The cryptocurrency markets continue to beat while the 2018 ends with the still roaring bears. Amid all the noise, markets continue to project growth and progress in 2019, while the community remains uncertain about market fluctuations. However, the blockchain industry continues to evolve continuously with new innovations and technological developments and software fronts.
Ethereum [ETH], the third largest cryptocurrency in recent weeks has had to face criticism from its community because of its performance chart. The community may soon enjoy the news that cryptography could soon process a million transactions a second. The project has been in the pipeline since the beginning of this year. We reported in July when the final test network for Ethereum Payments Channel Raiden was launched.
The competition is rigid and only the strongest will survive. The development was welcomed with great favor, especially with 2019, in view of the fact that it will mainly include regulatory reforms in cryptic markets.
Ethereum is the most popular and widely used blockchain project in the entire blockchain industry. Currently it faces the strong competition of Tron, Lumens, EOS, Stellar and many others. On ETH, developers can create and distribute decentralized applications. The competition pushed Ethereum to develop ways to improve its platform and maintain its dominant relevance in the blockchain space.
The Raiden Network protocol
In recent months, Raiden Network has developed a protocol called "Red Eyes Protocol". This new development aims to downsize the transfer of tokens on the Ethereum network. The protocol went live on the Ethereum mainnet in an alpha test phase. Users should use the protocol carefully while participating in the Raiden Network bug-bug program as recommended.
Because the protocol is relatively new, the team has taken a strong mitigation precaution to minimize damage resulting from improper use of the protocol or bugs. They explained in a blog post that the network is not yet ready for production:
"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 by carefully including the safety notes before using the software"
What the protocol for Ethereum means
When ETH was trading around its historical highs at the start of the year, the network became overly congested. It has supported the increase in transactions and the Ethereum dApps as CryptoKitties. Once the Raiden network has been fully implemented, the ETH will manage up to one million transactions per second.
Ethereum will achieve this goal by executing off-line transactions, resulting in cheaper and faster transactions than before. The Raiden Network Red Eyes protocol has many similarities to the Lightning Network protocol for Bitcoin. Both have an off-scale scalability solution that allows for faster and more cost-effective transactions.
If the Red Eyes protocol is successful, the price of Ethereum could increase significantly. Furthermore, the status of ETH as a leading platform for the development of dApp and smart contract will be improved. The price of Ethereum fluctuates around $ 125, an increase of 8% compared to the price of $ 115 just before the release of the Red Eyes protocol.