Even as the markets are bleeding red, cryptocurrencies are trying to project progress as the community gets uncertain about market movement. Ethereum [ETH], the third-largest cryptocurrency on the CoinMarketCap list, has been facing a backlash from the community due to its performance graph. However, the community could rejoice in the news that the cryptocurrency would soon be able to process 1 million transactions per second.
The token would be achieving the task with Raiden Network [RDN], a protocol that envisions scaling token transfers on top of the Ethereum network, reported Bitcoinexchangeguide.
Raiden Network has successfully deployed the initial version for the same on Ethereum mainnet, known as Red Eyes. Raiden Network informed about the Red Eyes release through a blog post and noted an alpha testing release. The firm requested the users to be careful while using it and secure their nodes before using, while also explaining the network is not production ready as of now. The blog noted:
“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,”
The release will enable developers to open, top-up, close and settle payment channels. The firm’s aim for the release is to test smart contracts and the core protocol on the Ethereum mainnet.
The network is similar to the Lightning Network as it aims to provide scaling solutions for Ethereum’s scaling issues. This will enable the coin to reach 1 million transactions per second, something that will help to boost the community’s morale. This development will also enable cheaper and faster off-chain transactions as compared to those processed on the Ethereum’s main network.
The network appeared to be congested earlier this year as Ethereum was traded almost near its all-time high. The reason mentioned by the publication was the increased usage of CryptoKitties and other decentralized applications [dApps] that required to process more transactions.
As the Lightning Networks helps Bitcoin to improve its scalability, Ethereum is also gearing up for the same. This could lead to the top cryptocurrency, Bitcoin and the third-largest cryptocurrency Ethereum, to process millions of transactions without any trouble on their respective networks and might re-establish the community’s faith.
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