‘Microraiden’ Is Live On The Ethereum Blockchain

Microraiden
A simplified variation of the Raiden payment network was launched yesterday on the Ethereum blockchain. Raiden launched months ago on a specific Ethereum test net and what is now launched is very similar to that of bitcoin’s lightning network that both allow ‘micropayments’ to be made on their blockchains. Very similar to the lightning bitcoin payment network, Raiden was built to scale the Ethereum blockchain by constructing an additional layer above the original blockchain. By using this additional layer, its users can create specific payment channels that allow them to perform transactions of sending ether or ERC-20 at a much lower cost. The development team on the Ethereum network aimed to build specific tools for decentralized application (dapp) developers to be able to open up these additional payment channels. This specific development team wrote back in September of this year: "Talking to dapp developers, we noticed that many of them just want to use the Raiden Network as a robust many-to-one payment channel system; one service provider offering services to many recurring customers." Lefteris Karapetsas, an Ethereum network developer, wrote on GibHub yesterday that the version they just launched is aimed at removing any bugs that are found within the code and they’ve placed a limit as to how many Raiden tokens (RDN) can be deposited, per transaction. The limited max for deposit is 100 RDN and Karapetsas recommends just using small amounts at a time. Featured Image: bitcoinmagazine

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