Transaction fees and network latency are two of the most important scalability issues of crypto-currency lately (funny to see this as many crypto emerged specifically because fiat payment networks had high transaction fees and they were slow). Anyway, one of the solutions proposed for solving these issues is called Raiden Network. If you've been on crypto longer than one year, you most likely heard of it.
The main concept behind Raiden Netowrk is that of a micro-payment channel, that is open between two parties that trust each other, enabling instantaneous transactions, without going through the whole mining and validation mechanism, which, as we already see in Bitcoin, tends to be slower and, lately, controlled by third party interest groups (BCash) or blocked by governments (China).
The adoption status of Raiden Netwok in the Bitcoin platform is slow, but in an announcement issued yesterday, the team behind the project announced a smaller, more restricted prototype already working for Ethereum. It's called μRaiden (read: myu-Raiden, or micor-Raiden) and it works in a similar way.
From the announcement:
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.
There is even a video showing a demo of the implementation on the Kovan test network.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Cool post, just a few questions. Does it work only with Ethereum?
Can it be used with another altcoins in the future?
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I think it could also be used by Blockchains who are using the Ethereum Virtual Machine like Qtum.
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I think it's working only on the Ethereum network, but probably can be used with all ERC20 tokens issued on top of Ethereum.
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read: myu-Raiden, me-you is what it's all about and which is unstoppable, these are important upcoming solutions to current mingling problems, not to be underestimated, good info.
Something else, i was just posting some political thing and speaking about blockchain for new governmental structures. I do know they are out there but didn't find what i was looking for, do you know which coins are into that? I remember you posted something about it...
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Estonia is thinking about implementing its own crypto, as far as I know
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Could this be implemented on mobile devices? let's say you want to buy a coffee with bitcoin, this could be make small real world transactions super easy and comfortable.
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yeah of course! It does not matter if it is on mobile or web.
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AFAIK, yes
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@dragosroua - Oh Sir, it looks like a good solution for network latency. I hate BTC pending transaction time durations. Nice information shared Sir.
+W+ [UpVoted & ReSteemed]
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@dragosroua,
Wow it seems like some kind of big news is ready to coming again! (I heard LTC atomic swap update today also) Very useful update you shared with us, really appreciate it!
Cheers~
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That's really interesting. Is it slow to be adopted for bitcoin because of the slow confirmations when depositing to the escrow channel do you think? Is there a Chrome extension that's equivalent to MetaMask for bitcoin?
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Really very helpful post. you are awesome
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Great @dragosroua. Thanks for the useful information.
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A good post. @dragosroua followedd
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its great news to wait less time and get payment from trust worthy.
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thanks for the video well illustrated
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You can try the demo in Kovan here: https://demo.micro.raiden.network/
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