RATE Group | Ethereum Payment Channel Raiden Launches New Testnet
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Ethereum Payment Channel Raiden Launches New Testnet

21 Jul Ethereum Payment Channel Raiden Launches New Testnet

Posted at 02:51h in Ethereum News by

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Yesterday, blockchain scaling solution Raiden announced the launch of a new testnet, the final stage prior to the planned summer release of its mainnet.

Nearly two years after the release of its first proof of concept, the Ethereum payment channel Raiden has launched a second testnet. According to the project’s announcement, Raiden sees this testnet as an opportunity to work out a few “minor issues,” and screen for any remaining bugs before its promised mainnet Red Eyes release.

The Raiden Network is a “state channel,” which is an off-chain channel intended to reduce traffic on a blockchain, thereby increasing the potential transaction rate.

State channels record collections of transactions between users, only adding them to the blockchain once the transactions are closed out. In the simplest version, two transacting parties would enter a Raiden payment channel and complete a series of transactions privately. At the end, they would exit the state channel and their final balances,…

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