Ethereum one step closer to 1 million transactions per second

24 Dec, 2018
by Joeri Cant
Ethereum
Ethereum one step closer to 1 million transactions per second

Raiden Network announced on Twitter that Red Eyes, the first version of the Raiden Network, a protocol for scaling token transfers on Ethereum, has been successfully deployed on the Ethereum mainnet.

The main goal of the Red Eyes release is to test the smart contracts and core protocol on the mainnet. The Raiden Network team has as well published a bug bounty specifically for this release.

'The network is not yet production ready, however we welcome everybody to test it on the mainnet by doing token transfers and taking part in our bug bounty.'

'We hope that you’ll enjoy testing the software and doing off-chain token transfers, using our payment channel network on the Ethereum mainnet.'

'This is an early step of bringing the Raiden Network’s vision, which we have been working on for a long time, to life and we are happy to have you on board as first adopters', the Raiden Network team said.

The Raiden Network is intended to be a scalability solution with the purpose of bringing Ethereum to 1,000,000 transactions per second. Raiden channels can exist forever and are capable of operating with fewer on-chain transactions versus Lightning, ultimately lowering fees.

Read more: Ethereum (ETH) up 16 percent, to $130

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