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Ethereum Payment Channel Raiden Launches New Testnet

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Yesterday, blockchain scaling resolution Raiden introduced the launch of a brand new testnet, the ultimate stage previous to the deliberate summer season launch of its mainnet.

Almost two years after the discharge of its first proof of concept, the Ethereum cost channel Raiden has launched a second testnet. In accordance with the undertaking’s announcement, Raiden sees this testnet as a chance to work out a couple of “minor issues,” and display screen for any remaining bugs earlier than its promised mainnet Crimson Eyes launch.

The Raiden Network is a “state channel,” which is an off-chain channel meant to scale back visitors on a blockchain, thereby rising the potential transaction price.

State channels file collections of transactions between customers, solely including them to the blockchain as soon as the transactions are closed out. Within the easiest model, two transacting events would enter a Raiden cost channel and full a collection of transactions privately. On the finish, they might exit the state channel and their last balances, quite than each particular person transaction, can be added to the blockchain.

Vitalik Buterin has said:

State channels are an necessary know-how that has the potential to significantly enhance the scalability and privateness of many classes of blockchain functions; at the side of sharding and different privacy-preserving cryptographic applied sciences, they’re an necessary ingredient in serving to decentralized techniques to realize the properties that mainstream particular person and institutional customers count on and deserve.”

The primary Raiden testnet launched in September 2017. There had been plans to launch a “minimal viable product” that yr, however these plans modified and solely a “developer preview” was launched. The crew agreed that it “mustn’t name it ‘viable’ till it’s really protected to make use of and deploy on the mainnet.”

The Raiden Community held a profitable fundraising token launch in late October 2017, which concluded on November 1.

Since then, Raiden has made no main announcement on the progress of the undertaking, although there have been common statements about code replace and bug fixes.

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Written by Rebecca

Rebecca has been actively following cryptocurrency since he was introduced to Bitcoin in August of 2013. Since then, she has spent much of his time participating in the community, trading altcoins, and freelance writing within the cryptocurrency field. She is currently an undergraduate student pursuing a double major in Economics and Computer Science, which he plans to use towards a career in the blockchain industry after graduation.

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