Sunday , 17 December 2017

‘Microraiden’ payment channels launched on Ethereum Network

Activated yesterday, the launch comes months after µRaiden – known more commonly as “microraiden” – first launched on an ethereum test net. The idea behind the project, which is a simpler take on the still-in-development Raiden network, is to provide a mechanism for micropayments similar to bitcoin’s Lightning network.

Like Lightning, Raiden is envisioned as a way to scale the ethereum network by building a second layer that would exist above the blockchain. Using the second layer, participants could create payment channels that allow them to transact at a lower cost, whether they are sending ethers (the cryptocurrency of the ethereum network) or ERC-20 compatible tokens.

With Microraiden, the development team aimed to build tools for decentralized application (dapp) developers to open up payment channels, eschewing some of the more complex features intended for the full Raiden launch.

“Talking to dapp developers, we noticed that many of them just want to use the Raiden Network as a robust many-to-one payment channel system; one service provider offering services to many recurring customers,” the team wrote back in September.

On Github, developer Lefteris Karapetsas wrote yesterday that the version being released is aimed at sussing out any bugs in the code, adding that a limit has been placed on the maximum amount of Raiden tokens (RDN) that can be deposited for making payments.

“This is a bug bounty main net release. We recommend using only small amounts of RDN as channel deposits. To that end, we have limited the maximum deposit to 100 RDN,” he wrote.

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