Ethereum Network’s MicroRaiden Payment Channel Network Goes Live
The system was activated yesterday, and the launch came months after Raiden – The company is more commonly referred to as Microraiden. And when it first was launched it was a test net for Ethereum. The main premise of the platform was to challenge themselves by taking on Raiden Network which at the time was still in development. They wanted to make a way that users could commit micro payments with a specialized mechanism that was like Bitcoin’s Lightning Network.
Just like Bitcoin’s Lightning, Raiden was developed to scale the Ethereum Network through another layer being built that existed over the blockchain. By using another layer, users would be able to make their own payment gateways that they could then use to make smaller transactions at a fraction of the cost. Regardless of whether they were sending ethers like cryptocurrency worked on Ethereum or Straight ERC20 tokens didn’t matter, it would work.
When using Microraiden, the team who developed it had a goal of building tools that would help decentralize the app so they could develop it with strictly open channels. This would tone down the complicated features that were first thought of at Raiden’s full launch.
When talking to the dapp-developers, they noticed how many of them only wanted to use Raiden Network for a many-to-one payment gateway system. Basically, for single service provider who was making services available to a lot of repeat customers. That is straight from the mouths of the developers back during the month of September.
The version that is currently being released, will be based around weeding out any bugs in the code. Also with the aim of adding a limit to be place for the total Raiden Tokens that could be deposited while making payments.
It is a but seeking bounty for the main network release. They also recommend that users use smaller amounts of RDN for deposits on the channel. That basically means, that there is a limitation set in place so the largest deposit that can be made is 100 RDN. The developers are seeking to make it a bug proof platform that will help ever day people and businesses when making transactions that are considered micro. Hopefully this will work as directed.