Despite the introduction of effective solutions like “state channels”, scalability has always been a major cause of concern when it comes to solving complex problems on most major blockchain networks.
Fasttoken State Channel is Here to Stay
Fasttoken, a blockchain-based platform, which has been developing several blockchain-based casino games for the past six months, has recently presented them casino at the gambling industry’s largest event — ICE London, an event with the main agenda of fusing the offline and online gambling ecosystems.
At the ICE London event, the Fasttoken team announced that the platform will be providing unrestricted access to all underlining codes pertaining to their state channels implementation. These codes are said to be streamlined to suit the gambling industry.
The state channels, just like Raiden and the Lightning Network, further ameliorate some critical aspects, which are detailed below.
- Scalability – Transactions per second are in the range of millions.
- Speed – With the state channels, the time consumed during blockchain is reduced to seconds or milliseconds.
- High Costs – Apart from boasting significantly reduced fees during rare blockchain updates, gas fees are also eliminated in state channels. This has however not had any negative effects on transactions. In fact, transactions were reported to be highly transparent and secure.
The Lightning Network which has its primary use focused on payment and the transfer of funds has a lesser usage when compared to Raiden which already has many decentralized exchanges, decentralized applications and IoT (Internet of Things) platforms functioning on it.
Compared to these two, state channels have been identified as the perfect platform for the implementation of custom gambling solutions. Also, using application-specific state channels makes it possible for developers to create turn-based systems (e.g. games) entirely off-chain, as well as resolve payments (bets) effectively, taking into consideration the result of the games played on-chain.
“Fast Channels“, a unique technology which is based on state channels principles, has been built by Fasttoken for the online gambling ecosystem.
A perfect example of its use case can be derived from the popular casino game of slot whereby players bet about 10ETH and are rewarded with double or more of their original stakes in case of winning.
The Effect of “Fast Channels” on the Blockchain Scene
Being the first blockchain platform to announce their state channel implementation, the Fasttoken team is very proud of itself. The introduction of the “Fast Channels” is considered necessary for the development of the blockchain community, since it encourages healthy rivalry amongst blockchain scalability solutions.
By publicizing their codes of state channel implementation, the Fastttoken team has established itself as a force to reckon with when mentioning top ranking blockchain-based gambling solutions; and the Fastttoken team is the first to do this.
The structure of the blockchain makes it possible for the number of transactions recorded by the nodes to grow exponentially in comparison to a number of network users. As a result of the ever-increasing blockchain network size, the burden of computation and storage becomes too big to manage.
As a result of this, dApps are plagued with a scalability problem. This is why the search for a perfect scaling solution for dApps has become a top priority for blockchain developers.
This, however, leads to the suggestion of several solutions designed to counter the problem of scalability. Things such as state channels, side channels, and sharding are part of these suggested solutions.
In light of this, the Ethereum Development team has promised to introduce native support for state channels. This is expected to take effect later this year. Once introduced, an overall improvement of the technology will be ensured.
While the industry is waiting on Ethereum to come through with its solution, Fasttoken has taken the bull by the horns and has provided developers with a stress-free and effective way of building blockchain platforms such as decentralized games.
Holding on to their mantra as one of the pioneers of blockchain-based gaming, the Fasttoken team believes that they are responsible for the provision of an exemplary gambling experience for all players.
Furthermore, the Fasttoken team will be employing all means and methods within its capacity to help with the sharing of skills and expertise while educating other blockchain developers.
This move is expected to go in the next phase of the blockchain revolution— shared knowledge.
All the materials are publicly available on Fasttoken’s GitHub channel.
. . .
Fasttoken is a well rounded, Ethereum-blockchain based wagering and betting solution, developed with the aim of ensuring that the decentralized platform operates in a fair and transparent manner.
Readers will have access to first-hand information about the projects and updates on the official Telegram channel. The same goes for the project’s official website – Fasttoken.com and its Github account. Also, feel free to reach the team at firstname.lastname@example.org.
Predict The Bitcoin Trend and Win Every 5 mins!
Predict the Bitcoin trend and get rewarded every 5 mins! Betinance, an alternative Bitcoin gambling platform, is officially launched. Unlike other similar platforms, Betinance currently offers only one type of game where players compete with each other not against the platform. You can bet whether Bitcoin’s price will go UP or DOWN every 5 mins and win bets from other players.
Betinance is one of the first platforms bringing similar concept alive. There are no unfair rates or hazy betting conditions. Just place your bets and compete with other players. If you are either a recreational player, an expert in Bitcoin technical analysis or a passionate gambler, you can use your experience and profit from it on the platform.
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There is currently a welcome bonus ongoing. Simply register at Betinance.com and get instantly free Bitcoins to play on the platform. The promo event is meant for first 1000 registered users.
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Streamex Brings Democratized Trading to the Crypto Industry
The crypto market continues its extended down period, despite consistent advancement in tech, partnerships and global adoption. While followers of the market speculate on the reasons for this, signs point to barriers between seasoned traders and new entrants to the market as a significant blocker to wide-scale progress.
As existing platforms cater to those already present in the market, Streamex.io is here to do something different. It addresses the issues stopping crypto trading from entering the mainstream, with a range of features to deliver greater levels of both user acquisition and retention. Streamex’s fresh new “social trading” platform gives crypto trading what it needs to break out of the bear market, and reach new heights.
Crypto Needs to Embrace Traders of All Levels
Before and during its rise, crypto has seen many traders come from nothing to make huge gains. Yet today’s trading platforms offer a high barrier of entry to new traders trying to make their way. So much so that it stunts the industry’s growth, only prolonging the bear market.
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There were many people attending this meeting, including Mark Minol, the founder of Paydex (V payment); Yu Lingxiong, the famous entrepreneur tutor, Chandler Guo, the well-known investor, and Yang Linke, the founder of Bitcoin China was also listed.
During the party, when the topic came to “How long does it take for Bitcoin to reach $1 million?”, Chandler Guo once again answered this question in the most easy-to-understand language: ‘Regardless of other factors, only due to the Bitcoin production was reduced. Starting from the mechanism, it is expected that Bitcoin would reach a million dollar after four times of reducing.
All the guests present here expressed their approval to Chandler Guo’s point of view. Paydex’s (Vpayment’s) founder Mark Minol said that: ‘Regarding the future development of Bitcoin, many people will focus on external factors such as macroeconomics and policy environment, but it is easy to overlook one of the most important and core mechanisms of Bitcoin – the underweight mechanism. External factors are endless, uncontrollable and unpredictable, but only by respecting the underlying logic and core design concepts of Bitcoin can we firmly hold Bitcoin and take advantage of the wealth express that is brought by the appreciation in Bitcoin. At the same…
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