Fasttoken State Channels Making Ethereum Scalability a Reality

If you have ever tried to build a decentralized app, it is clear that Ethereum, in its current manifestation, is not quite ready. One of the most significant problems facing Ethereum blockchain is scalability. Ethereum (ETH) can hardly make more than ten transactions per second. In fact, it is the main hindrance to the mass adoption of Ethereum.

One project that seems to have solved this problem with an incredible degree of success is Fasttoken. That is because it uses an avant-garde concept known as state channels. The team at Fasttoken has tested state channels on the Ethereum platform and so far the results have been outstanding. 

State Channels implementation

Developers have come up with a number of proposals to deal with the problem of scalability, and one of those proposals is state channels. After working on the technology for over six months, lead developers at Fasttoken showcased their casino games built on top of blockchain at ICE London. The event is regarded as one of the most significant events in gaming history, and it emphasized the need to bridge the gap between online and offline gaming ecosystems.

Also, during the event, the team at Fasttoken took the opportunity to make a very important announcement. They announced that all their state channels codes would be made publicly available for the first time. The codes are designed to cater to gamblers’ every need.

State channels work quite similar to a couple of other blockchain projects such as Lightning Network and Raiden that are looking to solve the scalability issue. Here are the advantages:

  • Scalability – the solution aims at increasing the number of transactions per second. At the moment, Ethereum blockchain can only process less than 10 transactions per second.
  • Speed – State channels reduce block confirmation times to seconds from minutes.
  • Fees – The solution eliminates gas fees. Users will only be required to pay minimal fees during updates.

There are many solutions developed to tackle the Ethereum scalability problem. Raiden and the Lightning Network are two of the most popular solutions. The Lightning Network focuses on payment and money transfers. Raiden, on the other hand, offers a platform for decentralized exchanges, Internet of Things, and decentralized applications.

State channels were built from scratch with gamblers in mind. They allow gamblers to play their games off-chain and cash out on-chain.

Fasttoken claims to be the first blockchain project to implement state channels successfully. The team also said that anyone is free to use all their codes. Healthy competition among blockchain-based firms is great for the industry, developers, and users.

There are already many companies that claim to use blockchain to improve betting experiences. However, until now, no firm has made any of their state channel codes available for public viewing. Transparency is one of the pillars of blockchain technology. Hiding the codes, therefore, goes against the vision and purpose of the technology.

All transactions carried out in a blockchain are typically recorded by nodes. For this reason, transaction logs expand increases more rapidly than the number of network users. The network can only handle no more than ten transactions per second.

As the number of transactions increases, the network becomes overwhelmed. As a result, it becomes unable to handle more transactions. Fasttoken’s state’s channels implementation is one of the biggest breakthroughs in the history of the blockchain. Many solutions to solve these problems, including side channels and sharding, have been proposed.

Ethereum to support state channels later this year

Ethereum will add support for the state channels by the end of the year. The adoption of state channels by Ethereum will lead to the improvement of the technology, therefore making it user-friendlier for developers.

With that in mind, Fasttoken offers a big advantage to developers. For instance, anyone can build a blockchain-based gaming platform without having to write a code from scratch.

Since the company prides itself as the first to implement state channels in the gambling space, the firm feels obliged to provide a stress-free gambling experience to punters. Moreover, the team looks forward to educating others, share their knowledge and skills, and eventually expand the technology.

All the materials can be accessed from Fasttoken’s GitHub channel.

About Fasttoken

FastToken solution is an all-inclusive blockchain gambling solution built on top of the Ethereum platform. It enables decentralized, transparent, and fair gaming.

If you have any question, join Fasttoken’s Telegram Group or contact them via their email:   [email protected]. You can also visit their website at Fasttoken.com.   

This is just the start. There is so much more in store. So stay on standby for more updates.

Bitcoin Bull Market: 5 Reasons for the Recent Rally to $9,000

Important information: please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.

Last  weekend, Bitcoin surged up to $9,381, soaring over 7% in 24 hours, meaning that bitcoin’s market cap reached $165 billion  - the highest so far in 2019. Since bitcoin breaking the $8,000 mark in May, it has continued its upward movement, although there have been some pullbacks.

Why did bitcoin manage to rise above $9,000? Here are 5 factors that may be contributing to the surge.

BTC Hash Rate Sets New All-time High

Data from Blockchain.com shows that the BTC network hash rate - the computing power required for transaction confirmation and network security - topped 62246627 TH/s -  surpassing the previous record set in August 2018. In addition, the number of transactions also reached the second largest number ever at 364,000 - with the largest being  452,000, hit in May this year. According to some analysts, there is a positive correlation between Bitcoin’s hash rate and price.

bexplus 19.06 (1).png

Market News - Bakkt’s BTC Futures Trading Test

Bakkt announced last week that it will begin testing bitcoin futures on July 22. The company also announced that it will support the ICE Futures U.S. launch of daily and monthly margined futures for bitcoin by bringing regulated custody as part of the futures contract. It is hoped that the launch will usher in a new era for institutions looking to access crypto markets.

BTC Reward Halving in 2020

The reward for mining new blocks on the Bitcoin blockchain will drop from 12.5 Bitcoin to 6.25 Bitcoin — and this already has people speculating about how this could affect the Bitcoin price.

If history repeats itself, the price of Bitcoin will climb somewhat ahead of the halving event. The rise in price makes sense in terms of supply and demand: large buyers of Bitcoins have to either buy on the exchanges or get them through mining, and a halving event forces more to buy on the market.

Binance Restricts U.S. Users

Binance announced that it will launch a U.S.-based service to avoid uncertainty around its legality In the meantime, it is implementing restrictions for U.S. passport holders worldwide and those based in the country. Binance’s U.S. users (at least 30 million) cannot trade AE, HOT, LINK, NANO, VET and other cryptocurrencies. According to analysts Josh Rager, “With US Binance ban & other exchange delistings, people could be moving into BTC & major market cap coins.”

Bitcoin Used as Hedge

The United States - China trade war, it has seen both superpowers slap tit-for-tat tariffs on each other’s goods, ultimately making everyday products more expensive for consumers. Due to fears of Yuan devaluation, Bitcoin may have risen in value, which vastly outperformed traditional wealth preservation assets.

Many market analysts predict that if Bitcoin can stabilize above $8,800 mark, the next target will be around $10,000.

Trade BTC Futures to Hedge Risks & Take Profits on Bexplus

Bitcoin futures volumes have surged to record highs of $12 billion in May, a growth of 118% from April. JP Morgan believe that because of fake volume, the importance of Bitcoin futures has been understated. Institutional investors have increasingly turned to the cryptocurrency market, and the futures market in particular, to hedge funds - which will likely further boost the bitcoin futures market.

bexplus 19.06 (2).png

Bexplus is a world-leading cryptocurrency futures exchanges which provides BTC, ETH and LTC futures trading with 100x leverage. Founded in late 2017, Bexplus is one of the fastest growing startups in the crypto futures market. Now it has established offices in Hong Kong, United States, Brazil, Australia,etc.

Free BTC Giveaways on Bexplus

Bexplus announced 100% deposit BTC bonus giveaway for deposit users - users deposit BTC in the exchange can enjoy up to 10 free BTC bonus and get up to 72% annualized interest by saving BTC in the upgraded wallet. In addition, you also have the chance to get free presents like iPad Air, Apple watch and more.

bexplus 19.06 (3).jpg