular scalability-related solutions. State channels improve the following essential aspects:
- The number of transactions per seconds increases so drastically that it improves scalability
- The confirmation times for transactions on the blockchain is lowered to a couple of seconds or milliseconds
- The gas fees within state channels are next to non-existent, reducing the overall fees on the blockchain ecosystem by a lot; all this while still ensuring highly secure and transparent transactions.
Both the Lightning Network and Raiden have very broad use-cases. For example, the Lightning network is especially good for payment solutions that require quick transfers of funds. Raiden can easily serve as a platform for various decentralized applications, decentralized exchanges, and IoT (Internet of Things) apps.
However, when it comes to creating custom gambling solutions, none is better than state channels. State channels can be implemented in turn-based systems (usually associated with the gaming industry). This allows developers to use state channels to those types of systems entirely off-chain, and process payments and bets based on the outcomes of the games on the chain.
Fasttoken has built its own bespoke technology called Fast Channels, a technology that’s based on all the fundamental of state channels.
Fasttoken’s views on technology and knowledge sharing
Blockchain companies can be secretive in regard to their technologies, mostly out of fear of losing their market edge. Fasttoken is not one of those companies, as the team behind the project truly believes that healthy and open rivalry among competitors is extremely beneficial for the industry as a whole. Even though the market already has some platforms offering blockchain-based gaming experiences in a transparent manner, none of them have shared their knowledge or made their code public.
The team behind Fasttoken believes that not making your project’s code open source so that others can learn what you have learned is a massive setback for the industry. That’s exactly why they are the first company to make their state channels available for public access.
Scalability is not a new issue in the blockchain sphere, as many popular projects are still struggling to find effective ways to counteract its effects. We live in exciting times as technology has reached a level of maturity that allows for more than one solution for overcoming this technical barrier. Nowadays, the standard technologies for fixing scalability are sharding, side channels, and, ultimately, state channels.
A very promising development in the industry is represented by Ethereum’s future plans of introducing state channels sometimes later this year. This will speed up the development process of the said technology, but it will also make it a lot more user-friendly and more accessible to developers.
Until this happens, Fasttoken is here to support any blockchain developers who are interested in implementing state channels in blockchain-based platforms, including online gambling platforms.
The team is excited to share its expertise and skills and actively contribute towards not only the evolution of the technology but also towards improving the whole gambling industry. It really seems that shared knowledge is the key to blockchain evolution.
You can find all the materials on Fasttoken’s GitHub channel.
Fasttoken is a ground-breaking Ethereum project that provides fully decentralized and completely transparent wagering, betting, and gambling solutions.
For more information, you can join the official Telegram channel, or send the team an email at [email protected]. The project’s code can be viewed by checking out the project’s official GitHub repository. Furthermore, Fasttoken.com is another excellent resource if you want to make sure that you stay up to date with the latest developments.
“The official release and publicizing of our state channels is just the beginning, and there’s a lot more to come. Stay tuned and make sure you don’t miss out on all the things that are about to come” – Fasttoken team.