Share This Post

Analytics / Breaking News / Ethereum

Ethereum (ETH) Needs Raiden Network (RDN) For Mainstream Adoption

Ethereum Chart With Values

Ethereum (ETH) which was originally seen as an alternative to Bitcoin (BTC), soon proved itself to be a lot more than that. Hundreds of blockchain projects successfully held their ICOs on the Ethereum blockchain and have now become fast growing companies in their respective niches. During initial days of Ethereum (ETH) scalability was not considered a major concern as the team did not expect such an explosive growth and widespread adoption in such a brief time. However, soon after the first few Ethereum ICOs, a series of blockchain projects started conducting their ICOs on the Etheruem blockchain, pushing the network to its limits. When the first Dapp in the form of Crypto Kitties was launched on the Ethereum (ETH), it nearly brought the blockchain to its knees.

The major problem facing Ethereum (ETH) today is that it can only process 20 transactions per second. If Ethereum (ETH) were to become the next Paypal or Visa, it would have to surpass 193 transactions per second for Paypal and 1,667 transactions per second for Visa. That is indeed a difficult task for Ethereum (ETH) to handle on its own. That’s where Raiden Network (RDN) comes in. Raiden Network is to Ethereum (ETH) what Lightining Network is to Bitcoin (BTC). The difference is that Raiden Network has is tokenized and can be traded on exchanges whereas Lightning Network cannot be bought or sold. Regardless of that, they solve the same problem: scalability. Raiden Network (RDN) works on the Ethereum blockchain and operates such that it eliminates the need for a direct connection between two parties in a transaction, hence lowering the transaction time. This ensures that transactions can be made on the Ethereum (ETH) blockchain at lightning fast speeds and with extremely low fees. If this were to go into effect in the near future, Ethereum (ETH) would be looking at a mainstream adoption as a global medium of exchange of value through smart contracts as well as direct payments.

Ethereum Chart With Values

Micro Raiden Platform on the Raiden Network (RDN) makes it possible for consumers as well as machines to make transaction between themselves for zero fees! This network is also planned to work with IoT (Internet of Things) and (M2M) Machine to Machine systems. Raiden Network (RDN) tokens are not mineable and have a total supply of 100 million. Raiden Network (RDN) tokens currently trade at a price of $0.88, down 90% from an all time high of $8.65. The project has a developer activity score of 84% (similar to projects like Litecoin, Lisk and Cardano). According to Coin Gecko, the project should be ranked at 65th place as opposed to its current ranking as 213th largest coin. The largest exchange for Raiden Network (RDN) tokens is LATOKEN, followed by Binance. Commit activity for Raiden Network (RDN) is currently at 33, up more than 5 times since the beginning of the year. This shows that developers are actively working on the project to provide Ethereum (ETH) the scalability solution it needs for mainstream adoption.


Share This Post