Any blockchain developer understands the difficulty that comes with scaling decentralized applications (dApps). The problem of scalability has been in existence right from the introduction of blockchain technology. The introduction of solutions such as state channels, targeted at solving the problem of scalability has done little to alleviate the discomfort resulting from the poor scalability of blockchain based platforms. This could be blamed on the complexity of the solutions or the fact that no one is keen on teaching how to use these solutions.
Fasttoken Is Changing the Face of Decentralized Gambling
The Fasttoken team recently showcased their blockchain-based casino games demo at the gambling industry’s largest event – ICE London. The casino games demo showcased at the event has been in development for the past six months.
Furthermore, Fasttoken also announced unrestricted access to its state channels implementation. According to the announcement, the codes are well tailored to be used in the gambling industry.
- Scalability – Now millions of transactions can happen in seconds.
- Speed – The state channels feature an incredible blockchain confirmation speed, being reduced to seconds or milliseconds.
- High Costs – There is a no gas fee configuration, and a low fee is being charged during blockchain updates (an infrequent occurrence).
Blockchain technology has found its use in many industries. This means any solution aimed at providing scalability to blockchain networks should be well adapted to be used across multiple platforms. Unfortunately, the two most popular solutions, Lightning Network, and Raiden are limited. The Lightning Network is developed mainly to serve as a fast payment and fund transfers solution and Raiden boasts a broader use case, such as several decentralized applications, decentralized exchanges and IoT (Internet of Things).
However, Raiden is not well suited for custom gambling solutions, like state channels. Developers can also employ application-specific state channels to develop turn-based systems e.g., games) entirely off-chain as well as use them to settle payments (bets) in games played on-chain.
A perfect example is slots. While playing this game, a player could place a bet of 10 ETH and earn 20ETH when winning.
In light of this, Fasttoken has released a unique technology which is based on the fundamentals of state channels. The newly released technology is identified as “Fast Channels.”
The First to Publicize Its State Channels Implementation
In its effort to better the decentralized gambling ecosystem, Fasttoken is now the first project to publicize its state channel implementation. Currently, we have several blockchain-based gambling platforms in the market, but none of them has made their state channels public. This change is expected to spark competition which will, in turn, lead to the development and implementation of more solutions. Since the main purpose of blockchain technology is to improve humanity, how good is the solution to offer one’s underlining codes and library?
Although effective when it comes to ensuring security, the design of the blockchain is faulted in terms of scalability. The blockchain is designed to record all transactions on it and the ledger continues to grow a faster than the number of network nodes. This exponential growth in the number of transactions has subsequently resulted in a storage and computation crisis. The transactions data store becomes too much for the network participants to handle. This issue also transfers to dApps, since they are based on the affected blockchain. Taking this into account, several blockchain developers are actively searching for a way out of this complex network inflicted problem.
The availability of several options to select from has not helped the cause. If anything, it has led to scattered attention, since various developers are now exploring different approaches all at once. Strategies such as sharding, side channels, and state channels top the list.
In light of this, the Ethereum teams have promised to implement native support for state channels before the year ends. This is expected to make the network more developer-friendly.
Although something to look forward to, Ethereum’s announcement has not stopped other ambitious platforms such as Fasttoken from stepping up. The development of the fast channels solution and the publicizing of its codes has provided blockchain developers with the perfect tool to engage with codes and conveniently build blockchain platforms (including gaming platforms) with minimal efforts.
The Fasttoken team wants to be sure that the players are provided with a phenomenal gambling experience. They will be educating developers and share their expertise with the community, improving blockchain technology by all means necessary.
Fasttoken is a blockchain based gambling focused solution on a mission to ensure and uphold the integrity of the decentralized gambling ecosystem.
Visit the project’s official Telegram group for up to date information directly from the Fasttoken team. The official project’s website – Fasttoken.com, also serves as a portal to the latest developments. Readers can also check out their official GitHub page at https://github.com/BetConstruct/Fasttoken or contact them via [email protected].
“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.