Raiden Network price is $0.02285438
The current price of Raiden Network (RDN) is $ 0.02285438, which has decreased by -3.28%% in the last 24 hours.
Raiden Network is an off-chain scaling solution that aims to address the scalability and congestion issues associated with blockchain technology, specifically on the Ethereum blockchain. It offers near-instant, low-fee, scalable payments and supports any ERC20 compatible token.
Raiden Network is complementary to the Ethereum blockchain, seeking to enable Ethereum's full potential for mass adoption as a peer-to-peer global payments infrastructure, as initially designed. Notable features of Raiden include expedited transfer confirmations, private transfers untraceable on the global ledger, low transaction fees, and micropayment capability that synchronizes with any ERC-20 token.
The Raiden Network project is being developed by Germany’s Brainbot Technologies AG, a software company dedicated to blockchain protocol development since the year 2000. Brainbot Technologies AG was founded by Heiko Hees, a core developer of Ethereum from the onset in March 2014.
While the company's website does not specifically highlight RDN among its primary blockchain developments, it is believed this is due to the complexity of exhibiting the wide variety of projects currently underway. As of December 1st, 2017, there have been no updates regarding the Raiden Network Project status.
Raiden Network enables expedited off-chain transfers via state channels, a technique first introduced by the Lightning Network for Bitcoin. Essentially, balance transfers between participating parties can occur as many times as needed off-chain, requiring the Ethereum network validation only when the channel is closed, reducing overall network congestion. This makes transfer confirmations nearly instant.
Moreover, since these transactions are not recorded on the global blockchain ledger, they are private, further enhancing the utility of the platform.
Raiden Network can be leveraged for a myriad of applications and purposes. Some of these include:
Micropayments for content distribution
Decentralized M2M (Machine-to-Machine) markets
API Access
Fast decentralized exchanges
The current circulating supply is 51.1M RDN tokens. The total supply of RDN tokens is 100.0M.
Raiden Network Token (RDN) can be purchased on the following exchanges: Huobi.pro, Gate.io, Binance, Bitkub, Bkex. Always remember to exercise prudence and perform due diligence when engaging in cryptocurrency transactions.
The unique selling proposition of Raiden Network lies in its attempts at solving Ethereum's scalability issues by shifting balance transfers off-chain. This opens up the possibility of private transfers and nearly instant transaction confirmations, making it better suited for scalable payment applications. Furthermore, its compatibility with any ERC-20 token increases its potential for real-world integration.
Always keep your Raiden Network (RDN) tokens in a secure wallet where you control the private keys. Remember to maintain basic security practices such as keeping your private keys offline and not sharing them with anyone. Consider using hardware wallets for better security. It's essential to stay updated on the best practices for securing cryptocurrency assets.
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