µRaiden: off-chain micropayment solution for Ethereum

The Raiden Network has announced µRaiden: an off-chain micropayment solution using Ethereum
20 September 2017   2633

The Raiden Network team has announced µRaiden, an off-the-shelf micropayment solution, based on Raiden technology, that will streamline many existing payment channel systems for a variety of use cases, as reported by ethnews.com.

Thus, according to the report, µRaiden (Micro Raiden) is a ready-to-go system that is set to revolutionize ERC20-based micropayments. It is also mentioned that while the larger Raiden Network will utilize bidirectional token payment channels to connect users together, µRaiden will employ unidirectional payment channels. This functionality will allow system participants the convenience of pay-per-use transactions. 

Applications that encourage recurring customer payments or even micropayments can greatly benefit from a µRaiden setup. Examples include paywalls for news articles, pay-per-request APIs, micropayments for storage, bandwidth, and computations, livestream tipping, etc.
 

The Raiden Network team

Notably, µRaiden is going to be used as a distinct entity within the larger Raiden Network to pay auxiliary contributors for their services, such as monitoring channels or finding paths.

Demonstrations of µRaiden’s technology are currently available on Ethereum’s Kovan testnet. On top of that, “µRaiden is currently undergoing an external security audit and will be ready to use on the Ethereum mainnet very soon.” 

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.