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.
FastToken solution is an all-inclusive blockchain gambling solution built on top of the Ethereum platform. It enables decentralized, transparent, and fair gaming.
This is just the start. There is so much more in store. So stay on standby for more updates.