The Raiden Network Announces µRaiden: Off-Chain Micropayment Solution Using Ethereum
The Raiden Network is going to enable the Ethereum blockchain to do some amazing things. Until that technology can be perfected, however, the developers behind it have announced a facet of what will eventually be the much larger Raiden Network. This pay-per-use, instantaneous payment channel network is for commercial applications on Ethereum.
µRaiden (Micro Raiden) is a ready-to-go system that is set to revolutionize ERC20-based micropayments. While the larger Raiden Network will utilize bidirectional token payment channels to connect users together, µRaiden will employ unidirectional payment channels. This functionality will allow system participants the convenience of pay-per-use transactions. Per The Raiden Network: “Applications that encourage recurring customer payments or even micropayments can greatly benefit from a µRaiden setup. Examples include paywalls for news articles, pay-per-request APIs, micropayments for storage, bandwidth, and computations, livestream tipping, etc.”
Notably, µRaiden is going to be used as a distinct entity within the larger Raiden Network to pay auxiliary contributors for their services, such as monitoring channels or finding paths.
Demonstrations of µRaiden’s technology are currently available on Ethereum’s Kovan testnet. While there is no official release date, the announcement states: “µRaiden is currently undergoing an external security audit and will be ready to use on the Ethereum mainnet very soon.” The source code for µRaiden is available via GitHub as well as a synopsis and examples from developers.