Ethereum’s scaling issue has long been the subject of discussion for developers and researchers. Efforts to scale Ethereum, the world’s second largest blockchain, are growing day by day. At the forefront of this transition have been state channels, a concept widely heralded as the platform’s best bet for scaling.
State channels are a scaling infrastructure built to allow the Ethereum blockchain to manage larger data sets. It is an off-chain solution that runs on top of the Ethereum blockchain to increase scalability.
Fasttoken releases state channels
Fasttoken has been working on the state channels implementation for over six months. The team officially announced and demonstrated their casino games that run on blockchain at ICE London. The event is said to be one of the largest events ever seen in the gambling space, that connects the online and offline gaming environments.
During the event, the team at Fasttoken announced that these were the most exciting announcements in the blockchain ecosystem. Having implemented the state channels, it is undoubtedly a great achievement. In addition, the team said they had allowed full access to all their state channels codes. Everyone, including their competitors, is free to view them.
- Scalability – the amount of transactions per second is significantly increased, from less than 10 to millions.
- Speed – the confirmation of transactions on the blockchain takes minutes, but state channels reduce that time to seconds or milliseconds
- Fees – state channels do not require gas fees. You only need to pay minimal fees during updates, which is uncommon; and the safety of your transactions is guaranteed even though the fees are minimal.
At first, the Lighting Network was built and meant for online transactions and money transfers. Raiden, on the other hand, has more use cases than the Lightning Network. It can be used as a platform for decentralized applications, dApps, and Internet of Things (IoT). It is no wonder state channels are the best option for the execution of custom gaming solutions. Developers can use them in turn-based systems and the games can be played off-chain and cash out on-chain.
A classic example is where a gambler bets 10 ETH, and after winning, they are rewarded with 20 ETH or more.
Healthy competition is good for the industry
Fasttoken is the first development firm to announce the full implementation of the state channels. The team believes that healthy competition contributes to the growth of the industry. Also, many other companies provide blockchain-based gambling services. Even so, none of them have made any of their state channels code available to the public.
The blockchain ledger is upheld and propagated by nodes. They record blockchain transactions and, as a result, the ledger keeps growing. However, it grows at a faster rate than the number of network users so the burden on the network becomes unbearable. Because of this, it becomes difficult for the blockchain to scale.
At the moment, developers are still figuring out how to overcome this barrier. Sharding, side channels, and state channels are just some of the suggested approaches.
Ethereum to support state channels
Ethereum is looking forward to adding support for state channels later this year. The support from Ethereum is expected to improve the technology as well as make it developer friendly.
Fasttoken is known for providing exemplary and unbeatable gambling experiences for its users, so the team wants to share this knowledge with other developers as well. All these actions are aimed at improving the blockchain technology and offer both players and users exceptional benefits.
For more information, you can join the team’s Telegram Group, or enter the official website of Fasttoken, an excellent resource if you want to make sure that you stay up to date with the latest improvements. If anyone has questions, don’t hesitate to contact the team via email@example.com.
Moreover, the enthusiasts should know that the project’s code can be viewed by checking out the project’s official GitHub repository at https://github.com/BetConstruct/Fasttoken.
According to the company, this is just the first announcement, so many exciting things are on the way. You don’t want to miss anything, do you?