Review on Raiden Network Token by Robiul Islam
Instant, low-fee and scalable payments.
Seeing it on their site can be a bit difficult to understand how it works so I'm going to explain it in the simplest way. The blockchain technology available today is unable to do a global network of micro-transactions that will compete with MasterCard's choices. Digital peer-to-peer payment systems, like Bitcoin, need to be able to scale to the mastercard level of transactions per second across the globe to go mainstream.
How it works.
It provides a network of 'off-chain' payment channels that enable participants to transmit tokens to each other without the need for global sensation or blockchain involvement for each transfer. It is designed with additional security measures that make it more adequate for processing payments.
The project is being run by a number of skilled developers in the Ethereum community. Furthermore, they were incredibly active in the protocol that can be proven from their GitHub operation.
Although Token's performance has been disappointing over the past year, it is due to the general market and not to specific reasons. This can provide a positive feeling as the team updates further by adjusting to their roadmap.
Pros
- Fast transfer confirmation is less than 1 second.
- Scalability that enables the public to accept it for Ethereum.
- Increased privacy due to 'off-chain' transactions.
- Low fee transactions.
- Micropayment capabilities.
Cons
- No physical or digital backing (assets, profits, products).
