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Column: Importance Of Raiden Networks Deployment To Ethereum

Column: Importance Of Raiden Networks Deployment To Ethereum

The Ridden Network recently announced it has deployed the bug bounty version of Micro Raiden on the Ethereum network. Synechron associate partner Matt Shaw explains its significance. This is an exciting development in the world of distributed ledgers and global payments. The Raiden network uses off-chain transactions in order to provide improved scalability, settlement speed and privacy for global payments, whilst using the public Etherium blockchain as an immutable ledger for settling netted transaction balances. In order to do this Raiden have had to build their own secure, crypto-graphic payments and smart contract network since they are avoiding the financial and performance costs of using Etherium for the main value-transfer, bi-lateralconsensusand non-repudiation features. The Etherium network is only used as a distributed settlement platform for the final hop of each transaction group providing immutable global consensus and audit trail on net outcomes. Payment channel solutions also require an on-chain escrow deposit (i.e. trust enhancing collateral) before channels can be opened this ties up liquidity and funding, undermining the benefits of this technology for some use cases (e.g. large scale payment agents). The firm also provides Micro Raiden an out-of-the-box, simplified implementation of the Raiden network aimed at driving automated, uni-directional, micro-payments to serve the Internet of Things. This is also very timely for pay per use, machine-to-machine and auto-replenishment IoT use cases. Such off-chain payment channel solutions are one option being explored to provide scalable and private transactions over a public blockchain. There are of course other solution options being used to achieve similar outcomes: Private DLTs such as r3 Corda provide bi Continue reading >>

Micro Raiden: Free Transactions On Ethereum Network Now Live

Micro Raiden: Free Transactions On Ethereum Network Now Live

Micro Raiden: Free Transactions on Ethereum Network Now Live Micro Raiden, the Ethereum based, off-chain micropayments component of Raiden has just gone live. The aim of the project at the moment is to offer fast unidirectional payments. As it stands, it costs zero gas to transfer fees in this network. The people behind Micro Raiden describe it as an off the shelf payment channel framework. Micro Raiden is a component of the more significant project known as Raiden, which means lightning in Japanese. At current, Micro Raiden is designed to help facilitate microtransactions across the Ethereum network. The Raiden network uses its ERC-20 token called RDN. Raiden recently finished its ICO and received more than 100,000 ETH, with RDN tokens currently going for about $3.50 . Two representatives from Raiden each did presentations at the recent Beyond Block conference in Taipei. Cobinhood, OmiseGo, and Ethereum Foundation leader Vitalik Buterin all attended the meeting. During the second of the two speeches, Philip Seifert explained how Micro Raiden would work. Mostly, the project makes use of off-chain transactions through a technique called payment channels. Payment channels allow for instant and free operations on the network. They do not, however, allow for bi-directional transactions. Thus the network needs to be larger than just two people to operate. During the presentation, Philip gave several examples of how Micro Raiden could be used. One example was micropayments for articles on a news website. Each time a user opens a new section, the system deducts a small amount from their payment channel linked account. Another example was paying an autonomous vehicle for its services in real time. In Seiferts words, if you stop paying, then the car stops moving. At the end of Continue reading >>

Loose-change Payment Network Microraiden Launches On Ethereum

Loose-change Payment Network Microraiden Launches On Ethereum

Loose-change payment network Microraiden launches on Ethereum Might speed up the blockchain, but aren't they about cutting out the middle man? A new micropayments technology called Microraiden has launched on the Ethereum blockchain's main network. Microraiden is one of the strategies to help solve a teensy-weensy problem with Ethereum quickly processing a large number of transactions. Every time a transaction is made on the Ethereum network, every node of the network has to verify it, which can take a really long time if you've got a lot of nodes and a lot of transactions. Instead, Microraiden is a one-way mini-payment channel that you open and later close on the Ethereum network. Applications could include scanning of RFID tags to track shipments as part of a supply chain, a smart fridge that orders milk when it's out, or downloading MP3s. To use it, you lock in your funds, open the intermediary channel and start making transactions with the desired party. Every transaction gets a digital signature. At the end, you close the channel and the Ethereum network's nodes only have to check the single signatures before distributing the balances. Now Microraiden has launched on the Ethereum mainnet. "This allows developers to start building Microraiden-based applications now," devs wrote on Github. It's of course not the only micropayment system. Machinomy, for example, has been in development for a while and focuses on sending micropayments in Ethereum's currency, Ether, over HTTP. Roger Wattenhofer, a distributed systems researcher at ETH Zurich in Switzerland, told The Register payment networks are "the best way" for scaling cryptocoins based on blockchains. "Micropayment networks in general should work well," he said. One of the problems with off-chain payments, London-b Continue reading >>

What Is The Raiden Network?

What Is The Raiden Network?

In the bitcoin world, there has been a lot of talk about the upcoming Lightning Network. This branch of development is designed to allow high-speed bitcoin transfers and open up a payment channel for microtransactions. A similar thing exists for Ethereum, called the Raiden network. It is time to check out what Raiden is all about and how it will change the fate of the Ethereum altogether. Although Ethereum is not designed to be a payment system that can compete with bitcoin, the Raiden network may change all of that. This new protocol will introduce high-speed asset transfers for the Ethereum networkand focuses on the key pillars of growth that hold bitcoin back right now. It takes mere seconds or even fractions of a second to confirm transfers over the Raiden Network, which is quite a significant improvement. More importantly, scalability is one of the primary selling points of the Raiden network. This protocol can handle over 1 million transfers per second without running into any problems. That would be quite a significant breakthrough, as such a high number of transactions can become a serious threat to existing financial payment networks, all of which are more expensive to use. Speaking of which, the Raiden network is designed to facilitate low transaction fees, which could be 7 orders of magnitude lower when compared to blockchain transactions on the currentEthereum network. Some people may have already guessed how the Raiden Network is not unlike bitcoins Lightning Network . Rather than sharing all transactions on the blockchain, Raiden allows users to privately exchange messages to sign the transfer of value. Moreover, this protocol is an extension to Ethereum, complementing the existing ecosystem and making it stronger. All of this is made possible thanks to a Continue reading >>

Ethereum's Raiden Network: An Off-chain Solution To Scalable Payments | Cryptoslate

Ethereum's Raiden Network: An Off-chain Solution To Scalable Payments | Cryptoslate

Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Vitalik Buterin predicted in September 2017 that it will take a couple of years for the Ethereum Network to reach Visa-like capacity. Raiden (RDN) is one of the more notable efforts making progress towards this goal, using off-chain technologies to increase network capacity. The Raiden Network is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments. The second most valuabletoken on the market is quietly building all of the infrastructure needed act as a staple for the way blockchain is used. Ethereum , a BAAS (blockchain as a service) token, has hundreds of groups and projects building their foundation on the Ethereum Network using the ERC20 token standard. Some of the largest crypto companies, such as Consensys , are investing millions into the Ethereum framework. In a rather strategic and quiet manner, Raiden then released its first Micro Raiden Bug Bounty back on November 30th of this year. While Raiden sounds great on paper, the ICO was never supposed to happen and there was never supposed to be a token attached to it. Raiden promised a very quiet ICO and little marketing so that they can get the funds needed to make the project happen. This controversy seems to have contributed to a lack of demand for RDN, but investors are still betting that the off-chain tech will be a big win for Ethereum . Raiden is very similar to the Lightning Network . It is Ethereums off chain layer that will provide instant transactions for a fraction of the price. How does it work? Watch this short video (1:42): The goal of the off-chain solution is to alleviate stress from the main chain; to keep fees for Ethereum low and transactions running smoothly. Similarly to the Lightning Network Continue reading >>

Does Raiden Have Any Competitors On The Ethereum Network? : Raidennetwork

Does Raiden Have Any Competitors On The Ethereum Network? : Raidennetwork

At the moment, for the service they provide, no. Plasma is also not a competitor. Please see page 13 of the plasma whitepaper for reference. Raiden, as a first mover, assuming its adopted, could develop a monopoly on payment channels. Demand for the Raiden token itself will increase with increased utilization and scaling of the network. Likewise, as the network scales, the cost to utilize its channels should also fall; however, at some point, once it has rendered its opponents impotent by being the lowest cost provider, it could artificially raise the price, inflating the value of the token because there will be no one else capable of competing. Furthermore, the Raiden team also plans on working on general state channels which will make its technology compatible with any smart contract network. The Raiden team also is building a decentralized exchange called RaidEX. There are no details publicly available that I am aware of, but perhaps the Raiden token will serve some utility there as well. Continue reading >>

'microraiden' Payment Channels Go Live On Ethereum Network - Coindesk

'microraiden' Payment Channels Go Live On Ethereum Network - Coindesk

'Microraiden' Payment Channels Go Live on Ethereum Network A streamlined version of the Raiden payments channel network has been launched on the main ethereum blockchain. Activated yesterday , the launch comes months afterRaiden known more commonly as "microraiden" first launched on an ethereum test net. The idea behind the project, which is a simpler take on the still-in-development Raiden network, is to provide a mechanism for micropayments similar to bitcoin's Lightning network. 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. With Microraiden, the development team aimed to build tools for decentralized application (dapp) developers to open up payment channels, eschewing some of the more complex features intended for the full Raiden launch. "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," the team wrote back in September. On Github, developerLefteris 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. "This is a bug bounty main net release. We recommend using only small amounts of RDN as channel deposits. To that end, we have limited the maximum deposit to 100 RDN," he wrote. Continue reading >>

Ethereum In Everyday Life Part 2: Raidennetwork

Ethereum In Everyday Life Part 2: Raidennetwork

Ethereum In Everyday Life Part 2: RaidenNetwork In our previous article, we touched on ChainLink, which helps connect on-chain smart contracts with required information from off-chain resources. This addition means that the parameters of smart contract usage can be expanded greatly into every corner of our everyday life, from insurance to travel. In this article, we delve into a cryptocurrency that targets a different, but equally important, limitation that Ethereum has been plagued with: scalability. At time of writing, Ethereum can process about 1020 transactions per second. It takes about 15 seconds for a block to be formed, and requires multiple confirmations for it to be valid. This brings up the total time for a transaction to be confirmed to about 35 minutes or more, depending on the amount of gas paid. The reason for this is that all nodes need to be brought up to date about the new transactions. While 5 minutes that may not seem like a huge amount of time, people these days are used to the standards set by centralized servers. I myself used UOBs Internet banking to transfer money to a friend, and it took about 2 seconds for him to receive the money. With Ethereums blockchain, this kind of speed is not possible. Raiden Network (price as of writing RDN $4.12 ) aims to solve this problem through State Channels. This was born out of the realization that the current blockchain requires every transaction to be verified before it is added to the chain, but it is not necessary for a large majority of transactions. A state channel is an off-chain, private channel between parties. How it works is that the initial state is locked into the Ethereum blockchain, following which they conduct all their transactions off-chain. The final state is then locked into the blockchain Continue reading >>

What Is Raiden Network Token (rdn)?

What Is Raiden Network Token (rdn)?

Raiden is a protocol for fast, cheap, and scalable token transfers on Ethereum. It's essentially a solution to Ethereum's scalability issues. Raiden is similar to Bitcoin's Lightning Network in that you can transfer tokens through privately exchanged messages without having to involve the entire consensus protocol. However, you still get the security expected from a blockchain network. You can buy Raiden (RDN) on both Binance and Huobi for either Bitcoin or Ethereum. The Raiden Network Token is the native currency of the Raiden Network, which describes its protocol as a means for fast, cheap, scalable token transfers for Ethereum. The protocol is meant to complement Ethereum, not compete against it, allowing for Ethereum compatible tokens (ERC-20) to be utilized. In general, the Raiden team describes the main problem with blockchain being scalability. Enormous fees coupled with long confirmation times make the idea of mass adoption of Ethereum (along with other blockchains such as Bitcoin) unrealistic at the moment. Thats where the Raiden Network comes in. Using off-chain transactions to solve the scalability problems facing Ethereum, Raiden will deliver near-instant, low-fee payments regardless of the number of transactions being processed in the network. The Raiden Network is essentially Ethereums solution to scalability issues and is Ethereums version of Bitcoin Lightning. With that being said, understanding the purpose of Bitcoin Lightning will ease your understanding of RDN. According to a video published on the Raiden Networks official website , before the wide-scale adoption of blockchain payments occur, it must be able to facilitate roughly 100,000,000 tps. As of now, the Ethereum blockchain is capable of handling around 10-15 tps (transactions per second). Com Continue reading >>

Raiden Gains Momentum, Signs Major Partnerships

Raiden Gains Momentum, Signs Major Partnerships

After launching the first off-chain transaction solution for blockchain, Raiden Network (RDN) has significantly ramped up its business with a string of major partnerships. The pace of adoption of Raidens technology has exceeded expectations, says Yubo Ruan, Co-Founder of Off-Chain Technology Group, an organization that develops blockchain transaction solutions. We knew uRaiden made history by enabling blockchain to scale beyond several transactions per second to millions per second. And by reducing the time a blockchain transaction takes from a few minutes to under a second. But we didnt expect some of the largest and most promising crypto projects to embrace uRaiden so rapidly after launch. Raidens payment channel framework, uRaiden, launched on November 30, 2017. In addition to scaling transactions on Ethereum, uRaiden makes possible instant transactions and cost-efficient micropayments. It also significantly drives down machine-to-machine transaction costs. Key Partnerships in the Energy Sector and Computer Gaming Grid+ (symbol: GRID), which raised over $40 million to enhance its always-on appliance that processes payments for electricity in real-time, will be using Raidens technology to accelerate use of blockchain in the energy industry. Electricity sales to consumers will be settled instantaneously every 15 minutes which makes Grid+ a perfect use case for uRaiden, says Alex Miller, Grids Chief Technical Officer. Rather than having to register a transaction on Ethereum every few seconds, Grid+ will batch transactions for electricity usage and submit them just once every 15 minutes, substantially reducing expenses for Grid when it comes to Ethereum transaction gas costs. Grid+ believes Raiden will give them the upper-hand on other energy marketplaces by cutting cos Continue reading >>

Tech Talk: Raiden Network, Ethereum, And Smartmesh Ecosystem

Tech Talk: Raiden Network, Ethereum, And Smartmesh Ecosystem

December 25, 2017 - Uncategorized - by meshmaster - No Comments Vitalik Buterin, the founder of Ethereum, tweeted that he would support the Raiden Network with his own fund, so that Raiden will not need an ICO. However, the Raidens Token (RDN) has been launched last week. Many people wonder how Raiden is able to attract such attention from Vitalik? To solve the mystery, Bing Li (founder of the MuYan Blockchain College) and IBAF (International Blockchain Application Federation) hosted a Tech Talk regarding the value of the Raiden Network and its token. An important member from the Raiden team and Henry Wang (president of IBAF, founder of SmartMesh) gave their insightful opinion on Raiden and its future development. Last month, Vitalik stated the community shall scale to Visa levels capacity in just two years for a meeting at TechChrunch 2017. I would say two to five, with early prototypes in one year. The various scaling solutions, including sharding, plasma and various state channel systems such as Raiden and Perun, are already quite well thought out, and development has already started. Raiden is the earliest, and its developer preview release is out already. In this sense, the Lightning Network is the earliest scalable solution for Bitcoin, and the Raiden Network is the earliest scalable state channel architecture for Ethereum. However, why did Vitalik say no to Raidens ICO at the very beginning? Essentially, the Raiden token (RDN) is not necessary at the core protocol level of the Raiden Network. Similarly, there is no token in Lightning Network nor in Plasma. The Tech Talk between Henry and Raiden Network would thus provide a deeper understanding of RDN and its integration with Ethereum. Topics like future development of Raiden, SmartMesh-Raiden integration and IoT Continue reading >>

Ethereum's Raiden Network Has New Scaling Competiton

Ethereum's Raiden Network Has New Scaling Competiton

Ethereum's Raiden Network Has New Scaling Competiton Mar 2, 2018 at 13:00 UTC|UpdatedMar 4, 2018 at 11:30 UTC Yet another ethereum scaling solution is launching a test network. Announced Friday,Liquidity.Network is officially joining Raiden Network as the latest ethereum project to attempt to move transactions off the world's second most valuable blockchain and into payment channels, in turn, allowing thenetwork to support greater adoption and use. Similar to bitcoin's better-known Lightning Network, Liquidity.Network aims to enable ethereum users totransact back and forth, without having to pay the cost of moving coins on the blockchain itself. In short, users pay to start channels and to close channels, not for what happens in between. But while Raiden is the furthest along in its development of the concept, it's still yet to go live, and with ethereum nearing capacity at times,today's news that another team is working on the challenge marks what many will likely see as welcome competition. Notably, the solution makes use of Revive , an early-stage technology pioneered last year that claims to offer a better, less expensive way of setting up off-chain transactions. Liquidity.Network co-founder and Imperial College London assistant professor Arthur Gervais told CoinDesk: "What we're providing is a payment hub which allows you to do bi-directional payments among however many people you want, which we think could be big for ethereum in general." According to Gervais,what's available for use on ethereum's Ropsten testnet today is an unfinished alpha version, one that he hopes will attract early testers. Like Raiden, Liquidity.Network will also issue a token to fund development and power the protocol, though it's currently in pre-sale and isn't yet necessary for the netwo Continue reading >>

How The Raiden Network Will Eradicate The Bottleneck In Blockchain

How The Raiden Network Will Eradicate The Bottleneck In Blockchain

How The Raiden Network Will Eradicate the Bottleneck in Blockchain Before reading this article, please read our disclaimer at the bottom of thearticle. Though the eventuality of decentralization promises a more equitable future, distributed systems, powered by blockchain algorithms, lack critical scaling mechanics, which largely hinder the global consumer adoption of cryptocurrencies. For Ethereum to compete with more mainstream systems like Visa and Paypal, BlockGeeks writes , they need to seriously step up their game when it comes to transaction times. While paypal manages 193 transactions per second and visa manages 1667 transactions per second , Ethereum does only 20 transactions persecond. Ethereum, for instance, is hampered by a 6.7 million gas limit per block in the network. Since each block has a gas limit, miners can only build transfers whose gas requirements sum is less than or equal to each blocks gas limit. Furthermore, the global consensus architecture, used by the majority of todays blockchain systems, greatly constrains the number of updates per second that can be shared. Technical jargon aside, the result is a significantly limited crypto-ecosystem that is hindered by a hard-ceiling for transactions. This effectively makes the network unprepared to support many of the upcoming real-life implementations of this technology. The idea behind the Raiden Network , a highly-anticipated blockchain startup, is to entirely circumvent this blockchain consensus bottleneck. At a high level, they do this by leveraging a network of payment channels which allow to securely transfer value off-chain, i.e without involving the blockchain for every transfer. The Raiden Network (RDN) operates as an infrastructure layered over the Ethereum blockchain. Raiden has received si Continue reading >>

Ethereum's Raiden Network Has New Scaling Competiton : Raidennetwork

Ethereum's Raiden Network Has New Scaling Competiton : Raidennetwork

Ethereum's Raiden Network Has New Scaling Competiton Liquidity.Network they say that it is cheaper and easier than Raiden. But, the same way, can complement each other. They have already released the product's MVP. alpha version of the wallet here: On a similar question, their technical specialists answer the following: You'll see a full analysis of that once we publish the full technical paper. The two technologies are for different, somewhat complimentary, use cases though in my opinion. For example, and we've discussed this numerous times, in 2-party channels like lightning and raiden, you have to come up with millions, if not billions, in collateral to run an n-party payment hub like ours that scales to a decent amount of users. You would also have to estimate where and when to allocate your collateral such that your users can receive payments. In Liquidity, on the other hand, we retain trustlessness without requiring collateral amounts, and enable mediation of payments in n-party hubs without forcing the hub owner to set up deposits for each user just to allow them to receive funds. More details in the blog posts we had previously published. Continue reading >>

Ethereum's Micro Raiden Launches

Ethereum's Micro Raiden Launches

A simplified version of ethereums Lightning Network, Raiden, was launched yesterday in live production, indicating ethereum keeps advancing technologically towards solving the scalability problem. Raiden is aunidirectional payment channel that allows sending tokens to pre-determined receivers in a way that is not recorded on the public blockchain, but is secured by ethereums network. Instead of having constant on-chain transaction with someone you or a company often transacts, say Coinbase and BitPay,Raiden can be used so that there is just one on-chain transaction for the opening of the channel, then as many transactions as they like without affecting the public blockchain except for in instances of disputes. Clients (subsequently called senders) wanting to access a providers payable resources, will open a micropayment channel with the provider (receiver) and fund the channel with a number of tokens. These escrowed tokens will be kept by a third party contract that manages opening and closing of channels,Raiden says in their open source repository. As these payments are, in effect, direct payments which then eventually get settled and bundled in one on-chain transaction, the usual constraints of public blockchains, such as current capacity limits, do not apply. The channeled parties, therefore, can undertake thousands or millions of transactions at zero fees, the project says, allowing for micro-transactions, such as pay per view. These payment channels have been possible for quite some time, but can be inefficient as you need a new on-chain transaction, or a channel, for each new transacting party. The full Raiden network hopes to address that by creating intermediary links, similar to the six degrees of connection theory. However, that can be quite complicated becau Continue reading >>

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