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.

Decibet: Where Football Betting and Crypto Meet

When the fun stops, stop - learn more about responsible gambling here.

 

ecibet is a betting platform dedicated to soccer and crypto enthusiasts that are looking for an easy way to bet on the matches they are interested in.  Decibet strives to provide an excellent betting experience for all its users by calculating each minute the highest quotes in the world.  The team believes that by having greater options of winning, the players will have a more fun time playing on the platform.

Features

Easy to Use Website

The website was designed to be intuitive and easy to navigate by both beginner and experienced bettors.  It features a “Today’s matches” tab, which shows the matches that are ongoing on that day. Next to this tab are the Bets and Cash tabs. The Bets tabs feature your bets that are opened, closed and voided and the Cash tab allows you to select if you want to make a withdrawal or a deposit by selecting your amount and currency of choice from a dropdown list.

On the left side, there is a list where the matches are sorted by countries.  By clicking on a specific country, in the middle of the page will appear the matches with the team from that country along with their stats and odds.

In the far left corner, the user can select the website’s language.

Crypto-friendly

The Decibet platform allows its users to place bets in a variety of cryptocurrencies, thus providing more options for its bettors. The list of supported cryptos includes top coins such as Bitcoin and Ethereum, as well as Litecoin, Dash, Dogecoin, Monero, Digibyte, Namecoin, MaidSafeCoin, Zcash, Gulden, Game Credits, Bitcoin Cash, Ethereum Classic, Lisk, PotCoin, Ripple, Stratis, Syscoin, Vertcoin, and Blackcoin.

This enables users to send and receive their funds in real time, without having to wait because of long processing times. Cryptocurrency transactions rely on blockchains, meaning there is no need for third-party financial processors. Another advantage of digital assets is that, unlike fiat currency, they are hard to trace, thus giving its users more privacy and anonymity when transacting.

Monero and Zcash are two cryptos that are highly used by those that want to anonymously transact online.

Excellent Odds

In sports betting, odds are an important factor that helps bet makers determine the probability of an outcome and their resulting winnings. Odds are calculated by bookmakers based on a sum of different factors. By implementing this system, Decibet is able to provide the most favorable odds for its users.

The winning score helps bettors choose the match with the highest chances of winning.

Respect for User Privacy

The sign-up process does not require the user to present any ID documents. Also, there is no lengthy verification process like on other betting sites. Decibet respects the privacy of its users and therefore does not ask for ID when registering, withdrawing or depositing.

Focused on Worldwide Football

Decibet brings together in one place the most important soccer/football matches from all over the world. It features a long list of countries from where the matches are held as well as World Cup events. You can bet on the teams from the following countries: Chile, Australia, Brazil, Colombia, South America, Argentina, Mexico, China, Portugal, Tunisia, Iran, Spain, Scotland, England, France, Israel, Norway, Belgium, Finland, Cyprus, Russia, Germany, Sweden, Holland, Romania, Bulgaria, Hungary, Austria, Croatia and other European countries.

This ensures that bettors from all over the world can bet on their favorite team, regardless of the country they are from.

Up to 100% Welcome Bonus

New registrants on the platforms will be welcomed with a generous bonus of 100%, which can go up to $100 U.S. This is to motivate new players to join in on the fun and have some extra funds to place on their favorite matches.

Bilingual Customer Support

Their customer support and website were created to be accessible to all people of various languages. The website can be automatically translated into English, Spanish, French, Polish, Italian, Portuguese, and Russian by clicking on the language button that is on the far left of the screen.

Easy Crypto Pay-out

Once a bet has been validated (the bet is a winning one), the bettor will receive its pay-out immediately in the crypto of his preference without having any hidden fees added to his profit.

Own Affiliate and Referral Program  

Decibet users can win additional rewards if they refer their friends to the platform. Affiliates can earn by using their affiliate system, which is through Affiliada.com.

Decibet is a platform dedicated to worldwide football fans that want to bet using their cryptocurrency and benefit from the best odds and betting experience securely and anonymously.