Ethereum Welcomes Raiden Alpha, Promising a Processing Speed of Over 1Million TPS

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Ethereum News: With the promise of significantly increasing the number of processed transactions per second, Ethereum welcomes its latest update of Raiden Network. One of its most critical architectural upgrades that could solve the networks’ scalability issue.

About Raiden

Raiden Network is quite similar to Bitcoin’s Lightning Network in terms of their concept. Two users establish a payment channel that allows them to perform an infinite number of off-chain transactions, which do not interact with the blockchain until the channel is closed. Upon closing the funds are distributed between the two participants, in accordance with the last balance cryptographically signed by them.

This way an infinite number of transactions would appear as two movements in the blockchain corresponding to the creation and closing of the channel, which ensures the transparency of the movements, avoiding potential double spending.

Notably, establishing a payment channel with each user isn’t necessary as the network automatically reroutes the funds to third parties through a network of payment channels. This way, the more people participate, the more efficient Raiden will be. Quite the contrary to the current situation wherein a  high number of users lead to congestion over the blockchain.

The Red Eyes Release

Dubbed as the Red Eyes Release, the alpha version has certain limitations. Despite being usable, deposits cannot exceed 0.15 ETH per channel, and for now, only transactions in ETH ( an ERC20 token used for testing) can be made.

Features Included In The Red Eyes Release

  • Opening, topping up, closing and settling of payment channels

  • Single and multi-hop transfers

  • Automatically joining a token network and opening channels with peers

  • REST API with endpoints for all functionalities

  • Redesigned WebUI

  • Raiden Explorer, visualizing the live status of the Network

  • Rewritten and more gas efficient smart contracts (i.e. only one contract per token network)

  • Improved protocol for dealing with edge cases

  • Recoverability in case of an irregular shutdown of the Raiden node

  • Integration of the Matrix transport protocol for messaging

Notably, the Raiden’s announcement sends both ETH and RDN on a bullish streak. Ethereum surged to near 15% in the last 24hours and RDN (Raiden Network Token) rose to near 40% in the last week

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