Ethereum is marketed as the world’s largest decentralized computing platform. However, scalability is one of the major points of concern for the Ethereum blockchain. There have been numerous ideas proposed to solve this problem. The most prominent of these is the use of state channels, which has been laid out as one possible solution. It is an off-chain scaling technique that will provide instant transactions for a fraction of the price.
Please Note: This is a Press Release
Fasttoken’s announcement
After working on the project for over six months, Fasttoken presented their demo of blockchain-based casino games at ICE London, the industry’s largest gambling event that connects the online and offline gaming environments.
During the event, the team also made what they refer to as “one of the most ground-breaking announcements” in the blockchain realm. The team said they would make all codes used in their state channels implementation available to other developers who would like to view them. The codes are specifically developed to cater to the online gambling environment. So, what are the pros of state channels?
- Operations will be faster, thus increasing the number of processed transactions.
- Speeding up the transaction confirmations.
- Cutting transaction fees as state channels do not involve gas fees.
Developers created Lightning Network which operates on top of a blockchain to facilitate payments and fund transfers. On the other hand, Raiden was developed to serve for more purposes, such as a platform for decentralized exchanges, decentralized apps, and the Internet of Things (IoT).
These solutions, however, were built to serve different purposes. For example, Lightning Network was developed to process an unlimited number of transactions – without publicly recording them on the blockchain. The Raiden Network aims to provide fast, cheap, scalable token transfers for the Ethereum blockchain.
Fasttoken sees state channels as the best option to use in custom gambling solutions. One can apply application-specific state channels in turn-based systems (such as games) in a complete off-chain environment to settle bets (payments) which are generated by the results produced on-chain by the players.
The Fasttoken development team is the first to release the state channel code. They believe that it is necessary for rivals to have a healthy competition which, as a result, will benefit all participants in the industry.
Fasttokens and the gaming industry
Currently, there are many gaming platforms based on blockchain technology that provide a transparent environment but do not disclose the underlying code used to implement their state channels.
Hiding the code contradicts the transparent philosophy that forms the basis and purpose of the blockchain.
Nodes perform the task of recording all transactions conducted in a blockchain so that the transaction log can expand faster than the number of users. This may require more processing power and memory to cope with the increasing load on the network, which can complicate user experience and reduce performance. That is why there is a scaling problem in almost all blockchain platforms. As a result, developers are always developing new solutions.
To solve the problem of scaling, developers have proposed various solutions that provide different platforms, such as sharding, side channels, and state channels.
Ethereum plans to soon provide its own support for state channels to promote the development of technology.
Prior to this, Fasttoken allows each blockchain developer to access this code and create a platform (including a gaming platform) without having to write code from scratch. They are one of the pioneers to foray into the blockchain-based gaming space. That’s why they try their best to ensure trouble-free gameplay.
The team also wants to help others by providing code and expert knowledge to help them develop this technology.
All the materials are publicly available on Fasttoken’s GitHub channel.
About Fasttoken
Fasttoken is an Ethereum-based platform that provides a complete gaming solution that promotes decentralization, fairness, and transparency of the gaming environment.
For more information about the project and the Fasttoken team, join the official Telegram group, send an email to contact@fasttoken.com, or visit their official website at FastToken.com to learn about the latest innovations and achievements of this technology.
According to the Fasttoken’s announcement, this is just the beginning. A lot more is on the way. You do not want to miss anything.