Review on Raiden Network Token by francis fernandez
Raiden Network Token: a payment alternative outside the blockchain
Since the launch of the first cryptocurrency; many have been crypto projects that have dabbled in the digital asset industry.
Many are pursuing the goal of achieving mass acceptance as a universal payment currency.
However, they have encountered some obstacles in their way to achieve this goal.
One of them is poor scalability against handling high volume of operations Raiden Network is a digital application that operates outside the blockchain; using the top layer of the Ethereum network to create a highly scalable platform that allows payments to be made quickly and at very low costs.
The operation of the Raiden network is intended to decongest the blockchain consensus system; offering a set of payment channels that serve to make reliable transfers external to the chain independently of each transfer of the block chain.
Token:
The RDN token is ERC-20 type because it operates on the Ethereum network and is compatible with any token of this nature.
Utilities:
• Allows creators to develop decentralized applications.
• It allows to carry out payment transactions quickly.
• Allows the validation of financial operations in seconds.
• It is used to make easy exchanges with ERC-20 tokens.
• Serves for high yield trading due to low transaction fees.
• Allows you to make low value payments at low rates.
• Allows you to make payments as equals.
• It allows making exchanges without intermediaries
Pros
- Allows instant transactions.
- It is an interoperable blockchain.
- Offers low commissions for transactions on their network
Cons
- Variable value of digital currency
