These days, you do not have to be a blockchain developer to know that stability is one of the most important issues that crypto platforms find challenging. During the last few years, a number of viable solutions have been brought to the forefront. Solutions have included technologies like sharding, state channels, and side channels. These innovations have proven that scalability can be successfully managed.
State channels are the latest development in crypto platforms, and Fasttoken is determined to share its experience in state channels to help move the industry forward.
What Is Fasttoken All About?
ICE London is one of the best places to display casino game demos that are based on blockchain. ICE London is one of the biggest and perhaps most essential gambling event. The Fasttoken team spends six months developing a very rare event in the blockchain space. Fasttoken will offer full access to all codes regarding the implementation of state channels. The goals for these state channels are similar to the goals for Raiden and Lightning Network; these companies are extremely popular in terms of scalability-related solutions. State channels help to improve these aspects:
-The amount of transactions per seconds goes up so significantly that it makes scalability better
-Lower confirmation times for blockchain transactions by a few seconds or milliseconds
-State gas fees are virtually nonexistent, which noticeably reduces the overall fees on the blockchain ecosystem while providing transparent transactions that are backed by reliable security.
Lightning Network and Raiden both have detailed use-cases. For instance, the Lightning Network is ideal for payment solutions that entail quick funds transfers. Raiden is best as a decentralized application platform and works for IoT (internet of things) apps and decentralized exchanges.
However, in terms of gambling solutions, state channels are the champion. State channels can be worked into turn-based systems, which are usually connected to the betting industry. This gives developers the ability to use state channels to gambling systems off-chain and to process bets and payments based on game outcomes on the chain.
Fasttoken has constructed its own innovative technology titled Fast Channels. This technology is based on the fundamentals of state channels.
Fasttoken’s Take on Knowledge Sharing and Technology
Blockchain companies tend to be covert when it comes to their technologies. This is mainly because they fear they will lose momentum in the market if too many of their operational secrets are revealed. However, Fasttoken does not take this approach. The team operates on the principle that open and healthy professional competition is beneficial for the blockchain industry. Although the market does, have some platforms that offer gaming that is based on blockchain, none of these companies have shared their expertise or offered public codes.
The Fasttoken team believes that not offering project codes to others causes others to miss a learning experience. This could be an industry setback. This is why Fasttoken is the first company to make state channels open to the public.
Scalability has long been an issue in the blockchain sector. Several popular projects are still working to find the best ways to counteract the effects of scalability. It is easy to see what we are living in some riveting times as technology continues to advance. Burgeoning technology also allows more than one answer for overcoming this technical challenge. The standard methods for repairing scalability are side channels, sharding, and state channels, which is often seen as the ultimate solution.
Ethereum’s future endeavors to introduce state channels later in 2019 promises to be an interesting and perhaps a very effective solution. This will speed up the development process and will make state channels easier for users and developers to access. In the meantime, Fasttoken will support blockchain developers who want to implement state channels in platforms that use blockchain, including online betting platforms.
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