A current issue that plagues blockchain and its developers is the ability to scale in times of network expansion. One of the proposed solutions are stated channels, which are transactions that occur off-chain, making them much cheaper and faster than on-chain payments.
The Fasttoken team worked for six months to showcase their demo for casino games running on blockchain technology at ICE London, a big event for gaming companies and businesses of all types which allows them to interact.
Another important announcement from the team is that they will be taking the required steps to open all the codes of their state channels so they can be viewed by anyone. Publicizing these codes is a first for the entire industry. These state channels have been specifically developed to be utilized in custom betting solutions.
- Increases the number of transactions processed per second.
- Speeds up confirmation times.
- Lowers network costs; state channels do not incur gas fees, only minimal fees for updates.
However, Lightning Network is more of a payment solution, while Raiden is a platform with a more extensive use case, like developing decentralized applications, exchange platforms, and IoT (Internet of Things) apps.
Considering that these solutions were developed to cater to much broader purposes, they are much harder and costlier to implement when compared to state channels. This is why Fasttoken considers state channels to be the best option in custom gambling solutions.
State channels can be customized and implemented by developers in turn-based systems (like games) to settle the bets made both in an on-chain and off-chain environment.
Fasttoken took advantage of this technology and used it to develop its own version of state channels known as Fast Channels.
Fasttoken and The Blockchain Industry
Fasttoken is a pioneer in its field as it is the first platform of its kind to reveal the source codes of their state channels. It’s not the only blockchain-based gambling platform, but it is the only one to date that left open the underlying codes which have been used in its state channels implementations.
Using blockchain and not making the code open source contravenes with the purpose of it being transparent and available for everyone to view.
As the number of users and transactions increases, the blockchain will require more resources such as computational power and memory to be able to handle the additional workload. But this strain also leads to slower transaction times and costlier processing fees.
The inability of a blockchain network to cope with a rapid increase in transactions and scale is what motivates so many developers to explore various implementations to solve this issue.
In addition to Lighting Network and Raiden, there have been other solutions proposed for the scaling issue, including sharding, side channels, and last but not least, state channels.
Ethereum, the number one dApp platform available, has disclosed that it will implement support for state channels on its platform in the near future.
Blockchain developers can use Fasttoken to their advantage as they can look into the source codes used in this technology, and they can use them to build various application-specific platforms or apps without much researching effort.
Fasttoken takes pride in being an innovator in the field of blockchain-based gaming platforms, which also makes use of this technology to improve the gambling experience. By making available the source code of their state channels, the developer community is able to have access to valuable information which they can use to better their projects or to learn. This will also speed up the development of blockchain and enforce its philosophy on transparency.
All the materials are publicly available on Fasttoken’s GitHub channel.
Fasttoken is a complete solution which uses Ethereum technology in order to deliver a gaming environment which allows players to bet and gamble fast and efficiently.
Interested users can directly ask the Fasttoken team by joining their Telegram group. You can also visit the official website of Fasttoken to access more information regarding the most recent innovations in this sector.
Just as the Fasttoken team stated, be sure that 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.”
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle Hash. This is not investment, trading, or gambling advice. Always conduct your own independent research.