Raiden Network Deployed on the Ethereum Blockchain
The Raiden Project is still a work in progress, but as of December 1, 2017, a streamlined version of the system has been launched on the Ethereum network. This launch follows the implementation of µRaiden – a channel which also goes by the name “Microraiden” – on the Ethereum test net.
Both launches are working to enable Raiden’s full implementation on the Ethereum protocol.
The Ethereum network depends on a robust ecosystem of developers who upgrade the protocol to address challenges such as scalability, speed, and functionality. The Raiden Project is a scalability solution designed to enable faster payments and lower fees for users. The project isn’t unique. In fact, it’s very similar to the Lightning Network, a scalability solution currently being developed for its rival, bitcoin. Both aim to create a second “layer” above the regular blockchain.
For Ethereum, this separate layer will allow participants to create payment channels to send and receive ether (or ERC-20) tokens. Raiden also has its own tokens (RDN) that will be used to conduct transactions on the Raiden network when it is complete.
While Raiden is one of Ethereum’s most exciting scalability solutions, developers are working on several other projects. On November 25, Ethereum co-founder Vitalik Buterin explained his vision for Ethereum 2.0 at BeyondBlock Taipei 2017. Buterin favors a scaling solution system called sharding which divides a blockchain network into smaller components to process transactions faster.