Raiden Network (RDN) is an Ethereum based token complying with ERC-20 standards. Raiden Network solves the three basic issues with native Ethereum blockchain i.e. scalability, slow transactions speeds and high fees. Raiden Network is targeted towards mass adoption of decentralized blockchain technology by offering a low transaction fee micropayment platform. Raiden Network settles transactions off-chain by creating binding agreements known as "balance proofs" by using hash-locked transfers. TheShow more [+] low-cost transactions can be carried out almost instantly on the Raiden Network. RDN token is used for transaction settlements.
The Raiden Network (RDN) was founded by Heiko Hees who was a former developer at Ethereum. Oliver Bunting is working as a consultant for this project.
The purpose of Raiden Network is to solve the issues of scalability, high transaction fee and low transaction speeds of native Ethereum blockchain. This is accomplished by carrying out the transactions off-chain.