FastToken blacklisting update: Sadly we are having to blacklist FastToken even before they launch their ICO. The reason for this is the continued and repeated defrauding of players and even their partners by casinos and affiliate programs under the hood of Fasttoken’s parent company BetConstruct. All BetConstruct casinos are also blacklisted due to the very serious nature of their alleged crimes.
Further allegations of criminal behaviour by this group include many instances of their casinos illegally offering their services in jurisdictions where they have no license and even aggressively targeting gambling addicts who have self excluded themselves from playing at legal and licensed casinos.
Betconstruct also use domain swapping tricks to skirt local law enforcement and website banning by routinely switching their casinos domains by adding new numbers to the domain. For example betwinner.com is blocked in many countries and this main domain shows up as blocked, however they redirect players from banned countries to their illegal sites with slightly different terms and conditions and with domain names such as betwinner4.com or betwinner8.com or betwinner9.com. At the time of writing they are up to betwinner25.com with the betwinner24.com domain redirecting to 25 but all previous numbers being discarded.
Another serious allegation is that Betconstruct have hundreds of “supposedly white label”casinos with which they aggressively and illegally target countries Turkey and Brazil, often with the casinos only staying open for a week or two before shutting down and retaining all customer deposits.
Fasttoken you can be sure will follow all the same company ethics as Betconstruct who are actively promoting this token. We would strongly advise everyone to stay as far away from Fasttoken as they can.
If you are looking for a decent and honest crypto casino then click here: CRYPTO CASINOS
Due to these blacklistings, we have combined all our previous Fasttoken press releases into this one large thread so as to make it absolutely clear that our readers are advised to avoid all Betconstruct casinos and the Fasttoken ICO and Fasttoken cryptocurrency at all costs.
What are blockchain oracles? The guide that you need!
If you conduct a Google search via the term “blockchain oracles”, you will find the following quite comprehensive definition:
“Blockchain oracle is an agent who seeks and verifies information and occurrences in the real world, outside of the blockchain, to be used by smart contracts.”
From first sight, the definition seems quite understandable and straightforward. However, as you dig deeper, several questions arise! So let’s dive in!
What happens on the blockchain stays on the blockchain!
Due to their deterministic nature blockchains never interact with arguable events; in other words, there are no sensors to understand or even get information on any event outside of the blockchain, which is pretty much everything that happens around us! For instance, blockchain may never know the exchange rate for USD to Euro, or the weather forecast in Amsterdam.
But wait! Actually, this is the case with all types of closed systems/networks. They need external devices/sources for getting that information. For example, your awesome and all-knowing laptop that can be programmed for anything and access any kind of info through the global network can’t take photos, if it doesn’t have a camera.
The same is with blockchains. They need external sources that will provide them with data they can’t reach, such as price feeds for assets and financial applications, info for peer-to-peer insurance, random number generation for gambling, etc. These sources of truths are called blockchain oracles.
Blockchain oracles are centralized parties that supply the blockchain with data. Smart contracts or decentralized applications can’t request centralized applications to provide them with the data directly; it’s all up to centralized parties’ will. Even if a centralized party does decide to share data, because it’s external, there is no way to know whether it’s true or false. To put it simpler, if an external source provides information to the blockchain, the integrity and immutability of the whole system become at risk. The role of the blockchain oracles is to ensure that the external data is as accurate as it gets, and is provided in a timely manner.
At the end of the day, the integrity and solidity of a given smart contract rely on the quality of data provided by the oracle, if the contract is oraclized.
The process of integrating oracles into smart contracts is called oraclizing. There are public oraclizers available for top blockchains. They provide data on demand for a small fee. All you need to do is set up the data you want to get from the centralized portal and integrate a few calls to read the data from the oracles.
So let’s say we put an Oracle service, for instance, Oraclize, between the blockchain and the outside world. The Oracle service will be responsible for relating that consistently relaying data from the outside world onto the chain. For example, if you want to make an insurance contract that says “ I will pay you 20 Ether if your flight is delayed”, you will need a reliable way to know whether the flight was actually delayed or not to be able to operate that data in your contract code.
The concept of Oracles is not bound to a single, individual implementation. On the contrary, there are multiple ways to implement an Oracle service, but they all have the same general idea.
Why does Fasttoken need an oracle?
Our oracle will mostly provide data for the upcoming decentralized sportsbook. Why? Cause if the football match ends 2–0 in the outside world how will the blockchain know about it? It is impossible to create a self-executing contract on Ethereum as every contract call should be triggered by an outside event.
So if we want to get the results of the football match from the outside world, it will require us first to call a contract on the chain. That contract is going to have the knowledge of which Oracle service to use hard-coded into it. So we call the contract, and it will call the Oracle service. Now the Oracle service will be responsible for interacting with the outside world, getting the results of the football match in a reliable way and arranging it into a consistent format. The Oracle service will then to call the smart contract to provide the info.
Of course, our bright minded followers will criticize the irony of using centralized third parties in the world, while we continually promote the perks of decentralization and the lack of intermediaries. However, we hope that the thorough explanation and the examples provided above will prove that Oracles are necessary for the utilization of Smart Contracts. Trustworthy, real-world data sources can stay centralized, for now.
How to spot a scam ICO (ironically written by Fasttoken)
While not as strong as in 2016–17, the initial coin offerings (ICOs) still continue to catch the interest of many investors in the industry. Multiple past success stories of ICOs encourage various crypto startups and even large corporations to come on board and try to convert their revolutionary blockchain ideas into reality. In comparison with the IPOs, which encompasses issuing shares to accredited investors to raise funds, ICOs possesses many advantages. For instance, projects can raise funds more smoothly with no entry challenges and don’t own the shares of their hard earned business perspectives to their investors. Investors, on the other hand, can obtain a potentially skyrocketing income with the popularization of the coin/token. These two facts strongly appeal to both parties and endorse mutual, profitable cooperation.
Although the ICO market has recorded a sizable decline in the industry, the results of the current year show some essential recovery attempts in comparison with 2017. According to CoinSchedule, the ICO market was smaller at the beginning of 2017 than at the beginning of 2019. Despite the fact that the ICO market is extremely volatile, the wider exposure and keen interest in initial coin offerings do not stop.
While all seasoned crypto enthusiasts are aware of what an ICO is, let’s take a minute to appreciate the presence of the readers, who are beginners in this field and give a short explanation: ICO is a type of crowdfunding where the main tools to raise money are cryptocurrencies. The allocated funds can serve as a capital for startups while presenting some outstanding benefits to their investors.
Numerous investors and crypto bulls are sure that the crypto hype is gone and the SCAM ICOs have fewer chances to raise the needed capital by fooling the investors. Space is open for true crypto enthusiasts to establish an excellent and outstanding crypto infrastructure.
Alexis Ohanian, the co-founder of Reddit and a well-known crypto enthusiast, is sure that the wild speculation is gone giving way to real innovations.
“Now, it’s still to be seen. But what’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on the blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”
The term SCAM comes to describe a situation where a person cheats another individual or group by providing false information during the business offers. In every industry, there is a strong need to be conscious of avoiding fraud, and the crypto world is no exception. On the contrary, crypto investors need to activate their inner Sherlock Holmes by paying close attention to every detail, if they want to succeed. In an attempt to help you avoid SCAM, here are the critical Red Flags that can help reveal the real purpose of an ongoing ICO — legit or fake.
The team is one of the crucial aspects of any project. However, there are some cases when various ICOs present fake team members. There were even some cases when the past ICOs like Benebit faked the entire team. To avoid falling for such tricks, thoroughly consult the LinkedIn accounts of the team members. Check if there are any blockchain experts in the team, whether they have relevant experience or are just beginners.
The whitepaper is the core of any ICO project, which helps investors to understand the essential points, and how their money will be utilized to implement the project procedures mentioned in the whitepaper. However, there are some cases, when whitepapers lack relevant research, references, and information about the project, technical description of the technology the team is working on, and the crucial aspects of conducting business. This comes to indicate that the founders probably lack a proper understanding of their field and how to grow a successful business, have little experience, and may not be able to deliver what’s promised — even if they don’t intend to rob investors.
The RoadMap provides useful information about the critical dates of the project development. It should illustrate detailed insight on how the team is planning to use the raised funds and estimate the delivery date of a working product to the public. If this information is missing, it’s a severe Red Flag.
Company address and contact information
There have been numerous cases where investors couldn’t find a piece of appropriate information about the company, be it the location or the origins. Why is the location so important? The thing is that there is a strong bond between the identified entity of the company and the legal protections that the company can afford. Put simply, if the company does not have a valid geographical location, it means there is no legislation and rules it obeys to. Thus fundraising activities are unacceptable and are most probably a scam.
The problems and possible solutions offered by the company/project
Investors should keep their eyes peeled while gathering the needed information about the companies for the intended investment. The essential aspect of any company is to suggest appropriate and realistic solutions for a particular existing problem. If this aspect is absent, there is no clear answer as to why this business should even operate. Another hint is to monitor competitors’ markets. There might be other applications offering more beneficial solutions for the same problem.
Various tokens have various qualities and economic features. They are all unique in their own implementation fields and purposes. It’s essential that the whitepaper provides all the details and corresponding information about the issued tokens: type, quantity, where and how coins can be held, the token distribution details with dates and all the purchase terms.
Accessible Token Economics
Before heading in first let’s understand what token economics is. As mentioned above, cryptocurrencies are an effective method for fundraising. However, cryptocurrencies don’t limit themselves merely by that mission. Token economics explain the ecosystem and infrastructure of the underlying environment where the token is circulating. Its main objective is to explain the value of the token and how exactly it’s being used by users and token holders. Based on this information, one can understand whether there is a chance for the token’s price to increase over time, and how realistic that chance is.
Investors should have an eye whether the tokens are going to depreciate because of the greediness of the issuer. For that, they need to compare financial projections of the product behind the ICO to the token economics. The basic indicators are:
- hard cap
- soft cap
- token price
- the number of tokens being sold and held for founders
- token valuation
- expected vs realistic market capitalization
- expected vs realistic user base
Most commonly, the higher the hard cap is, the more promising/revolutionary/innovative/explosive the product should be to justify those numbers. Also, if the founder holds too many assets there is a higher deprecation level on the tokens investors hold once those tokens are released to the market. If the soft cap is unrealistically low and there is no objective reason behind it, then the money invested into the project might just vanish during the development process and investors will be left with nothing, or in other words, SCAMMED.
To sum up, the ICO model is establishing new business perspectives and puts new economy branches forwards. Obviously, the era of scam ICOs is fading with outstanding speed. Still, all investors should be cautious to avoid any kind of fraud or speculations by following at least the above-mentioned several simple steps and indicators to minimize risks. We hope the tips provided in this article will give you more confidence to make educated decisions and enjoy the perks of blockchain technologies.
. . .
Fasttoken is the all-in-one, Ethereum-blockchain based betting and wagering solution enabling decentralized, provably fair gaming in a completely transparent environment.
Join the official Telegram (t.me/fasttoken_eng) group to learn more information directly from the Fasttoken team. Also, the official website — Fasttoken.com — is an excellent resource to keep yourself updated with the latest changes and enhancements to the technology.
Fasttoken — You got questions; we got answers!
This post will cover all the common questions about Fasttoken, and it will be regularly updated.
We haven’t been secretive about what we’re building. So far we have written thousands of words of content on our Medium blog concerning various topics.
Ever since we started exploring our best ideas, the Fasttoken project has gained a massive surge of interest. So we have decided to create, let’s say, a “table of contents” for our newcomers to know where to start 😉.
Ready? Let’s dive into it.
1. What is Fasttoken?
Fasttoken is building an all-in-one platform to help crypto and gaming enthusiasts enjoy their favorite games in a transparent and fair environment, utilizing all the benefits provided by the blockchain technology, along with a verifiable random number generation system.
Our technology allows us to convert existing centralized slot, lottery and dice games and link them to the blockchain, and also create blockchain-based games from scratch. Currently, you can play the demo versions of our blockchain-based games on Ropsten Network at dapps.fasttoken.com. By the end of 2020, Fasttoken team is planning to integrate the Sportsbook and Skill games with the blockchain as well.
2. Why Ethereum?
There are many reasons for choosing Ethereum as our go-to blockchain solution. Here are some of them:
Decentralization — A simple Google search can reveal a dozen of cases when the lack of proper decentralization caused transaction reverts on such blockchain platforms like EOS or Tron. The lack of proper decentralization, secureness, and infrastructure are far too significant to ignore. Fasttoken prefers not to be perceived as a novice in the industry and rely on a well-performing blockchain.
Solid Infrastructure — The lack of proper infrastructure is still a huge problem even for many top platforms. The infrastructure is not considered to be solid enough if the users have no tools to verify the smart contracts, inner transactions or get any feedback on smart contract audits from the community.
Security — In the early stages, Ethereum devs were struggling with constant issues as hacks, account phishing, etc. However, they managed to fix all the bugs one by one in the code. It was a worthy effort, which can’t be said for other platforms.
3. Enabling Scalability
The scalability issues aren’t new phenomena in the industry. Because each slot spin and dice roll is essentially a transaction on the main chain, in a lot of cases, multiple players can’t effortlessly play games without getting bombarded by latency and lag issues. The picture becomes even more frustrating when more players join in. As a result, the cost per transaction increases up to a point where it’s simply too high to even consider playing. Also, the validation of transactions may take minutes and even hours instead of a second or two. In short, it’s a dead end.
This is where our solution — Fast Channels — steps in. Our technology provides enough scalability to experience seamless, fast and cost-effective gaming by taking the heavy computation processes off-chain. As a result, we can easily process thousands of transactions per second at close to zero cost, without violating any aspect of security or integrity in the process.
4. Understanding Fast Channels
Fast Channels are the custom implementation of Second Layer Scaling Technology called State Channels — sharpened for the casino industry. They allow us to securely transfer the heavy gaming process and all the data and information transfer off the main chain, thus eliminating the need to validate every single transaction on the blockchain. Fast Channels are featured with 2 components:
Channel Contract — This is like an archive holding the latest channel state and contains all the bulletproof information such as account balance, winnings, latest bet, random numbers, etc.
Off-chain Channel — This one holds all the data of the current state. The data is locally stored in the device of each player. The off-chain channel is fully verifiable by the smart contract.
We publicized our Fast Channels implementation in February 2019. Check out the release announcement here. Detailed information on Fast Channels can be found in our whitepaper, which will be live soon.
5. Is there a Mobile App?
Definitely yes! Our mobile app is an easy way to access decentralized gaming anytime, anywhere. The mobile app will enable users to control and exchange cryptocurrencies, as well as update their current channel states and deposit and withdraw funds. Furthermore, users can securely access BetConstruct and partners’ gambling platforms via a QR scanner. Lastly, we never ask for privates keys.
6. What is Fasttoken (FTN) used for?
FTN is used to play all the games and place sports wagers in BetConstruct’ partner network casino and sportsbook sites.
Starting from the launch day all special rewards and cashback bonuses will be distributed via FTN.
A small amount of FTN will be held from each losing bet or wager, and later, it will be contributed to a jackpot. Following the codes of smart contracts, the gathered FTNs will be randomly released to a lucky player at some points of time.
All the new tournaments and gaming events will possess unique rewards and prizes accessible via only FTN.
7. Why is FTN a utility?
Our token, by nature, is a utility. It is designed to be the fuel for the entire partner network and serve as the means to place bets and wagers, distribute winnings and jackpots, receive bonuses and cashbacks and avoid third-party payment processors like Visa and Mastercard. As a token holder, you don’t get any dividends, shares or voting rights. The token price will be regulated according to the market’s supply and demand rules, and FTN will be listed on a number of highly reputable cryptocurrency exchanges.
8. How to Buy FTN?
You can get our token from top centralized cryptocurrency exchanges, with the full list to be added soon. FTN will also be available in decentralized exchanges and casino sites for the players to get the tokens with a super easy user-friendly gateway.
9. How will FTN be used in current (centralized) Casino network?
FTN will be used as a payment method and a tool to play the games provided by our and partners’ centralized Casinos.
10. What are the benefits of playing with FTN compared to fiat money?
FTN is the means to bet, wager and play all the games through our and partner decentralized platforms. Various upcoming special tournaments and gaming events with much bigger rewards than any fiat tournament or event will be accessible solely via FTN. All the rewards and prizes for these events will be distributed via FTN.
11. What’s next for Fasttoken?
Our platform will continuously get improved, offering new opportunities in the crypto-gaming sphere. Next on the line is the decentralization of all the other verticals of betting, with the Sportsbook and skill games being at the top of the list. This will profoundly foster user experience and make players enjoy every single step. We are aiming at landing in the top 3 gambling related coins and tokens in a two-year span.
Making our platform profitable and easy-to-use for players is the principal aim of our actions. FTN will be a profitable asset for investments and crypto-gaming development alike.
Earlier than ethereum official implementation! Fasttoken publicizes its state channels.
– Psst… Solving state channels easily!
– Wait, what?
– Yes, yes. State channels…Open source. Now!
If you’ve ever tried solving any complex issue on the Ethereum blockchain, then you are more than familiar with the issue of scaling. Although acceptable solutions like state channels have been known for a fairly long time, it seems like nobody is in a hurry to show them or share the experience.
Fasttoken is coming to town!
After being in an active development process for over six months, Fasttoken showcases their blockchain-based casino games demo at ICE London, the industry’s largest gambling event that bridges the online and offline gaming ecosystems.
In the light of this massive event, the team officially announced what they regard as one of the most ground-breaking news in the blockchain space: opening the full access to all codes regarding their state channels implementation, uniquely adapted to the gambling industry!
Similar to the Lightning Network and Raiden, state channels significantly improve the following critical aspects:
- Scalability — the number of transactions per second increases, reaching potentially millions.
- Speed — The blockchain confirmations for transactions are time-consuming, averaging a couple of minutes. State channels reduce this time to seconds or milliseconds.
- High Costs — There are no gas fees inside state channels, and minimal fees are paid during rare blockchain updates. Yet, transactions are highly secure and transparent.
However, the Lightning Network was primarily built for payment and fund transfers (it doesn’t really work though). Raiden has a much broader usage, as it can serve as a platform for many decentralized applications, decentralized exchanges and IoT (Internet of Things).
XRP’s Interledger Protocol or ILP is by far the best solution of course.
This is why state channels are the best option for implementing custom gambling solutions. Application-specific state channels allow developers to utilize them in turn-based systems ( e.g., games) entirely off-chain, and resolve payments (bets) based on the outcomes of the games on-chain.
An example of this implementation would be a game of slots when a player bets 10 ETH and in case of winning, is awarded 20 ETH or more. Taking this into consideration, Fasttoken has built its unique technology — Fast Channels — based on principles of state channels.
And now, buckle up and keep your eyes peeled!
Fasttoken is proud to be the first team that has taken the necessary steps to publicize their state channel implementation. The team is utterly convinced that healthy rivalry among competitors is highly beneficial for the industry, players and users. The market already has many platforms offering “unbelievable” blockchain-based gambling experiences in a transparent environment. However, to date, none of them have unveiled their codes of state channel implementation.
At the end of the day, what is the blockchain’s purpose if companies hide their code and knowledge?
On the blockchain, all transactions are recorded by the nodes, as a result, transaction ledger grows exponentially faster than the quantity of network users. When the network size increases, the storage and computational burden on network members become too large to handle. Consequently, blockchain-based applications always face the barrier to effective scaling, and this explains why blockchain developers avidly search for scaling solutions.
We are on a crossroad now, when all the blockchain platforms are planning to suggest multiple solutions to overcome this barrier with various approaches like sharding, side channels, and state channels.
Ethereum promised to introduce native support for state channels later this year, which will lead to the further improvement of the technology making it more developer-friendly.
Till then though, Fasttoken gives a MASSIVE advantage to any blockchain developer to deal with codes and easily build blockchain platforms (including gaming platforms) without having to do a lot of heavy lifting.
As one of the early initiators of blockchain-based gaming, Fasttoken feels responsible for providing exceptional gambling experiences to players. Also, the team wants to educate others, share their skills and expertise, and ultimately improve the technology, by any means possible. This step should shape the road to the next level of the blockchain revolution, which is shared knowledge.
. . .
Fasttoken is the all-in-one, Ethereum-blockchain based betting and wagering solution enabling decentralized, provably fair gaming in a completely transparent environment.
Join the official Telegram (t.me/fasttoken_eng) group to learn more information directly from the Fasttoken team. Also, the official website — Fasttoken.com — is an excellent resource to keep yourself updated with the latest changes and enhancements to the technology.
“ 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 team.
Fasttoken: 2018 overview
The constant changes in the technological environment create new opportunities that significantly impact human behavior. The time has come to change what people think about gaming and its connection with blockchain technology and don’t be surprised when Fasttoken becomes the game changer in the field. The blockchain devastates all the past believes and understandings about gaming. It can generate new solutions not only for traditional online gaming platforms but also for mobile products and decentralized gaming applications.
2018 was a remarkable year for Fasttoken. We reached our primary objectives, which you can see below.
- participation and project announcement in Malta Blockchain Summit
- custom implementation of blockchain’s second layer scaling technology — Fast Channels
- the creation and implementation of the unique mechanism aimed at decentralizing the existing casino games
- fasttoken.com website launch
- decentralized slots full demo
- General sponsorship and participation at Chainpoint International Blockchain Conference
- the integration of ERC-20 tokens in centralized and decentralized casino systems
- ICO strategy development
Fasttoken is designed to become the leading Ethereum-based betting and gaming solution by introducing the benefits and multiple opportunities of decentralization. The games of chance should be fair and transparent, no cheatings, no manipulations, no fraud.
Our appearance at Malta Blockchain Summit 2018 was successful enough to spread the word about our project among the masses and get many followers, including blockchain and gaming enthusiasts. The participation at the Summit was a result of hard work and contribution. We overcame a number of challenges and obstacles to get the opportunity to visit the blockchain island and educate the public about our unique solution with its mind-blowing technical tools.
What kind of technical achievements do we have?
Fast Channels are the unique, revolutionary technical achievement of Fasttoken. The custom implementation of blockchain’s second layer scaling technology sharpened for casino use takes the gaming process off the main chain thus maximizing the speed and scalability. It also cuts costs significantly, since once the game is moved off chain, all data transfer that happens between the operator and the player is independent of Ethereum’s main chain and is entirely free of charge, yet at the same time it remains 100% verifiable and cheatproof.
The above-mentioned technological modification is already working, and you can feel its power while playing our decentralized slots full demo. To learn more about our demo click here. Our code ninjas also created and implemented a unique mechanism aimed at decentralizing the existing casino games and making them blockchain friendly.
Our token (FTN) is of Ethereum’s ERC20 standard and will be used to access both centralized and decentralized games on any BetConstruct-powered casino site from launch day. When setting FTN as their preferred currency, players will get a chance to participate in large-scale tournaments unique to FTN, which feature much bigger prizes compared to traditional, fiat-based tournaments.
2018 was productive enough to develop the brand awareness of the product. Our Telegram community is yet another platform where you can ask, discuss and debate on any issue or topic related to our blockchain-based gaming platform. You can join our Telegram channel here. Also, Multiple content publications on both Medium and reputable gaming magazines cover all the information about the great amount of work that is carried out with responsibility and great efforts.
We believe that the gaming process can be more transparent for players thanks to blockchain technology. The blockchain technology is geared to augment the way traditional casinos work. With Fasttoken you can rest assured that the outcome of the game will be 100% trustworthy.
Centralized vs. decentralized gambling and the lawsuit against Bet 365
(again it is ironic having Fasttoken talk about other companies lawsuits)
Online gambling is one of the highest industries of the globe with its skyrocketing income, a huge variety of games, millions of loyal players and potential technological development. Gaming is a passion of the masses, who appreciate the fact that it is entertaining and exciting, suitable for all budgets, convenient.
However, there are many people who believe that gambling should be banned and is regarded as a means of exploitation rather than entertainment. It continues to develop manipulating strategies, which cause fraud and cheatings. As a result, even the most enthusiastic players are convinced that gambling has a number of issues, which should be solved.
What are those issues?
Gambling operators fully control the fund distributions, deposits, and withdrawals. These processes commonly involve at least two intermediaries to carry out the transactions. Centralized control makes players rely on the gambling operator to receive their winnings. This poses safety risks and is time-consuming, especially when it comes to high stake bets.
Moreover, the old saying “the House always wins” is still relevant. This saying is mainly connected with the house edge-the higher the edge, the fewer opportunities for the players to win. The most common risks which are often connected to this sector are primarily fraud and match-fixing.
Today, however, a new chapter begins. Cryptocurrency gambling enters the industry. The immutability of blockchain technology comes to ensure transparent play in the world of online gaming. With blockchain, there are no third party intermediaries or centralized control to govern the distribution of funds. All fund distributions, deposits, and withdrawals are recorded on blockchain, processed by smart contracts and can be audited by anyone at any time.
Blockchain-based gambling platforms can guarantee the player that they will always be able to receive the amount of money they won, regardless of shape and size. As the whole system is decentralized, no entity can distort the outcome. Furthermore, the recipe for blockchain gambling going enormous is that the players won’t see themselves as gamblers, much like lottery ticket purchasers, who don’t consider themselves as gamblers either.
However, centralized online gambling platforms debate with blockchain-based gambling enthusiasts, insisting that centralized casinos obtained all the features provided by blockchain technology a long time ago. They assure that fund distribution is appropriately conducted and that their activities are audited continuously to prove their transparency and fairness. Although there are a lot of casinos and online gambling platforms bringing facts about their clear working rules, still a lot of cases occur that shed a bad light on the centralized gambling industry.
The case with the betting giant — Bet365- is just one of the many examples. Megan McCann, a student from Northern Ireland, sued one of Britain’s biggest bookmakers for refusing to pay out £1 million on a winning bet on the horses in 2017. Miss McCann staked approximately £25,000 on 12 different horses, winning £985,000 from the “big fish.” But the betting company refused to pay out the wager. Ms. Coates, the chief executive, insisted that Miss McCann was in “flagrant breach”, which means she acted against the law of the online bookmaker, and added that the firm was sure that the original betting stake was done by a “third party” in contravention of its Terms and Conditions.
This long lasted court case has revealed the possible cooperation between Britain’s most prominent online bookmaker and the leading money-transfer company, Skrill. Bet365 successfully applied for a ‘Nowich Pharmacol’ — court order for the disclosure of documents or information that is available in UK- against Skrill in the high court in London, requiring Skrill to reveal details of McCann’s account with the firm. Skrill, an e-wallet, serves as a popular way for players to deposit money with online gambling sites. Bet365 obtained details of the McCann’s account via Skrill. This case is a real scandal for the industry and a rude act of breaking the factor of transparency, fairness and privacy. Check out the article published in The Guardian for more details.
All this hustle described above is impossible in case of the blockchain. The rules of the game are written in the smart contract, which is open source. Even a small alteration or distraction from the practices described in the smart contract is impossible, as the distributed ledger will prevent any attempt to distort the rules.
Medium, blockchain-based gaming solution, has the vision to improve the players’ gambling experience via fairness and transparency. We believe that absolute transparency, lightning fast transactions are possible in the gambling industry while being based on blockchain technology. Although the gambling industry has already gained some bad reputation, the real fans of it still remember the days, when gambling was on the same track with entertainment and excitement.
Gambling history: from ankle bones to cryptocurrency casinos
The origination and history of games are on the same track with that of humanity. Various Games have always been at the core of every culture and society by being the oldest and most common way of entertainment and interaction. This idea can be traced back to the cavemen.
During the ancient times, when people instinctively had the desire to play games and used all the resources and creativity to improvise, the boom of the “ancient gaming industry” -DICE- came to prove that human beings were creative enough right from the very beginning. The oldest known dice, excavated in Egypt, was created from the Talus Bone-group of foot bone of the ankle joint. Yes! Our ancestors were that much eager to play.
Game pieces were made with the ankle of sheep or goat.
Cards also aren’t as new as we think. It is believed that cards were played in China in the 9th century. At first, cards illustrated human forms, but after becoming popular throughout Europe, figures representing Queens and Kings started to appear on them. Wayyy back in those days, where people could only dream about the internet, TV or other ways of non-active leisure time, cards were one of the most popular ways to spend time with friends, guests or acquaintances.
Early Anglo_french Cards.
Throughout time, as gambling started to become popular among the masses, it also became more stable, organized and regulated.
The very first casinos opened their doors in Italy in the 17th century. With these establishments, Italy, particularly Venice, controlled the gambling environment and served as an initiator for the continent to start running casinos or gambling houses.
The early settlers of the US brought games like Roulette from France and Spain. Mississippi was the venue for wealthy farmers and traders to gamble. Poker, being originated in Persia, became wildly popular in New Orlean in the 19th century. Since an integral part of human nature is to seize every opportunity and stay open to trying something new, the gambling industry had no other choice than to develop and move forward. And so, the first gambling machine was invented in New York, which was followed by the first video slot.
US early casinos, where people gathered to gamble, socialize and enjoy entertainment.
The first online casinos originated in 1994 when the fully functional gambling software was developed by Microgaming. The process of issuing gaming licenses to many of the world’s casinos aimed at improving the services of such institutions and promoting the fairness and transparency of the gambling experience. Gambling in the 20th century wasn’t the same as it was with ankle bones. Manipulations and cheating grew, as more players wanted to win and succeed. But who wants the game of chance to be unfair?
The Internet Gambling Prohibition Act, introduced in 1999, claimed that any offer of any online gambling product is considered to be illegal. It did not pass. Moreover, soon after this, the first live dealer casinos appeared in 2003, creating the virtual world of casinos.
Later, the technological advancements brought new opportunities for the new generations. Research shows that younger players use their desktops less and prefer to play their favorite games with handheld devices. This shift in usage is especially visible for gaming website companies. Thus, the mobile gaming industry joined the bandwagon. Mobile devices are especially convenient for those who enjoy playing on the move. Furthermore, the operators have noticed that the possible interaction between the social network and gaming is really appreciated by the players.
The beginning of the 21st century.
2009: Satoshi Nakamoto develops version 0.1 of Bitcoin.
2015: Ethereum is released.
These events start a whole new era in gaming history.
Does history repeat, or it just rhymes?
Ankle bones are replaced by blockchain nodes. The irony is, we consider the games with ankle bones primitive, but a real innovation of ancient times. Nowadays, experts are convinced that blockchain technology is the greatest innovation of the century, but on the other hand, blockchain-based games are in their nascent and primitive state.
Anyway, with decentralized blockchain technology, our ambitions to create, play and share games will be enormous in the future. But instead of Talus Bone, the blockchain-based games will be built on decentralized solutions like Fasttoken.
Wait a minute; you haven’t ever heard about blockchain? Read this extract or skip it if blockchain isn’t new for you.
The blockchain protocol is a cryptographically secure system of messaging and recording in a shared database. This system enables the reliable record of transactions, their verifications and confirmations without the need for a central system administration. The blockchain itself is managed in a network of blockchain nodes, which creates consensus about the state of the current blockchain and about which node is permitted to add the next new block to the chain. The transactions can be seen by anyone in the network and anyone can take part in mining, which is the transaction verification process. Thus, the blockchain is effectively a distributed database, meaning that there is no single authority to approve/decline transactions.
So where have we stopped? Blockchain-based gaming! Right!
I played World of Warcraft during 2007–2010, but one day Blizzard removed the damage component from my beloved warlock’s Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services could bring. I soon decided to quit.
— Vitalik Buterin, Creator of Ethereum
What benefits do blockchain-based games have?
Transparency — All the gaming process, outcomes, fund distributions, deposits, are recorded on the blockchain and controlled solely by the smart contracts.
Provably Fair Gaming — Blockchain-based games can always be audited for fairness by anyone with enough technical skills, at any point in time. There is no cheating, no manipulation or malfeasance.
Decentralized Control — The player’s funds never end up on the casino’s wallet. The casino’s funds are transparently stored in a bankroll. The smart contract controls all fund distributions.
Fasttoken is one of the initiators who has a desire to create a solution, which will serve as a unique platform for players to enjoy their favorite games in a fair and transparent environment. Our technology allows both to convert existing centralized slots and link them to the blockchain to promote provably fair gambling and create blockchain-based slots from scratch.
Being highly focused on innovations and constantly pushing for conquering new frontiers, we want to reimagine the gaming industry by providing 100 percent transparency, safety, and fairness with the help of blockchain technology.
— Armen Chakhoyan, Head of Project at Fasttoken
Here are some of the sneak-peak teasers of Fasttoken games we are working on right now.
Crypto Halloween Night Splash
Viking Treasures Adventures
OGWIL — Online Guaranteed Winnings Instant Lottery
Cryptocurrencies in the gambling industry: Pros & Cons
Cryptocurrencies have become a global phenomenon, which continues to conquer the world every day and gains more and more followers progressively. Nowadays, even the largest companies in the world can’t ignore the influence of the blockchain anymore. The decentralized form of cryptocurrencies gives financial institutions something to think about.
After becoming a traded commodity among millions of investors, miners, buyers, and sellers, cryptocurrencies have recently begun to impact the gambling industry as well, with XRP, Bitcoin and Ethereum being the major cryptos.
Crypto gambling has many advantages across the board. Its beneficial for players, cost-effective for operators and innovative for game providers. Let’s dive into some details.
1. Transparency and Funds Safety
Throughout the years, casinos have been accused of cheating and using tricks against their customers, keeping gambling enthusiasts away and creating a false perception of the casino being “the bad guy”.
If the players think that the odds are stacked against them, casinos inevitably lose clients. Furthermore, it has always been difficult to audit casinos from the user’s perspective. Even though a legally operating casino is absolutely trustworthy, the users have no choice to verify everything themselves.
With blockchain technologies, the entire gambling industry becomes 100% transparent to all of the involved parties. Crypto gambling certainly increases the safety factor and provides more privacy to all players. The main insurance points are the facts that the player’s money never ends up on the casino’s wallet and the distributions of winnings are outside of the casino’s control. All the bets are made according to the smart contract instructions.
2. Low House Edge
The house edge is the percentage of the profit that casinos expect to make over the long term of a game being played at their site. Nowadays, it varies from approximately 1–15% depending on the game type. The main reason for its high percentage is that casinos have to cover different expenses such as customer service, payment to merchants, regulation fees, transaction costs, licensing fees, etc.
Blockchain-based casinos have the power to minimize the House Edge. Since the blockchain technology is automated and humans don’t interfere with its functions, the charges related to gambling transactions can be significantly decreased. Therefore players can maximize on profits.
3. Guaranteed Winnings
In the centralized online gambling, the player has no choice but to trust the operator to distribute all the winnings. However, in the case of decentralized gambling, the player is not forced to trust anyone. MetaMask crypto wallet extension is used while gambling, and the casino funds are vivid and transparent for everyone so blockchain-based gambling platforms can guarantee the player that they will always be able to receive the amount of money they won, regardless of shape and size.
4. No Third-Party Intermediaries
Cryptocurrencies negate the need for a bank or a credit card because the blockchain provides all the verification, security and risk mitigation required with the help of smart contracts. All deposits and withdrawals are processed independently and executed via smart contracts. Likewise, the distributions of funds and winnings are also governed by the code, eliminating any need for a middle-man.
Surely, the technology is still new and it does have a couple of disadvantages as well. Let’s look at the most prominent ones.
The price of digital currencies fluctuates every day depending on the market demand. Cryptocurrencies are unpredictable and lack stability. Veteran cryptocurrency investors are well aware of this fact, but why is the crypto market so volatile? Well, firstly cryptos don’t have intrinsic value, that is; they don’t sell a product, they don’t earn revenue or employ people. They don’t possess any dividends. Consequently, it is hard to value them.
Secondly, the cryptocurrency market lacks regulatory oversight, meaning that no government, financial institution or other entity currently controls or regulates the crypto market; hence it becomes an ideal system where price-setting monopoly or other authorities can’t intervene the laws and forces of supply and demand.
So we can conclude that gambling with cryptos is risky because of the volatility. However, you can increase the currency’s cost as you gamble with it. When the demand for certain cryptocurrency increases, its price tends to follow suit, something you wouldn’t get from using the traditional fiat.
2. Gas Cost
Usually, to start a game on the blockchain, every player needs to pay a small fee — gas cost, which is equal to the GWEI cost on the Ethereum chain. You can find information about GWEI here.
Gas is the name of the execution fee that senders of transactions need to pay for every operation made on a blockchain. For example, you pay a gas cost, when you withdraw your money from the casino, or when you want to exchange your crypto into fiat. Miners decide the fee. Who are miners? Miners validate new transactions and record them on the global ledger ( blockchain ) while competing to solve a difficult mathematical problem based on a cryptographic hash algorithm. They even can prolong the process of the transaction, if you provide less than a certain gas price.
The gas cost differs depending on the speed of transactions. There are 3 choices of speed:
SafeLow (< 30m)
Overall, blockchain-based casinos are still in their infancy. However, we can’t reject the fact that advantages prevail and their numbers continue to increase. Cryptos are a kind of renaissance in the gambling industry with a number of benefits for all involved parties. There is no doubt that the blockchain-based breakthrough solutions will continue to increase in their shape and size driving to high revenues.
Fasttoken is the first all-in-one, Ethereum blockchain-based, fully decentralized betting and wagering solution providing 100% transparency, security and fairness to all involved parties — players, game providers, operators and affiliates. Our token — FNT — will be available to place bets on any BetConstruct-powered centralized and decentralized casino site starting from launch day.
Utilizing Ethereum’s second layer scaling technologies, our solution enables decentralized, provably fair gaming and verifiable RNG across all verticals. Also, it minimizes transactions costs, eliminates latency and lag and boosts scalability indefinitely by moving the actual gaming process of the main chain.
Our technological breakthrough enabled the birth of a fully decentralized casino where players can enjoy multiple games simultaneously, just like they do in centralized casinos, today!
Also, they have the option to play all decentralized games directly through their wallet.
Fasttoken mobile app serves as a wallet for all ERC20 tokens, allows fiat to cryptocurrency exchange and mimics the utility of MetaMask for both mobile and desktop gaming.
FastToken blacklisting update: FastToken and their parent company BetConstruct have been blacklisted. The bookmakers and casinos under the BetConstruct label are awash with player complaints and official cases lodged against these brands where they have confiscated legitimate player funds and refused to comply with any legal disputes. This company is one of those which give the online gambling industry a very bad name and we advise all investors to stay well away from anything to do with them.
FastToken claims to be making it impossible for players and online gambling sites to commit fraud but with the nature of their business being not paying out players legitimate winnings we can see major issues with both the token and the ICO.