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Ethereum [ETH] based payments channel launches final testnet

Akash Anand



Ethereum [ETH] based Raiden launches final testnet
Source: Unsplash

On 19th July, during the ongoing Dappcon developer conference in Berlin, Raiden launched its last testnet. Raiden is an Ethereum based payments channel project that aims to make payments “near instant, low fee and scalable”. The launch of the final testnet will enable users on Raiden to trade Ethereum on off-chain channels.

Raiden’s official website states that:

 “It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token. The Raiden project is work in progress. Its goal is to research state channel technology, define protocols and develop reference implementations.”

Lefteris Karapetsas, the Core Developer of the Raiden project has stated that this launch will ensure that the network is battle tested for users to have a seamless experience. The testnet contains new features such as rewritten smart codes and pathways that are immune to accidental closure.

Karapestas stated:

“We really want people to really test this so we have a user interface, we have an API and we’ve created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.”

The Raiden Network is an infrastructure layer on top of the Ethereum blockchain. While the basic idea is simple, the underlying protocol is quite complex and the implementation non-trivial. Nonetheless, the technicalities can be abstracted away, such that developers can interface with a rather simple API to build scalable decentralized applications based on the Raiden Network.

Scaling has been a problem with the Ethereum network and this fact was confirmed by Vitalik Buterin, the Co-Founder of Ethereum itself. Raiden and its team are trying to ensure that the mainnet launch happens only once the chinks in the network are repaired. The main aim of the software is to make it run on par with the other technologies so that scaling can happen simultaneously between both the application and the network.

Kaspertas went on to clarify that:

“The long-term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long-term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.”

The company has given a tentative mainnet launch timeline of August 2018. Raiden has also announced a rewards program for their bug test where developers will be rewarded to find any flaws with the network.

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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.