Lightning Fast Raiden Network Coming to Ethereum Blockchains
Scalability is one of the main challenges faced by distributed ledger technology. It is widely felt that in order to challenge traditional payment networks and assume a key role in the decentralized future of the internet, blockchains must find ways to radically improve their throughput, measured in number of transactions per second. “Today’s....
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A team of ethereum developers has successfully completed what they say is the first off-blockchain transaction on the decentralized application network. Sent from Copenhagen, Denmark, to Mumbai, India, the test saw the developers behind micropayments project Raiden send ether via clients operated by members in those cities last week. While small in scale, ethereum developers more broadly see the proof-of-concept as a key technical step toward solving one of the pressing issues facing not only the network, but all public blockchains. Ethereum and bitcoin, for example, currently each support....
Brainbot Technologies, a blockchain development, and consulting company, just released the first implementation of the Raiden Network, which, similar to the Lightning Network, is a layer two protocol on top of Ethereum’s blockchain, significantly increasing Ethereum’s transaction capacity from the current estimated 20 transactions per second to tens of thousands. The first proof of concept version conceptually solves all aspects “and it can work on the current Ethereum blockchain as it is,” according to Heiko Hees, an Ethereum core developer and CEO of Brainbot, with a “hardened” beta....
A project aiming to scale ethereum via off-blockchain payment channels could enter production this year. Speaking at Construct 2017, CoinDesk's developer conference this week, Ameen Soleimani, a software engineer at ethereum startup ConsenSys, gave a presentation on Raiden's current status in which he described this as a 2017 goal. The Raiden network, an open-source developer effort being spearheaded by developer Heiko Hees, was first discussed as a way to bring micropayments to the platform in 2015. Soleimani said work on the protocol implementation is "largely finished", adding....
The Lightning Network is the reason Bitcoin will be legal tender in El Salvador. The main chain couldn’t serve a whole country without a fast and reliable payment channel built on top of it. It’s as simple as that. However, is the Lightning Network invulnerable to attacks? Is its architecture as bulletproof as Bitcoin’s main […]
Bitcoin’s second layer payment protocol Lightning Network has been expanding unnoticed by most users. First proposed in 2015 and launched in 2018 as a beta, its adoption and capacity have accelerated during the past few months. The Lightning Network allows users to send fast and low-cost transactions via payment channels. Unlike the Bitcoin-based layer, lightning […]