Raiden Network, a fast, cheap and scalable token transfers for Ethereum has just announced that it’s “red eyes protocol” is now available on the Ethereum mainnet. The protocol aims to scale the transfer of tokens on the Ethereum network.
The protocol is only in alpha release so Raiden Network is encouraging users to test it with caution. Raiden Network has installed solid mitigation measures to ensure that the damages caused by bugs or misuse of the protocol will be limited.
By releasing the alpha version, Raiden Network is aiming to have the smart contracts and the core protocol battle tested on the mainnet. The network even launched a bug bounty to ensure the veracity of the test, Raiden Network has launched a bug bounty.
Features of the Red Eye Protocol alpha release
The features that users can test and experiment on are the following:
- Opening, topping up, closing and settling of payment channels
- Single and multi-hop transfers
- Automatically joining a token network and opening channels with peers
- REST API with endpoints for all functionalities
- Redesigned WebUI
- Raiden Explorer, visualising the live status of the network
- Rewritten and more gas efficient smart contracts (e.g. only one contract per token network)
- Improved protocol for dealing with edge cases
- Recoverability in case of an irregular shutdown of the Raiden node
- Integration of the Matrix transport protocol for messaging
Benefits of the Red Eye Protocol to Ethereum
Once the deployment of red eye protocol is successful, Ethereum network will be able to process 1 million transactions per second. This will be made possible by processing transactions off-chain that will result in faster and cheaper transactions on the Ethereum network.
Another benefit of the Red Eyes Protocol is the high probability of increase in Ethereum’s price and status as the top dapp developer as well as smart contract platform. Before the launching of Red Eyes Protocol, the price of Ethereum is $115. It is currently hovering around $125 which means the prices have increased by 8%.