Raiden Network Token RDN

$0.1889
Market Cap $ 9.485 MM (#226)
24h Volume $ 1.208 MM
Chg. 24h: -7.25%
Algo. score 3.3/5  (#293)
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Raiden Network Token project purpose and description

Raiden Network Token clarity of purpose

Raiden Network Token purpose and aspects

Raiden provides an off-chain scaling solution for Ethereum and ERC-20 tokens which will allow for subsecond transactions on the Ethereum blockchain.

Raiden Network Token additional differentiation against competition

This is similar to the non-tokenized scaling solution for Bitcoin, Lightning Network except Raiden focuses on Ethereum and ERC-20 tokens.

Raiden Network Token categories

Payments

Short description

The Raiden Network is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments. It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token. The Raiden project is work in progress. Its goal is to research state channel technology, define protocols and develop reference implementations.

Abstract

The Raiden Network is an off-chain scaling solution for performing ERC20-compliant token transfers on the Ethereum blockchain. It is Ethereum's version of Bitcoin's Lightning Network, enabling near-instant, low-fee, scalable, and privacy-preserving payments. The Raiden Network allows secure transfers of tokens between participants without the need for global consensus. This is achieved using digitally signed and hash-locked transfers, called balance proofs, fully collateralized by previously setup on-chain deposits. This concept, illustrated in figure 1, is known as payment channel technology. Payment channels allow for practically unlimited, bidirectional transfers between two participants, as long as the net sum of their transfers does not exceed the deposited tokens. These transfers can be performed instantaneously and without any involvement of the actual blockchain itself, except for an initial one-time on-chain creation and an eventual closing of the channel.

Link to Roadmap: https://medium.com/@raiden_network/raiden-network-vision-challenges-and-roadmap-593dfa34b868
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