Although the markets are bleeding red, cryptocurrencies are trying to progress as the community remains uncertain about market movements. Ethereum [ETH], the third largest cryptocurrency on the CoinMarketCap list, suffered a backlash from the community because of its performance chart. However, the community might welcome the news that cryptocurrency would soon be able to process 1 million transactions per second.
The token would have reached the goal with Raiden Network [RDN], a protocol that involves the transfer of token to scale on the Ethereum network, reported Bitcoinexchangeguide.
Raiden Network has successfully implemented the initial version of the same on Ethereum mainnet, known as Red Eyes. Raiden Network informed the Red Eyes version via a blog post and took note of an alpha test version. The company has asked users to pay attention during use and to protect their nodes before use, while explaining that the network is not yet ready for production. The blog has noted:
"We are pleased to announce that the Raiden Network Red Eyes version is live on Ethereum mainnet! The Red Eyes version is an alpha trial version.It is absolutely critical to read this post including safety notes carefully before using the software"
The release will allow developers to open, reload, close and adjust payment channels. The goal of the company for the release is to test the smart contracts and the main protocol on the main Ethereum network.
The network is similar to the Lightning network as it aims to provide scalability solutions for the scalability problems of Ethereum. This will allow the currency to reach 1 million transactions per second, something that will help strengthen the morale of the community. This development will also allow cheaper and faster off-line transactions than those developed on the main Ethereum network.
The network seemed to be congested at the start of this year as Ethereum was traded almost close to its all-time high. The reason mentioned in the publication was the increase in the use of CryptoKitties and other decentralized applications [dApps] the one required to process multiple transactions.
Because Lightning Networks helps Bitcoin improve its scalability, Ethereum is also preparing itself the same way. This could lead to higher cryptocurrency, Bitcoin and the third largest cryptocurrency Ethereum, to process millions of transactions without any problem on their networks and could re-establish community trust.
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