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.”