Raiden Network Red Eyes Protocol Set to Scale Transactions on Ethereum Platform: ETH Close to Achieving 1 Million Tx Per Second
After dipping below 100$ during the course of the past several months with major price cuts affecting the price of Ethereum in the market, ETH, although still ranked as the third-largest cryptocurrency, is finally seeing some progress being the only crypto among the top list of 10 with positive returns of over 9% for the past seven days.
Moreover, the teams set to create Ethereum 2.0 are making progress as major developments and updates are planned in 2019, one of them being the implementation of scalability solution and switching from PoW to PoS.
The weekly gains of ETH in the market might have had something to do with the announcement that came out on December 21st, as Raiden Network stated that the alpha testing release of Red Eyes protocol is live on Ethereum mainnet.
Red Eyes Protocol Alpha Testing Release Available on Ethereum Network
Raiden Network shared news on the alpha testing release of their protocol Red Eyes by publishing the news on Medium last Friday, also adding that even though the protocol is available on the mainnet, Red Eyes is still nor production ready.
Regardless, the team invited all interested users to test the latest release through transferring tokens and participating in the bug bounty that Raiden Network organized in order to have the users report bugs and issues they encounter.
Raiden Network is set to implement safety measures which is why the team is organizing the bounty, stating that they have already undertaken several risk mitigation measures in order to limit the probable damage any present bugs could cause.
The main objective of the latest deployment of Red Eyes, as stated by the team Raiden, is to have the core protocol alongside smart contracts battle tested directly on the mainnet.
At the same time, the team emphasizes that Red Eyes protocol represents the first version of Raiden Network that had been successfully pitched on the ETH mainnet, while the protocol should allow scaling through enabling users to operate with payment channels.
The ultimate goal of the project is to have Ethereum network ready to process 1 million transactions per second on the mainnet, which would eventually help ETH reestablish its hegemony in the sector of platforms focused on Dapp development and smart contract operations.
Red Eyes the “Lightning Network” of Ethereum: ETH Mainnet Close to Million Tx per Second
Red Eyes protocol should support Ethereum network the same way the Lightning Network is supporting Bitcoin ecosystem, which means that the protocol is aiming at establishing scalability on the network.
While it is a well-known fact that Ethereum network has been experiencing some major scalability issues with Dapps and Crypto Kitties in the past, the latest Red Eyes release should enable a major level of scaling on the network, also enabling cheap and cost-effective off-chain transactions.
Ultimately, Ethereum should be able to process 1 million transactions in a single second after the official production ready version of Red Eyes is released.
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