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An off-chain scaling solution for performing ERC20-compliant token transfers on the Ethereum blockchain.

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Why Investors Should Be Paying Attention to Raiden Network

A lot of crypto analysis is centered around competition within the crypto industry, but sometimes there are businesses that have gone out of their way to be […] The post Why Investors Should Be Paying Attention to Raiden Network appeared first on Hacked: Hacking Finance.
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Ethereum DApp Growth Slows While EOS and Tron Race Ahead: Report

According to new data from RatingDapp, EOS and Tron both gained significant user share over the last week, while Ethereum dApp growth slowed. Ethereum remains the godfather of decentralized applications, with by far the largest user base, ecosystem, and most liquidity. But the landscape is changing quickly, with Tron and EOS dominating in transaction volume. Ethereum Grows 20% Slower Than The Week Before Pure volume is not the best way to gauge the actual usage of a smart contract platform, however. Each platform counts transactions differently. Some Ethereum dApps use a platform like Raiden to lower the cost of transactions. The post Ethereum DApp Growth Slows While EOS and Tron Race Ahead: Report appeared first on CCN
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The BlockMesh platform

The BlockMesh platform is a platform supporting mesh based devices focusing on communication and the loT. Our platform will provide users with the ability to communicate and digitally transact in a peer-to-peer network, crushing data costs and banking fees. Our goal is to become the leaders in mesh technology reinvesting in the technology and creating a platform where any developer can take advantage of our network with our simple open source API. Check out the features of the BlockMesh Platform Offline Chat Users don’t need an internet or cellular connection to chat with one another. Through bluetooth, we can create a network in areas that are currently uncovered. Wallet A fully functional ERC20 wallet will allow our users to send and receive payments in cryptocurrency as they accrue Mesh Tokens for supporting the network. Secure The BlockMesh app will have all communications and data-transfers securely encrypted, meaning your conversations and wallet are always safe. Offline Payments With Raiden Network, offline payments will be possible over the BlockMesh network. Reward System Network support is rewarded through ‘mined’ cryptocurrency (BMH Tokens) which is deposited directly to your wallet. Cash In/Cash Out BMH Token will be the first accepted token for traditional cash at selected retails stores in Africa. Whitepaper
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Celer (CELR): ICO Review and Rating Ahead of Token Sale (Binance Launchpad)

Binance’s Launchpad is preparing to launch their 3rd ICO. The exchange’s two previous ICOs (BitTorrent and Fetch.ai) were highly successful. Both reached their fundraising goals within minutes and saw gains of 6-10x their ICO price. Next up on the list is Celer Network – an exciting new project that aims to help blockchains achieve ‘internet level scalability’ by using off-chain scaling techniques to reach billions of transactions per second in a secure and trusted environment. The US-based company has a goal of raising $34million, $30million of which has already been raised privately during the seed and private sales. Their token sale is set to launch on March 19th through Binance’s Launchpad platform. How it works Celer Network is developing an off chain scaling solution to scale the various blockchains that will run on its platform. Off-chain (or layer 2) scaling solutions are theoretically superior because they allow the network to process smaller transactions off the blockchain, then bundle them into one single transaction that gets recognized On-Chain. By doing this, they can reduce the transaction bottleneck that occurs on the main chain while increasing the operational capacity of the system as a whole. The Celer Network architecture is named Cstack, and is composed of four layers: Source: Celer Whitepaper cRoute– This uses DBR (distributed balanced routing) to distribute payment traffic in a decentralized and trust-free manner. cRoute can achieve 15x greater throughput than Raiden or the Lightning Network. cOS– This is the off chain Dapp development framework. It handles operations, storage, off chain disputes, and tracking. cChannel– This is a sidechain suite that is supposed to provide liquidity and assist rapid state transitions. The eChannel layer makes it possible for gaming applications, exchanges, insurance platforms, and other high throughput applications to function on Celer Network. CELR Token A CELR token is an ERC20 token built on the Ethereum blockchain. It is also the native token of the Celer Network that will be sold during the ICO. The total supply of CELR tokens is 10 billion About 6% of which will be available for the token sale. 1 CELR token = $0.0065. The maximum amount that each investor can put in is just $1,500 ICO dates are from March 19th to 24th. Tokens will be distributed to investors 15 days after the ICO closes. Source: Celer Whitepaper So far, 11.5% of the tokens have already been sold in the seed fundraising stages. A further 15.5% of the token supply was sold in a private sale. Use cases CELR’s primary use case is as a platform currency, but it can also be used for other functions such as: Proof of liquidity (PoLC) PoLC is a virtual mining process that provides liquidity for the off-chain ecosystem. Users who lock up CELR tokens for some time are later rewarded with more CELR tokens. Liquidity backing auction (LiBA) LiBA allows off chain service providers to request liquidity through crowd lending (Interest rates are negotiated). There is a ranking system for lenders based on a “happiness score.” The score is determined by the interest rate, the amount of provisioned liquidity and the amount of CELR staked. As a lender, the more CELR you stake, the higher priority you have to provide liquidity to off chain service providers. State Guardian Network (SGN) SGN is a unique side chain that allows any user to submit their state before going offline to have it protected for a period of time. Users pay a fee for this protection. CELR token holders can stake their tokens to earn service fees for providing protection. Core Team The Celer Network team consist of highly experienced founders who are each accomplish academically, having received PhDs from UC Berkeley, Princeton University, and MIT. Mo Dongm, Co-Founder: Before founding Celer, he was the founding engineer and product manager at Veriflow, working on formal network verification. He is an expert in applying algorithmic game theory to protocol design and teaches full-stack smart contract courses. Junda Liu, Co-Founder: Junda is a Ph.D. recipient from UC Berkeley. Prior to founding Celer, he worked at Google in 2011 to build its data center-networking infrastructure. He was also the founding member of Project Fi mobile service in 2014, and the Android Tech Lead for carrier services. Xiaozhou Li, Co-Founder: Xiaozhou is also a Ph.D. recipient from Princeton University. He has published works in distributed systems, networking, storage, and data management. These works have become core components for Google Tensorflow, Intel DPDK, and Barefoot Deep Insight. Qingkai Liang, Co-Founder: Qingkai got his Ph.D. from MIT. In his academic career, he focussed on various learning and control problems that emerge from networked systems, exclusively on online learning algorithms in adversarial networks. His work has been successfully implemented at Raytheon BBN Technologies and Bell Labs. Roadmap Celer Network first released their whitepaper in June 2018. Since then they have made significant progress in the development of the project, most of which can be viewed on Binance’s Research report which reveals their progress on their private GitHub accounts. Celer Private GitHub Repository Activity, Source: Binance.com As their repository shows, they’ve already made over 1,000 commits for the full node implementation of Celer Network, over 1,000 commits for the Android app, and 239 commits for their iOS App. For 2019, Celer is focused on releasing and upgrading the different layers within the network. Their current roadmap focuses on quarter 1,2 and the second half of 2019. Pros and Cons: Pros: Short Term Project Potential:  The Celer token sale will be conducted on the top of the Binance Launchpad, this has already proven itself to be a major advantage in the current bear market with the latest tokens sales from BitTorrent (10X in ATH) and Fetch AI (5X in ATH). Use case: The most significant progress that has occurred in the last year is the emergence and adoption of off-chain solutions (Lightning Network, Raiden, Plasma, etc.). These solutions solve one of the main pain points suffered by distributed ledger technologies, scalability. The fact that only 4-7 Bitcoin transactions per second can be processed is a significant obstacle in the path to mass adoption. If Celer is able to execute their vision and overcome the existing solutions, it will have a substantial impact on its long term value. Strategic Partners: Celer has succeeded in creating very impressive partnerships with some of the most influential institutions in the crypto market: Pantera, DHVC, FBG Capital, Fenbushi Capital, 500 Startups, NGC, Waves and many more. Cons: Competitors: scalability is a subject that has been observed for a long time in the crypto industry, so there are some serious competitors in the current market. Of course, the most famous one is the Lightning Network (LN). LN provides an off-chain solution to the Bitcoin network. It currently has almost 4K nodes, 32.3K channels, and a daily capacity of more than 3.1M USD. It will not be an easy task for Celer to integrate into the off-chain solutions market and to get mass adoption. CryptoPotato Token Sale Score Result Key for the evaluation: IF = Impact Factor WA = Weighted Average Fetch Impact Factor Team & Advisory board: A medium sized team which consists of 17 members composed of scientists, developers, designers, and marketers. All four founders hold a Ph.D. degree from top world-class institutions (MIT, Berkeley, Princeton, and UIUC).   Score: 8.7 Stage of the project: CelerX, the Celer Testnet app has already launched. According to the company announcements their private GitHub accounts are very active with more than 1,000 commits, Score: 8.4 Project Potential: Considering this ICO is being launched on Binance Launchpad the short-term potential is excellent, long-term this is also very interesting due to the strong use case and great implementation, Score: 9.1 Community: 30K on telegram and 8.9K on twitter. Also, this project enjoys a lot of attention since it is being launched on the Binance Launchpad, and the Binance user base is, in a sense, the community, Score: 9.25 Token Use: Not sure there are enough justifications for a native token, Score: 7.8 Token Sale Terms: 30M of the 34M USD has already been raised, the Public Token Sale will have a hard cap of 4M USD for 6% of the tokens, that is a small percentage of the tokens. With 27% already sold in the seed and private sale rounds, it is problematic. Score: 7.6 White Paper: Well written and highly detailed whitepaper,  Score: 8.3 Technology and Code: Active. Most of the code is currently placed in their private GitHub, which according to the company statements has a lot of activity (~1,000 commits). The technology itself seems breakthrough and can overcome the current off-chain solutions. Score: 8.9 CryptoPotato Celer Token Sale Score: 8.5/10 The post Celer (CELR): ICO Review and Rating Ahead of Token Sale (Binance Launchpad) appeared first on CryptoPotato.
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What is Ethereum 2.0? We Reveal its Unclear, Uncertain, Yet Promising Future

For the past few months, Ethereum 2.0 has been a hot topic in the crypto space. People are patiently waiting to see how the second most popular cryptocurrency can showcase its new and improved speed, scalability, and security features through a series of updates. The updates are aimed at addressing current scaling, mining and consensual protocol, and security issues include moving from proof-of-work to proof-of-stake, solutions like Beacon Chain, Casper FFG, Sharding, eWASM, Plasma, Raiden, and perhaps most anticipated, Serenity. Serenity is supposed to be an ‘all-in-one’ solution to fix the various problems highlighted by Ethereum 1.0. It combines most of the Ethereum upgrade ideas (Sharding, eWASM, Proof-of-Stake, etc.) together on a new parallel chain that would run alongside and be fully compatible with the existing chain. Breakdown of Ethereum 2.0 solutions Proof-of-Stake (PoS): Beacon and Casper are the 2 PoS solutions that aim to improve how new Ethereum coins are mined and how transactions are validated. In PoS, there is no mining which means there is no block reward; the block creators are called Forgers (instead of Miners as in PoW). They are only being incentivized with transaction fees. The Forgers of the next block are elected through a random procedure according to the Forger’s stake (amount of coins the Forger stakes) and age. Sharding is the process where the entire state of the network is split into a number of partitions called shards that contain their own independent piece of state and transaction history. This addresses issues of scalability and transaction speed and stops one app from slowing down the network. eWASM allows code to execute faster by expanding the coding options and capabilities for the Ethereum Virtual Machine. Plasma is an extra layer that sits on top of the network to handle massive amounts of transactions. It is basically Ethereum’s version of Bitcoin’s Lightning Network. Raiden, like Plasma, is categorized as an off-chain scaling solution, and therefore can also be compared to the Lightning Network. Rather than processing the transactions on the main blockchain, Raiden uses state channel technology to move transactions off-chain and open a separate payment channel. We can see that the Ethereum development community clearly has their work cut out for them to bring these upgrades to life. However, according to a recent report published by Matt Slipper and Dan Tsui of Kyokan (a blockchain-native software consultancy based in the bay area), things don’t seem to be running very smoothly behind the scenes. The main takeaways from the lengthy document are that: Ethereum 2.0 has no person in charge of orchestrating the rollout of the upgrades. Ethereum 2.0’s implementation has been stalled by the specification constantly changing, particularly over the past 6 months.  There is significant miscommunication on timeframes occurring between research people and the rest of the team. People working outside of R&D are out of the loop regarding when new features are ready to roll out. Implementers are concerned that perhaps there may be a funding shortage. The team is currently committed to working on Ethereum 2.0, but only as long as funding exists for development. If the funding dries up, then these teams may be forced to find other work. The rate of change in the specifications of features is only discouraging the implementation team more.  In response to the need for clarity, research has started to version segments of the specifications to show what is ready and what needs to be changed. It is now believed that Ethereum 2.0 won’t be transformational for smart contracts until cross-shard communication is live and phase 0,1, and 2 of the release are complete. The implications of this document are quite significant. A lot of pressure has been put on the Ethereum developer community over the years to achieve the kind of scalability that Bitcoin has failed to do so far. For Ethereum, achieving scalability is not just about making it easier to send and receive ETH, it’s about improving the speed in which the entire network operates so that it can handle huge traffic spikes that will inevitably occur as more Dapps get released on the Ethereum blockchain. It’s also about being able to securely scale smart contracts so that they can one day be used for more than just gambling applications, for instance, real-life financial transactions (such as loans or remittances). There does seem to be some useful recommendations to improve the situation, such as: Including “Product Context” In Public-Facing Media (Clearly communicating what will be delivered and when as well as how to prepare for the release of Ethereum 2.0) Provide clear avenues for continued funding Rigorously defining and enforcing a formal standards process Ultimately, the long-term viability of the entire Altcoin market may very well depend on Ethereum 2.0’s ability to succeed.  Decentralization has its clear benefits when it comes to increasing transparency and security of complex networks that transfer valuable data between members. However, when it comes to advancing the development of these complex networks, it seems that a more centralized project management approach is needed to ensure the kind of streamlined workflow and maximized productivity that will allow the best version of the Ethereum network to see the light of day. The post What is Ethereum 2.0? We Reveal its Unclear, Uncertain, Yet Promising Future appeared first on CryptoPotato.
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Fasttoken Goes Public with Its State Channels Code

Any blockchain developer understands the difficulty that comes with scaling decentralized applications (dApps). The problem of scalability has been in existence right from the introduction of blockchain technology. The introduction of solutions such as state channels, targeted at solving the problem of scalability has done little to alleviate the discomfort resulting from the poor scalability of blockchain based platforms. This could be blamed on the complexity of the solutions or the fact that no one is keen on teaching how to use these solutions. Fasttoken Is Changing the Face of Decentralized Gambling  The Fasttoken team recently showcased their blockchain-based casino games demo at the gambling industry’s largest event – ICE London. The casino games demo showcased at the event has been in development for the past six months. Furthermore, Fasttoken also announced unrestricted access to its state channels implementation. According to the announcement, the codes are well tailored to be used in the gambling industry. Following in the footsteps of the Lightning Network and Raiden, state channels have also made major improvements to some key aspects detailed below: Scalability – Now millions of transactions can happen in seconds. Speed – The state channels feature an incredible blockchain confirmation speed, being reduced to seconds or milliseconds.High Costs – There is a no gas fee configuration, and a low fee is being charged during blockchain updates (an infrequent occurrence). Blockchain technology has found its use in many industries. This means any solution aimed at providing scalability to blockchain networks should be well adapted to be used across multiple platforms. Unfortunately, the two most popular solutions, Lightning Network, and Raiden are limited. The Lightning Network is developed mainly to serve as a fast payment and fund transfers solution and Raiden boasts a broader use case, such as several decentralized applications, decentralized exchanges and IoT (Internet of Things). However, Raiden is not well suited for custom gambling solutions, like state channels. Developers can also employ application-specific state channels to develop turn-based systems e.g., games) entirely off-chain as well as use them to settle payments (bets) in games played on-chain. A perfect example is slots. While playing this game, a player could place a bet of 10 ETH and earn 20ETH when winning. In light of this, Fasttoken has released a unique technology which is based on the fundamentals of state channels. The newly released technology is identified as “Fast Channels.” The First to Publicize Its State Channels Implementation In its effort to better the decentralized gambling ecosystem, Fasttoken is now the first project to publicize its state channel implementation. Currently, we have several blockchain-based gambling platforms in the market, but none of them has made their state channels public. This change is expected to spark competition which will, in turn, lead to the development and implementation of more solutions. Since the main purpose of blockchain technology is to improve humanity, how good is the solution to offer one’s underlining codes and library? Although effective when it comes to ensuring security, the design of the blockchain is faulted in terms of scalability. The blockchain is designed to record all transactions on it and the ledger continues to grow a faster than the number of network nodes. This exponential growth in the number of transactions has subsequently resulted in a storage and computation crisis. The transactions data store becomes too much for the network participants to handle. This issue also transfers to dApps, since they are based on the affected blockchain. Taking this into account, several blockchain developers are actively searching for a way out of this complex network inflicted problem. The availability of several options to select from has not helped the cause. If anything, it has led to scattered attention, since various developers are now exploring different approaches all at once. Strategies such as sharding, side channels, and state channels top the list. In light of this, the Ethereum teams have promised to implement native support for state channels before the year ends. This is expected to make the network more developer-friendly. Although something to look forward to, Ethereum’s announcement has not stopped other ambitious platforms such as Fasttoken from stepping up. The development of the fast channels solution and the publicizing of its codes has provided blockchain developers with the perfect tool to engage with codes and conveniently build blockchain platforms (including gaming platforms) with minimal efforts. The Fasttoken team wants to be sure that the players are provided with a phenomenal gambling experience. They will be educating developers and share their expertise with the community, improving blockchain technology by all means necessary. About Fasttoken Fasttoken is a blockchain based gambling focused solution on a mission to ensure and uphold the integrity of the decentralized gambling ecosystem. Visit the project’s official Telegram group for up to date information directly from the Fasttoken team. The official project’s website – Fasttoken.com, also serves as a portal to the latest developments. Readers can also check out their official GitHub page at https://github.com/BetConstruct/Fasttoken or contact them via contact@fasttoken.com.  “This announcement is just the beginning, a lot more is on the way, and trust us, you don’t want to miss out on any of that.” – the Fasttoken team. The post Fasttoken Goes Public with Its State Channels Code appeared first on Bitcoin Garden.
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Fasttoken Makes State Channel Codes Public

Many popular blockchains, including Ethereum, are trying to tackle the problem of scaling as their network rapidly expands. One of the various approaches proposed is the use of state channels. State channels enable transactions to be conducted off the blockchain directly between network users, based on on-chain information. Fasttoken and State Channels At ICE London, a large business-to-business gaming event, Fasttoken revealed their blockchain-based casino games demo, which has been in the works for six months prior to its unveiling. But Fasttoken also has another groundbreaking reveal that it wants to make to the crypto community.  Its team has declared that it will be opening complete access to all codes used in implementing their state channels, which have been made especially to be applied in the gambling industry. State channels can bring several improvements when implemented in a blockchain: more transactions can be processed in a matter of seconds. confirmation times, which can usually last several minutes, are reduced to mere seconds or milliseconds. costs are lowered, no gas fees are incurred and only some fees are charged for a small number of necessary updates. There are, of course, other possible solutions that are considered for scalability improvements, such as Lightning Network and Raiden. However, the former was developed for faster payments and the latter as an environment for developing various apps and platforms. This is why state channels are best suited for platforms focused on gambling. State channels can be customized to be used for this specific application by allowing developers to set payments/bets off-chain, which are resulted from the on-chain game. This type of technology can be used in slot games where players bet 10 ETH, and if they win, they receive double the amount. The transaction in which the 20 ETH is sent to the winner is conducted off-chain through the use of state channels. Because of this, Fasttoken created its proprietary state channels called Fast Channels. Blockchain and gambling platforms Fasttoken has implemented the required procedures for publicizing their state channel code. Many gambling platforms which run on blockchain claim that they implement this technology to improve the betting and settlement process. However, none of these state channel codes have been publicized. But why use blockchain if you won’t make any of your codes open source? Isn’t the point of this technology to be transparent to everyone, especially developers? The Fasttoken team is among the very first to make the codes to its state channels available to public access. Blockchain nodes store all of the transactions that take place on the network, which results in the fast expansion of transaction ledgers. But with the rapid growth of a network in terms of transactions, its efficiency is impaired as more computational power is required. When the number of operations exponentially grows, and the blockchain cannot scale, various solutions to help this issue have been developed to make the network cope. Several solutions have been debated, including sharding, side channels, and state channels. Ethereum intends to develop the popular dApp blockchain on its platform support for state channels later on this year, which is a good sign for this solution. In the meantime, Fasttoken can aid developers to access the codes needed in creating blockchain platforms or other dApp functionalities. They will no longer need to build the platforms by themselves, thus simplifying the developmental process. The Fasttoken project is among the first gaming platforms that use blockchain implementations in order to improve the betting experience. By opening this information, the team hopes to educate others and ultimately lead to the improvement of this technology. You can find all the materials on Fasttoken’s GitHub channel. Fasttoken is an Ethereum based solution which is aimed at providing a gambling environment that is transparent and fair for all its players and interested developers. For those that have questions regarding the project, they can join the official Telegram group and ask the Fasttoken team themselves. Readers can also visit Fasttoken, the official website, for more resources and updates about further developments and advancements. The Fasttoken team declared that “this announcement is just the beginning, a lot more is on the way, and trust us, you don’t want to miss out on any of that.” This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research. The post Fasttoken Makes State Channel Codes Public appeared first on NullTX.
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Fasttoken – Ethereum-based gambling platform that makes its state channel codes public

You don’t have to be a blockchain developer to know that one of the most pressing issues most crypto platforms struggle with is that of scalability. Over the years, various good solutions have surfaced. Technologies such as sharding, side channels, and state channels have all proved that scalability can be tackled successfully. In regard to the latest of the lot, state channels, there is no company more bent on sharing its experience and helping the industry evolve than Fasttoken. Enter Fasttoken And, what better place to showcase its blockchain-based casino games demo then at ICE London, the industry’s largest and arguably most important gambling event? After six months of development work, the Fasttoken team announced what can be considered a very rare event in the blockchain space: it is opening the full access to all codes regarding their state channels implementation. The end goals of state channels are very similar to those of Lightning Network and Raiden, some of the most popular scalability-related solutions. State channels improve the following essential aspects: The number of transactions per seconds increases so drastically that it improves scalability The confirmation times for transactions on the blockchain is lowered to a couple of seconds or milliseconds The gas fees within state channels are next to non-existent, reducing the overall fees on the blockchain ecosystem by a lot; all this while still ensuring highly secure and transparent transactions. Both the Lightning Network and Raiden have very broad use-cases. For example, the Lightning network is especially good for payment solutions that require quick transfers of funds. Raiden can easily serve as a platform for various decentralized applications, decentralized exchanges, and IoT (Internet of Things) apps. However, when it comes to creating custom gambling solutions, none is better than state channels. State channels can be implemented in turn-based systems (usually associated with the gaming industry). This allows developers to use state channels to those types of systems entirely off-chain, and process payments and bets based on the outcomes of the games on the chain. Fasttoken has built its own bespoke technology called Fast Channels, a technology that’s based on all the fundamental of state channels. Fasttoken’s views on technology and knowledge sharing Blockchain companies can be secretive in regard to their technologies, mostly out of fear of losing their market edge. Fasttoken is not one of those companies, as the team behind the project truly believes that healthy and open rivalry among competitors is extremely beneficial for the industry as a whole. Even though the market already has some platforms offering blockchain-based gaming experiences in a transparent manner, none of them have shared their knowledge or made their code public. The team behind Fasttoken believes that not making your project’s code open source so that others can learn what you have learned is a massive setback for the industry. That’s exactly why they are the first company to make their state channels available for public access. Scalability is not a new issue in the blockchain sphere, as many popular projects are still struggling to find effective ways to counteract its effects. We live in exciting times as technology has reached a level of maturity that allows for more than one solution for overcoming this technical barrier. Nowadays, the standard technologies for fixing scalability are sharding, side channels, and, ultimately, state channels. A very promising development in the industry is represented by Ethereum’s future plans of introducing state channels sometimes later this year. This will speed up the development process of the said technology, but it will also make it a lot more user-friendly and more accessible to developers. Until this happens, Fasttoken is here to support any blockchain developers who are interested in implementing state channels in blockchain-based platforms, including online gambling platforms. The team is excited to share its expertise and skills and actively contribute towards not only the evolution of the technology but also towards improving the whole gambling industry. It really seems that shared knowledge is the key to blockchain evolution. You can find all the materials on Fasttoken’s GitHub channel. … Fasttoken is a ground-breaking Ethereum project that provides fully decentralized and completely transparent wagering, betting, and gambling solutions. For more information, you can join the official Telegram channel, or send the team an email at contact@fasttoken.com. The project’s code can be viewed by checking out the project’s official GitHub repository. Furthermore, Fasttoken.com is another excellent resource if you want to make sure that you stay up to date with the latest developments. “The official release and publicizing of our state channels is just the beginning, and there’s a lot more to come. Stay tuned and make sure you don’t miss out on all the things that are about to come” – Fasttoken team. The post Fasttoken – Ethereum-based gambling platform that makes its state channel codes public appeared first on Ethereum World News.
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FastToken Blockchain Casino Gambling Games Shares State Channels Codes for Public Viewing

After the platform has been in an active development process for the past six months the company has gone ahead to showcase their casino games that have been blockchain based; all this was done at the ICE London. The ICE London has been considered to be the largest gambling event within the industry, one that has been able to bridge offline and online gaming ecosystems. The team went ahead to announce what they have regarded to be one of the most groundbreaking news within the blockchain space. And this is the opening of the full access to all the codes that are regarding their current state channels implementation that has been uniquely adapted on the gambling industry. It has been made to be a little similar to the Lightning Network and the Raiden, but the state channels have also significantly improved several aspects within the system, and they are as follows. There is scalability – they have increased the number of transactions that are taking place per second; thus it is able to reach millions potentially. Greater speed within the system – the transaction and confirmations with the blockchain technology tends to be time-consuming, averaging to take a couple of minutes, but with this system, it has reduced it to just take a few seconds. The issue of high cost – the good news is that there are no gas fees within these channels; thus, there are minimal fees that are paid during the blockchain updates. While all this is happening the transactions within the system, have been made transparent and secure. It is time to keep your eyes peeled The Fasttoken is very proud to be the first team that has been able to take the necessary steps to publicize the implementation of their state channels. The team is convinced that with the healthy rivalry that is taking place among the competitors will be beneficial to the growth of the industry, users and the players. Currently, the market has already had many platforms that are offering the users gambling experience based on the blockchain technology in a very transparent environment. But to date, none of these platforms have been able to unveil the code they have been using in the state channel implementation. As the company is among the very first initiators of the gaming platform that has been based on the blockchain technology, they feel they are responsible for improving and providing the best gambling experience to their users. Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 12th)
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Fasttoken – the First Gambling Platform to Reveal its State Channel Codes!

CoinSpeaker Fasttoken – the First Gambling Platform to Reveal its State Channel Codes! Introducing Fasttoken’s State Channels Fasttokens’ developers have been working for over six months at a demo of blockchain-based casino games which they then presented at ICE London, a massive event that focuses on both online and offline gaming sectors. In addition to this, the presentation was also accompanied by the official announcement that the team will be opening all codes used in their state channels implementation, especially adjusted to suit its use in the gambling industry. The implementation of state channels in a blockchain network brings the following advantages: greater scalability – millions of transactions can be processed in just a matter of seconds. improved speed – blockchain confirmation times will be done in seconds or milliseconds. lower costs – no gas fees are charged, and minimal fees are paid during rare blockchain updates. There are other technologies such as Lightning Network or Raiden which have been considered as solutions for the scalability issue. However, these technologies were built to have different use cases. For instance, Lightning Network was developed for ease of transfer for network funds, and Raiden was created to act as an online environment that enables the creation and deployment of decentralized apps, exchanges, and IoT (Internet of Things). Taking this into consideration, state channels are the ideal technology which can be used in generating custom gambling solutions. Developers will be able to implement these specifically-designed state channels in turn-based systems, including gaming platforms. This will enable them to settle the results (bets) off-chain, based on the players’ on-chain game outcomes. Fasttoken has created a unique innovation which makes use of state channels, called Fast Channels, to boost the development and efficiency of this gaming industry. How Will this Affect the Blockchain Scene? Fasttoken takes great pride into being the first that has begun to offer open access to their state channel codes. There are many gambling platforms which make use of blockchain, and boast that they offer a decentralized and transparent environment to their users. But none of them, as far as we know, have decided to make publically available the codes used in creating their state channels. Blockchain technology was built on the principle that all the codes would be open sourced, and that the development process would be completely transparent. Fasttoken stays true to this philosophy and that is why it has decided that its state channels become open source. Blockchain transactions are stored in nodes, and because of this, the transaction ledger can easily outgrow its users in term of numbers at a very fast pace. As the network expands quickly, more resources are required, which strains the blockchain’s ability to process transactions, thus making them slower and costlier. This is why developers are always looking into new solutions which can be applied to help the network scale effectively. Therefore, the programming community came up with implementations such as sharding, side channels, and state channels. Ethereum has recently stated that it will introduce support this year on its platform for state channels, that will eventually lead to the technology being more accessible to developers. But, until Ethereum applies this support, developers can take advantage of the opportunity presented by Fasttoken and its open codes. This will enable them to create platforms for various use cases without much effort. Being an Ethereum-based solution, Fasttoken is among the first in the gaming field that has directed all its efforts into offering its players a flawless gambling experience. By sharing the underlying codes of their state channel technology, the team believes that it will help the community grow with a transparent approach. About Fasttoken Fasttoken is an encompassing blockchain solution developed to facilitate betting and gambling experiences in a transparent and fair manner for all its players. You can find out more by subscribing to the official Telegram group where you can ask the Fasttoken team directly any questions you might have regarding the project. You can also visit its official website – to discover the newest events and developments in this technology. The developers from the Fasttoken team declared: “This announcement is just the beginning, a lot more is on the way, and trust us, you don’t want to miss out on any of that.” Fasttoken – the First Gambling Platform to Reveal its State Channel Codes!
Coinspeaker

Ether Creator and Researcher (ETH) Talk to the Community About Serenity Patch for Ethereum 2.0

Today businesses are very aware of how they are perceived by their target audience. With so many alternatives in all industries, it is essential to have a good product but it is also imperative to have it well marketed. And after all that, honest and open communications is the last and most important thing. This is exactly what Ethereum seems to doing. At a recent Ask Me Anything [AMA] hosted by the Ethereum Foundation, all the big wigs were present.  From Ethereum founder, Vitalik Buterin to Justin Drake, a researcher at Ethereum, sat down in a marathon session that lasted over twelve hours. They were there to answer any and all questions pertaining to their Ethereum 2.0. Working on updating their underlying infrastructure, Ethereum 2.0 looks to provide some major updates. The Foundation looks to upgrade Ethereums capability by allowing better scalability and making tweaks that allows increased efficiency. The entire upgrade phase is being labelled as the Serenity phase. This final phase of Ethereum 1.0 will include a host of features such as Proof-of-Stake [PoS] – Beacon and Casper, Sharding, eWASM, Plasma, Raiden, and zero-knowledge proofs. It has been the culmination of various works that the team had been working on over a number of years. Pointy questions and answers Most of the questions were about the latest changes and how they would fit into the grander scheme of things. However, there were some questions and answers that stood out. One Redditer asked the team about developers who would be thinking twice about using Ethereum today, especially when one considers that Ethereum 2.0 will be taking over soon. To this, Drake replied that the platform was a great hub for learning and an excellent facilitator for prototyping. He went on to add that “It is also great for assembling a culturally-aligned team consistent with the philosophy of the Ethereum community (which may be different than the philosophy of the Bitcoin, Ripple, Bitcoin Cash, EOS, Tether, etc. communities).” This was further supplemented by Buterin who went on to explain that post Serenity implementation, the teams next task would be to focus on working, along with the developer community, on modifying high-level languages. “At that point it will become clearer how to build applications in such a way that they could be redeployed as-is on the 2.0 chain. At least that’s my hope,” He said. Elizabeth Giovanni, another inquisitive one from the forum, queried if any economists or similar experts had been consulted with, to address the issuance rate of a full Proof-of-Stake system [PoS]. Her line of questioning seemed to be looking for redressal of community concerns about the effects of certain decisions on the network, in the long as well as short term, without expert input. To this Buterin brushed aside any concerns about allying with financial gurus, instead he felt, “At this point the feedback I’m most interested in is actually feedback from potential stakers.” He opined that the focus should instead be on developing community consensus to make tweaks to the economics. He went on to add, “Given a fixed level of reward, will [it] encourage more people to validate and encourage many small solo validators or smaller pools, as opposed to a few large pools.” Talking to the community, when done correctly, is a perfect solution to assuage any community fears. With ETH getting ready for a giant step forward it will be interesting to see if more such sessions are held to interact with the end users.
Bitcoin Exchange Guide

Ethereum [ETH]’s Vitalik Buterin and Justin Drake’s take on the community’s questions concerning Serenity

Vitalik Buterin, the creator of Ethereum, and Justin Drake, a researcher at Ethereum, spoke about Ethereum 2.0, during the latest Ask Me Anything session on Reddit. The AMA was hosted by the Ethereum Foundation and lasted for over 12 hours, wherein all the members of the Ethereum 2.0 research team answered the community’s questions pertaining to Ethereum 2.0. Ethereum 2.0 is considered to be the Foundation’s biggest project as it includes some major updates to Ethereum. This upgrade is said to achieve scalability and make the network more efficient. The upgrade from Ethereum to Ethereum 2.0 is called the Serenity phase, aka the final phase of Ethereum 1.0. The key solutions brought by Serenity include Proof-of-Stake [PoS] – Beacon and Casper, Sharding, eWASM, Plasma, Raiden, and zero-knowledge proofs. Vitalik Buterin had previously claimed that Serenity is the world computer, which is a combination of different features that the team has been discussing for the past few years. During the AMA session, the team was asked about what the best response would be to a developer, who is hesitant about building on Ethereum today, taking into consideration that Ethereum 2.0 will take over in the next few years. This question was asked by a Redditor, 0xStark. To this, Buterin stated that after the state and execution model for Serenity solidifies, the team would be working with the developer community, wherein they would be focusing on modifications to high-level languages such as Solidity, and Vyper. “Hopefully at that point it will become clearer how to build applications in such a way that they could be redeployed as-is on the 2.0 chain. At least that’s my hope.” Justin Drake also replied to the question, wherein he stated: “Building on Ethereum 1.0 today is great for learning and prototyping. It’s also great for assembling a culturally-aligned team consistent with the philosophy of the Ethereum community (which may be different than the philosophy of the Bitcoin, Ripple, Bitcoin Cash, EOS, Tether, etc. communities).” Furthermore, another Redditor, Elizabeth Giovanni asked the researchers whether there were any economists being consulted to help decide the issuance rate of a full Proof-of-Stake system [PoS], and the effects certain decisions would have on the network and the community, both in the long-run and short-term. Here, Vitalik Buterin said: “Personally at this point the feedback I’m most interested in is actually feedback from potential stakers. The main question basically being, are there any other tweaks we can make to the economics that, given a fixed level of reward, will (i) encourage more people to validate, and (ii) encourage many small solo validators or smaller pools, as opposed to a few large pools.” The post Ethereum [ETH]’s Vitalik Buterin and Justin Drake’s take on the community’s questions concerning Serenity appeared first on AMBCrypto.
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New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
Bitcoin Exchange Guide

New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal

Bitcoin and Tether have been closely related since time immemorial, but the recent string of events pushed the price of Bitcoin down by 9% in about 3 hours. This has caused a domino effect, causing the price of other altcoins to fall as well. The New York State Attorney General is suing Bitfinex and the closely affiliated firm, Tether, responsible for the infamous stablecoin, USDT. According to Yahoo, NY AG released a 23-page document which suggested that the AG has reason to believe that there might be a fraud being carried out by the two companies in cahoots with each other. Yahoo stated that among other things, Tether and Bitfinex are engaged in, “undisclosed, conflicted transactions to cover Bitfinex’s losses, approximately $850 million, by transferring money out of tether reserve funds.” Tether and Bitfinex aren’t completely unaware of their problems in trying to retain banks for their business and the allegations of Bitcoin’s 2017 pump was fueled by Tether and Bitfinex. Bitcoin’s prices took a nasty fall after the news broke out. However, the prices have recuperated partially since then. Bitfinex too did not waste time with its rebuttal to the New York AG’s charges. Bitfinex’s rebuttal stated that New York’s AG released the order without giving the parties proper “notice or hearing” and that the Attorney General was attempting to “compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief.” The same rebuttal was released by Tether. The blog further stated, “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded.” Bitfinex stressed that they were actively exercising their rights to get the stated funds released. It also added that the New York State Attorney General’s office seemed to be intent on undermining Bitfinex’s efforts, to the detriment of Bitfinex’s customers. The post New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal appeared first on AMBCrypto.
AMBCrypto

How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations

The cryptocurrency markets endured a loss of as much as $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The New York Attorney General’s office alleged in a statement on Thursday that Bitfinex lost $850 million and used customer and […]
CoinDesk

There are serious, existential, risks to Bitfinex and Tether with the information out today. Here's a primer on what's going on.

Bitfinex and Tether may be insolvent. Bitfinex and Tether and owned and operated by the same people. They are separate entities, but they share significant common personnel. Today the Assistant NYAG filed a motion to try and prevent Bitfinex from taking part in any transaction between it and Tether. Here's the raw document: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod Reporting on the above filing is available from the WSJ: https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn What is going on? The filing lays out that Bitfinex has lost access to $850 million dollars of corporate and depositor money to a company called Crypto Capital. Bitfinex believes that those funds may have been stolen and that Crypto Capital has been engaged in defrauding Bitfinex. Bitfinex - in order to pay out withdrawals has been running out of cash. Bitfinex has engaged in multiple transactions with Tether of questionable nature. It has obtained lines of credit and fiat currency (ostensibly to pay out fiat withdrawals - this is speculation but a logical conclusion based on the filing and its context) It also appears to have sold equity in itself to Tether for access to Tether's reserves. There is still a lot of missing information, but it seems clear that Bitfinex has lost $850 million dollars in some fashion and attempted to fulfill customer withdrawal requests from funds from Tether reserves. Tether has recently updated its terms: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” That other affiliated entity is Bitfinex. Tether now no longer holds all currency reserves - it now has extended a line of credit to Bitfinex - to the tune of $700 million, and may also hold shares in Bitfinex. If Bitfinex has lost $850 million, then the equity that Tether holds in Bitfinex may be encumbered or worthless. If Bitfinex has taken out loans or drawn on its line of credit, those funds may never be returned. There is now clear evidence that tether is at serious risk of of not being backed at a 1:1 ratio. What does this mean for you? Tether now is EXTREMELY risky to hold. There is clear evidence that Bitfinex has taken money from Tether, and its ability to repay it is in serious doubt. If Bitfinex truly has lost $850 million dollars, it may be insolvent. If Tether no longer has all the money backing it - because it owns Bitfinex assets, which are of questionable value, it's value will plummet, and all assets denominated in tether will appreciate. There are lessons from Mt. Gox here. Mt. Gox did not just happen in one day. It played out over multiple months, the entire time with assurances that things are fine. Things were not fine - at all. The filing released today is damning. It is linked above, read it for yourself. The evidence presented in there is clear that something is terribly wrong at Bitfinex. It is not a certainty that Bitfinex is insolvent - but the filing lays out items that are terrifying to anyone holding significant financial assets related to Bitfinex and Tether entities. Plain and simple: Depositors, and users of Tether are at serious risk of taking losses. Exchanges are the largest holders of Tethers, and when/if it becomes clear that tethers are no longer worth 1:1 they will be forced to freeze all tether assets until the situation can be straightened out. This process will potentially take years, into a decade or more. Mt. Gox funds are still not distributed to this day, over 5 years ago. The sheer complexity of a Bitfinex/Tether insolvency will play out over multiple jurisdictions and will take an eternity to sort out. Again, read the primary documents filed by the AAGNY and decide for yourself if it is likely that Tether and Bitfinex are completely safe. Thousands of us lost our funds in Mt. Gox - and we've paid dearly. There are serious concerns if you are a Bitfinex customer, or if you hold USDT Tether on other exchanges.
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