µRaiden: off-chain micropayment solution for Ethereum

The Raiden Network has announced µRaiden: an off-chain micropayment solution using Ethereum
20 September 2017   1589

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.” 

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   133

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.