In Bitkoyne's world, there was a lot of talk about the upcoming Lightning network, a development that would allow fast bit-commerce transactions, as well as the creation of payment channels for making micropayments. Something similar already exists in the Etherium, and is called the Raiden network. It's time to learn more about what Raiden is and how it can change the fate of the Etherium forever.
NETWORK RAIDEN GIVES LARGE HOPES
Although the Etherium was not designed as a payment system that can compete with Bitcoin, the Raiden network can change this. The new protocol will enable high-speed transfer of assets through the network of the Etherium and will focus on the key aspects of growth that currently impede Bitcoin's growth. Confirmation of payments through the network Raiden occurs in a matter of seconds, if not faster, which is a significant innovation. More importantly, scalability is one of the main arguments in favor of the Raiden network. This protocol is able to handle more than 1 million monetary transactions per second without any problems. This can be a significant breakthrough, since such a high number of transactions can become a serious threat to existing payment networks, most of which are much more expensive to use. By the way, the Raiden network is intended just to make the current transaction cost 7 times cheaper, compared to the current cost of the transaction in the network of the Etherium. Some have probably guessed that the Raiden network is different from the Lighting network. Raiden allows users to exchange private messages to confirm the transfer of funds instead of sending all transactions to the block account. Moreover, this protocol is an extension for the Etherium, complementing and strengthening the existing ecosystem. All this became possible thanks to a network of peer-to-peer payment channels and deposits. The main applications for Raiden are quite easy to find. Microtransactions based on crypto currency have always been the goal of Bitcoin developers, but now the Ethereum team can outrun them in this area. This state of affairs can be regarded as positive, as it will allow the two development communities to learn from each other and introduce new improvements. In any case, the output of the Lighting network is not expected in the near future, while Raiden will become part of the ecosystem of the Etherium as early as next month. Other applications for the Raiden network include decentralized markets, new token systems and decentralized exchanges. The latter aspect is especially interesting in view of the fact that centralized exchanges have long had their "protectors" in the world of crypto-currencies. Often this seems strange to many, given that both the Etherium and Bitcoin are decentralized ecosystems. With the advent of Raiden, sooner or later the situation will change. In fact, the first decentralized exchange based on Raiden, called raidEX, is being developed now. Undoubtedly, the developers of the Raiden network have already made significant progress since the first release of the protocol. The version of protocol 2.0 guarantees greater privacy, less latency and better scaling properties for token transfers. Although it was originally expected that the release of the project will take place in March 2017, the developers mentioned that it will be postponed to the beginning of April. According to GitHub, at the moment MVP release is completed by 65%.
Topic: Raiden.Network (RDN) https://raiden.network (Read 533 times)
Earlier this year, the Storj team migrated the project from the Counterparty protocol to the Ethereum platform. Work was also begun towards micropayments, and instead of own developments, it was decided to focus on the Raiden Network, which allows the implementation in Ethereum of a similar functionality to the Lightning Network in bitcoin.
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The Raiden Network is an off-chain scalingRaiden Network solution, enabling near-instant, low-fee and scalable payments. It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token. The Raiden project is work in progress. Its goal is to research state channel technology, define protocols and develop reference implementations.
I'm not a developer but I like this team. I want to make my contribution to their development.
I'll post here information about the work of the team.
The Raiden Network is an off-chain scalingRaiden Network solution, enabling near-instant, low-fee and scalable payments. It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token. The Raiden project is work in progress. Its goal is to research state channel technology, define protocols and develop reference implementations.
I'm not a developer but I like this team. I want to make my contribution to their development.
I'll post here information about the work of the team.
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