The Raiden Network Token is the native cryptocurrency of the Raiden Network platform, supporting a range of use cases like micro-payments, M2M Markets, API Access, and Decentralized Exchanges. The platform claims to provide fast, inexpensive, and scalable token transfers for Ethereum.
What is Raiden Network Token (RDN)?
The Raiden Network Token (RDN) is the native token of the Raiden Network, an open-source project aiming to scale Ethereum using official channel technology.
The Raiden Network is an off-chain transfer network for Ethereum ERC20 tokens, providing a fast, scalable, and cheaper alternative to on-chain token transfers. It also guarantees certainty, security, and decentralization in Raiden Network transfers, similar to those on blockchain networks.
Additionally, the Raiden Network addresses the following challenges:
- Scalability: The platform addresses the insufficient scalability of the Blockchain. The Raiden Network provides a payment system based on payment channel technology that scales with the number of users. This implies that the larger the Raiden Network, the higher the potential maximum efficiency, virtually without any upper limit.
- Instantaneous Transactions: Raiden Network, which states that Ethereum currently produces a new block approximately every 15 to 30 seconds, mentions that its own transfers are as fast as text messages. It is noted that a user receiving a signed Raiden transfer does not need to wait for any confirmation.
- Transaction Fees: It is stated that Raiden Network transfer fees are much lower than on-chain transaction fees. According to statements, these low fees allow a long queue of new use cases that were previously impractical due to high transaction costs.
- Privacy: While Ethereum transactions are public, Raiden transfers occur privately between the payer, payee, and the nodes transmitting the transfer. It is mentioned that only the total of transactions becomes visible to everyone when the channels are closed.
Furthermore, it is stated that the Raiden Network Token is not central to the platform and is used only by participants who prefer to pay for the convenience of not having to run a full node.
RDN Token Review
Investors interested in RDN Token appear to be evaluating this cryptocurrency for long-term investment purposes. Therefore, RDN token investors are expecting an increase in the value of the cryptocurrency in the long run.
Additionally, the RDN coin, which garnered more attention with its Binance listing, seems to inspire confidence in investors due to its long-standing presence in the market.
To understand why investors are considering it for the long term, it is useful to look at current figures.
At the time of preparing this article, the RDN token was trading at $0.1984, and according to CoinMarketCap data, it ranks 508th in terms of market value with a market capitalization of $10,102,008 USD. It is also worth mentioning that in the RDN BTC trading pair, the token is trading at 0.00001100 BTC against Bitcoin.
In addition, the Raiden Network Token (RDN) saw its record level at $8.84 on January 9, 2018, and its lowest level at $0.0458 on March 13, 2020. It is stated that there are currently 50,910,504 RDN tokens in circulation, with a total of 100,000,000 RDN to be issued.
How to Buy Raiden Network Token?
The Raiden Network Token can be purchased via the Binance exchange. Binance, the world’s largest cryptocurrency trading platform in terms of trading volume, listed the RDN token on November 9, 2017.
In addition, Binance users currently encounter RDN/BNB, RDN/BTC, and RDN/ETH trading pairs.
