When it comes to solving crypto scalability issues, there’s a general consensus in the space that a combination of both on-chain and off-chain solutions are needed. Raiden, having just finished its ICO on November 1st, aims to be Ethereum’s off-chain scaling solution.
Ethereum’s promising but needs to get faster
That’s where Raiden comes in.
Designed by previous Ethereum Core developer Heiko Hees, Raiden will significantly speed up the Ethereum network by giving the mainnet the ability to take transactions off-chain—a dynamic that’ll allow for private, nearly instantaneous micro-transactions.
The project’s bread and butter is its so-called state channels—off-chain process zones within the Raiden network that facilitate transactions and then upload them “on-chain” to Ethereum’s public blockchain, minus contract and exchange details.
Raiden has big ramifications for adoption
With the project about to go live, the days of 10-txs-per-second on the Ethereum network should soon be long gone.
This could make Ethereum increasingly attractive in Business-to-Business (B2B) ventures, as millions of micropayments (and beyond) will now be possible through the #2 crypto just as they are with regular fiat currencies.
It’s Raiden, then, that could move Ethereum into Visa’s ballpark of handling 2,000 transactions per second or that could power the micropayments networks of the Internet-of-Things (IoT) in the years ahead.
The possibilities are certainly impressive.
What’s the timeline now?
The working-product version of the network, uRaiden, will be live on the Ethereum mainnet by the beginning of December.
The Raiden ICO came to a successful conclusion on November 1st. Investors snagged up RDN at 0.66 cents per token.
And these tokens will be released to investors between November 8th through November 11th. Afterwards, expect to see RDN hitting the major exchanges in the ensuing days and weeks.
The RDN token auction ended. Tokens will be distributed after 7-10 days.
— Raiden Network (@raiden_network) November 1, 2017
TLDR: Raiden’s working product is about to go live on the Ethereum mainnet, and the RDN token is about to go live on exchanges. It’s a promising time for ETH’s scalability token.