Ethereum Could Soon Be Able To Process 1 Million Transactions Per Second
Ethereum (ETH), the third largest virtual currency and blockchain network in the market in terms of market capitalization could soon be able to process 1 million transactions per second. This is possible through the Raiden Network (RDN), a protocol that aims at scaling token transfers on top of the Ethereum network.
Red Eyes is the first version of the Raiden Network and has been successfully deployed on the Ethereum mainnet. The information was released in a blog post by Raiden Network informing that the Red Eyes release is in an alpha testing release. The firm warns developers to be careful using it and secure their nodes before using it. They also explain that the network is not yet production ready.
“We are excited to announce that the Raiden Network Red Eyes release is live on the Ethereum mainnet! The Red Eyes release is an alpha testing release. It is absolutely crucial to read this post including the security notes carefully before using the software,”
they wrote on the blog post.
The main intention behind this release is to test smart contracts and the core protocol on the mainnet. Furthermore, developers will have the possibility to open, top-up, close and settle payment channels.
The Raiden Network works in a similar way to the Lightning Network. It intends to provide a scaling solution to Ethereum’s scaling issues and allow it to reach 1 million transactions per second. With this development, transactions that take place off-chain are cheaper and faster than those processed on the main Ethereum network.
Earlier this year, and when Ethereum was traded close to its all-time high, the network was completely congested. One of the reasons was the increased usage with CryptoKitties and other dApps that needed to process more transactions.
The Lightning Network is also trying to improve Bitcoin’s scalability. In the future, both Ethereum and Bitcoin could be processing millions of transactions without creating problems on their respective networks.