What is Raiden network token (RDN)?

The Raiden Network Token is the native currency of the Raiden Network, which describes its protocol as a means for “fast, cheap, scalable token transfers for Ethereum”. The protocol is meant to complement Ethereum, not compete against it, allowing for Ethereum compatible tokens (ERC-20) to be utilized.

What is the Raiden network?

The Raiden Network is a scaling layer built on top of the Ethereum blockchain. It allows users to initiate fast and low-cost transactions. The network interacts with tokens built using Ethereum’s ERC-20 standards. In other words, it is similar to Bitcoin’s Lightning Network.

What is the difference between Bitcoin and Raiden?

For Bitcoin, there is the Lightning Network. What Is Raiden? Now, the Raiden platform acts as a second layer payment channel for Ethereum. The ETH network the second most used public blockchain in the world, due in part for being the first to allow smart contracts in the blockchain.

Is Raiden an off-chain solution?

Since Raiden works outside the main network, it is known as an off-chain solution or layer two solutions. Not all of the transactions need to be recorded in the main Ethereum network for confirmation on the Raiden platform to occur. When using this network, the Ethereum Ledger is not the backbone of transaction authentification.