The history of gambling dates back to ancient times. For valuable things and slaves, people played in China already around 2300 years before Christ, in Thebes around 1500 years before Christ. Evidence for gambling is present in inscriptions on the Cheops pyramid and in the Bible (Roman soldiers played for the robes on the cross of dying Christ). Today, online gambling is a huge market, with 10 million gamblers worldwide and $55 billion market cap that is growing at a rate of 10% per year. Until recently, gambling games were only made using traditional currencies, i.e., FIAT currencies. However, when Satoshi Nakamoto introduced Bitcoin to the world in 2009, the situation on the gambling market began to change. People created online casinos that allow playing in digital currencies. What innovations do they bring?
Improving the gambling market
Crypto betting games, which are based on blockchain technology can definitely be the future of the gambling market because they bring more security, transparency, and the costs of running such sites are much lower, which translates into more attractive bonuses, jackpots, a lower commission and a smaller house advantage.
On the cryptocurrency market, there are companies that already have proposed such solutions.
One of them is Fasttoken, which with its innovative solutions wants to improve the gambling market. It is a software provider that provides building of gambling websites.
Last year, during the first edition of Malta AI & Blockchain Summit BetConstruct presented its blockchain solution – Fasttoken. We had the opportunity to meet with them during the second, spring edition of Malta AI & Blockchain Summit (check out our coverage here).
What solutions does Fasttoken propose?
Fasttoken’s mission is to create an environment that is fully transparent. Each deposit, withdrawal, card shown, every bet or spin played can be monitored by anyone without centralized control. Fasttoken solutions are beneficial to anyone in a gambling environment, not only to players, but also affiliates, game providers and operators.
Fasttoken also notes that there were many people who tried to introduce into the market fair and transparent gambling, but were unable to guarantee low costs, high speed, scalability and reliability. For example, 15 transactions per second take place on the Ethereum blockchain. If many players play simultaneously, they can wait a long time for their turn, for example for the next spin, as each spin is the mini-transaction on Ethereum blockchain. What’s more, with long waiting times, costs increase due to the need to pay a gas fee. On a large scale, this can translate into millions of additional costs. Also, even if we set the limit of players, we can not control other applications that run on Ethereum.
Fasttoken technology, as the name suggests, allows for significantly faster operations, provides thousands of transactions per second, as well as guarantees scalability and reliability, because the main game process takes place off-chain The corporate token (FTN) is based on Ethereum (ERC-20) but games are being proceeded outside of the main chain. This unique, Ethereum second-layer solution is called Fast Channels and allows, as we have already mentioned, faster and more transparent games while maintaining the same level of security. Players can experience the game without any lags or delays!
15 years of experience
Fasttoken is developed by BetConstruct. It is a leading gambling software provider with over 2500 employees headquartered in London. It has a million active users worldwide and 15+ years of experience. One of the key products of BetConstruct & Fasttoken is well-known gambling platform Vbet. Vbet focuses mainly on sports betting but it also offers poker and casino games.
Thanks to decentralization, lower costs, security and transparency, crypto betting games can definitely be the future of online gambling. While cryptocurrencies are increasingly entering the mainstream, players will certainly start to notice these advantages more and more, and solutions like those offered by Fasttoken will become more and more popular.