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What is Raiden Network Token?
Raiden is a payment network created on top of the Ethereum network and as it is, it is basically a scaling solution customized for Ethereum network. You can say it is Ethereum Lightning Network that actually works. The Raiden project’s goal is to provide an easy to use medium for off-chain payments without the need of trust among the involved parties. Transactions are broadcast only during settlements and not each individual transaction between two parties.
Parties can therefore make transactions instantly, in high volume, and without incurring fees until time for settling the net amount on the Ethereum blockchain when the parties decide to close the channel.
It is also important to highlight the two different kinds of fees on Raiden, Protocol and peripheral fees with the latter being payable in RDN. Raiden therefore helps to improve the scalability of Ethereum making it an overall more efficient platform and here is another interesting fact. Raiden open source code at GitHub has more than 100K lines of code and more than 2 years old.
Founder: Heiko Hees Release Date: October 18, 2017
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