The Raiden Network and some specifications

2019-01-01T19:12:07.000Z Honest Cash

There was a developer video that was launched showing the Raiden testnet, which could also be found with some documentation. The Ethereum Raiden Network is very similar to the Bitcoin Lightning Network and is a highly anticipated technology for the support of cheap, scalable and fast ERC20 token transfers for the Ethereum Blockchain. 

The Raiden Network currently faces a lot of issues, which is why the exact date of when the Network will be fully functional is still to be announced. However, we are getting ready to make the ecosystem increase in usability. The Repository on GitHub shows the constant progress that is being built over time from developers and programmers. Payment channels need to be learned and understood properly in order to create a good channel for payments. This second layer technology for Ethereum involves complexity that is more than what is anticipated and goes further than software development. 

Developing the next wave of payment technologies 

There was a release of a developer preview in order to allow developers to gain more knowledge about API's along with some additional functionalities of a payment channel network. However, the developer preview is not recommended to use because it is still considered unsafe on the Ethereum Mainnet.

The core functionalities of the prototype of the Raiden Network is based on the implementation of Dapps that gives developers a chance to get familiar with the Network API. There is currently a strong demand for developers to work on prototypes and Dapps, while being able to report bugs that will help improve Raiden before its official release. 

Functionalities needed in order to join the network is vast, such as the application of open channels, initiate token transfers, close channels, as well as the ability to stop and restart clients. There were approximately 100 nodes that were deployed on the Ropsten testnet.   

What do you think of the Raiden Network? Let me know what are your opinions