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One of the most known issues with which the Ethereum blockchain is currently dealing with is scaling. State channels are a form of blockchain interactions which are conducted off-chain and can be used to support higher scalability. Although this method has been around for some time, it doesn’t seem to be a favorite in terms of implementation.
After six months of on-going development, Fasttoken has presented a demo of their blockchain-based casino games at ICE London, which is one of the most significant events of the gambling industry; this brings together both the online and offline world.
The team also took the opportunity to officially announce at this important event that they will be making all the codes of their state channels available for public viewing. This publicizing is an unprecedented move in the industry. Also, these state channels have been specially developed to cater to the online gambling environment.
Just like other blockchain network solutions such as Lightning Network and Raiden, state channels significantly bring improvement to various aspects by:
- increasing the number of processed transactions per second, thus making the scale more easily.
- making transaction confirmations faster as state channels reduce this time to seconds or milliseconds.
- reducing fees, as there are no gas fees inside state channels, with minimal fees incurring on rare occasions, such as updates. This is done without compromising the security and transparency of the transactions.