Ethereum [ETH], one of the largest technologies and cryptocurrency in the crypto market could soon be able to process 1 million transactions per second. This is with the help of Raiden Network’s Red Eyed Protocol. The protocol aims towards scaling token transfers on top of the Ethereum Network.
Also, the release aims towards testing smart contracts and the core protocol on the Mainnet and allow Ethereum developers to control payment channels. –This is to open, top-up, close and settle payment channels.
The Raiden Network and its associated crypto coin, Raiden Network Token (RDN), is an off-chain solution to Ethereum’s lack of scalability and transaction processing times. Raiden was designed with an aim to offer not only scalable, but also fast and cheap token transfers for Ethereum.
The Raiden Network’s Use Cases
1. Retail Payments
The network can be quite relevant building block towards bringing blockchain based payments to masses since a significant adoption relies on scalable technology and low fees.
2. Peer-to-Peer Cash
Scalable blockchain based payments can help to preserve the private and decentralized nature of cash while updating user experience to the new generation’s expectations.
3. Instant Token Swaps
The exchange of tokens is relevantly important. Decentralized exchanges built on the Raiden Network’s atomic token swaps feature allow for low cost, instant token swaps.
Red Eyes on the other hand is the very first version of the Raiden Network installed on Ethereum’s Mainnet. According to a blog post posted by Raiden Network, the Red Eyes release is still on the testing phase. Developers are therefore warned to be careful using it and secure their nodes before using the software.
Similar to the Lighting Network, that also aims towards improving Bitcoin’s scalability, the Raiden Network intends to provide a scaling solution to Ethereum’s scaling issues and that way allow it to reach its 1 million transactions per second goal.
Just like every other coin in the crypto market, Ethereum has had its ups and downs. But despite all that the coin has had several achievements in this ending bear market. Among these achievements is the creation of a successful DApp Ecosystem, and code development.
Ethereum developers have started focusing their efforts on the long awaited Constantinople hard fork scheduled for early next year.