Microraiden Payment Channels Are now Live on Ethereum Main NetworksteemCreated with Sketch.

in #ethereum3 years ago

As of 1st December a streamlined version of the Raiden payments channel network has been launched on the main ethereum blockchain.

The idea behind the project, which is a simpler take on the still-in-development Raiden network, is to provide a mechanism for micro payments similar to bitcoin's Lightning network.This would indeed enable extremely quick peer to peer transactions on a small scale.

DQmaHrcQ4qna2UEitzviXR9u9mQ8VheJwzErFxoUz2kWq4H.jpg

Just like Lightning, Raiden is envisioned as a way to scale the ethereum network by building a second layer that would exist above the blockchain. Using the second layer, participants could create payment channels that allow them to transact at a lower cost, whether they are sending ethers (the cryptocurrency of the ethereum network) or ERC-20 compatible tokens.

On Github, developer Lefteris Karapetsas wrote yesterday that the version being released is aimed at sussing out any bugs in the code, adding that a limit has been placed on the maximum amount of Raiden tokens (RDN) that can be deposited for making payments.

The Image below shows a contract depiction of how this micro payment channel might look like when implemented with the help of a smart contract .It is important to note that this is a second layer solution thereby providing magnitudes of improvement in speed just as the lighting network for bitcoin is meant to do

bchgraz-meetup-8-intro-ethereum-31-638.jpg
https://www.coindesk.com/microraiden-payment-channels-go-live-ethereum-network/

Sort:  

And when they will run it in a full mode ???

i believe currently its only for experimentation to try and figure out if there are any potential bugs once that is sorted it'll hopefully be running on a full node currently the transactions that can be made using micro raiden are also limited to 100 RND

You have collected your daily Power Up! This post received an upvote worth of 0.56$.
Learn how to Power Up Smart here!

this is very interesting. thanks for letting me know

your'e welcome

looks promising, lets see if tx can be handled better/ faster this way...

True ,would really help out with the network being congested with small transactions thereby relieving some stress on the network.

Outstanding post and narrative. Thank you for sharing!

thanks a lot , larga vida cataluña

I am glad to saw this post, thanks once again

Don't worry about it bud

ya its very intrsting,,,cool one,,,

your'e welcome bud

Well they need to do something to make it usable.

True Couldn't agree more currently it's only being implemented for experimentation but hopefully it'll become more mainstream

your'e welcome bud

Wonderful! I have invested some money now in ETH as the price have been going down. I have to admit I got a bit sceptical as some kitties could clog down the nettwork just after i made my investment. I hope this will fix that issue!