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Ethereum (ETH) takes a step towards 1 million transactions per second

Red eyes, the first version of the Raiden Network (RDN), a protocol for downsizing token transfers on Ethereum (ETH), has been successfully implemented on the main Ethereum network.

According to ad, the main goal of the Red Eyes version is to test the smart contracts and the basic protocol on the mainnet. As part of this process, the Raiden Network team published a bug bounty specifically for this version.

Included in the version is the ability to open, recharge, close and adjust payment channels. In addition, testers can automatically access a token network and open these channels with their peers.

"We hope you'll enjoy testing software and making off-chain token transfers using our payment channel network on the main Ethereum network," said the Raiden Network team. "This is a first step to bringing the vision of Raiden Network to life, on which we have worked for a long time, and we are happy to have you on board as the first to adopt it."

Similar to Lightning Network, Raiden Network is thought to be a scalability solution with the specific purpose of bringing Ethereum to 1,000,000 transactions per second. Raiden channels can exist forever and are able to operate with fewer on-chain transactions than Lightning, ultimately reducing rates.

Other: Red Eyes Mainnet Release Announcement
Related: Ethereum (ETH) increases by 20% while the holiday Crypto Rally continues

Disclaimer: the author of this article has participations in cryptocurrency that may be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct due diligence before making investments.

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