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Developed by Brainbot Labs Est., Raiden Network is an off-chain scaling solution that enables fast and inexpensive payments. It’s akin to Ethereum’s version of Bitcoin’s Lightning Network.
The platform complements the Ethereum blockchain and works with any ERC-20 token. The Raiden Network Token (RDN) supports various use cases such as micro-payments, M2M Markets, API Access, and Decentralized Exchanges.
What is Raiden Network Token (RDN)?
Raiden Network is an off-chain transfer network for Ethereum ERC20 tokens. It provides a fast, scalable, and inexpensive alternative to on-chain token transfers. Additionally, Raiden Network transfers offer users certainty, security, and decentralization similar to those known on blockchains.
Raiden Network claims to solve the following problems in the ethereum network:
- Scalability: Raiden Network offers a payment system based on payment channel technology that scales with the number of users. This means the larger the Raiden Network, the higher the maximum efficiency without any apparent upper limit.
- Delays: Claims suggest Raiden Network transfers are as fast as text messages. Once you receive a signed Raiden transfer, you can be certain that the amount it contains is yours. There’s no need to wait for any confirmation.
- Transaction Fees: According to statements, transfer fees on the Raiden Network are much lower than on-chain transaction fees. This is because you only pay for peer-to-peer consensus, not for global consensus.
- Privacy: While Ethereum transactions are public, Raiden transfers will be private among the payer, payee, and nodes transmitting the transfer. When channels are closed, only the net total of transactions becomes visible to the world.
Additionally, it is known that the native cryptocurrency of the Raiden network is the RDN token. However, this token is not central to the protocol and is used only by participants who prefer to pay to avoid running a full node.
Where to Buy RDN Coin?
RDN Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy RDN Coin, one must first register with Binance and then send fiat currency. After sending a fiat currency like dollars, you can purchase RDN Coin in the RDN BTC trading pair by buying Bitcoin (BTC).
Additionally, at Binance, users can place a buy order not only at the market price but also at a lower price. To do this, use the Limit tab and enter the amount and price you want to buy at.
