X

9981 Views

Raiden Network (RDN) Token Review – How and Where to Buy RDN

Spread the love
  • 5
    Shares

Raiden (RDN) is a payment system built on the Ethereum network. The platform makes use of off-chain state networks to increase Ethereum’s transactional capabilities. It is for Ethereum what the Lightning Network is for Bitcoin.

Raiden’s purpose is to provide an easy to use channel for off-chain payments without requiring the involved parties to trust each other.

This is done by using a network of P2P payment channels and Ethereum deposits. The idea is to change the model where transactions hit the shared ledger on the block with one where users can exchange messages used to sign the transfer value.

By using these off-chain payment channels instead of depending on the blockchain for each transaction, the parties in a channel can perform transactions between them instantly, in high volume, and without fees until the net amount is set on the Ethereum blockchain. Only when the net amount is set on the blockchain will the channel be closed.

Features

The tokens

There are two types of fees in the Raiden network: protocol-level fees and peripheral fees. RDN tokens are used in the network to pay peripheral fees.

Protocol-level fees have the role of stabilizing the payment channel network. These fees are used by nodes to prevent their channels from being consumed over time. The fees will be very low, and they will be converted into the tokens that will be transferred to the channel.

Peripheral fees can be paid by contributing to the location of a path with enough capacity that it will provide channel monitoring services for offline services. The users that administer these services need not pay these fees, as they can be earned.

The Raiden team says that 95% of the nodes on the network will be made up of clients that will not need to run the full stack of services. Therefore, they will not be troubled with having to pay the small fees. It is expected that most dApps will be used by a light client. Raiden transactions conducted through those dApps will charge a fee that will be payable in RDN tokens.

If you do not run a full node, you won’t be required to pay RDN to participate in the Raiden network.

Token

Market cap and supply

As of this writing, the current market cap for RDN is valued at $62,685,584. The current number of circulating RDN tokens is 50,168,936, and the total supply is that of 100,000,000 RDN tokens.

Where can I buy Raiden Network Tokens?

You can buy RDN tokens from some of the most popular exchanges such as Binance, Huobi, LATOKEN, Ethfinex, Gate.io, and Bibox. For more information, be sure to visit CoinMarketCap.

How do you buy Raiden Network Token?

Purchasing RDN tokens is not a straightforward process. However, you can buy RDN using Bitcoins if you have an account on any of the aforementioned exchanges.

Conclusion

Raiden is one of the most important improvements brought to the Ethereum network, but it remains to be seen if it can compete with Bitcoin’s Lightning Network in facilitating instant and low-fee microtransactions.

Features2

4 Shares

You may be interested

US Rep to Hold Roundtable Discussion With Blockchain Expert
News
209 views
News
209 views

US Rep to Hold Roundtable Discussion With Blockchain Expert

Joshua Tayo - September 26, 2018

Currently, the U.S does not have a solid regulatory structure that governs the action of blockchain related innovations. In order…

New ESMA Regulations May Boost Up Crypto Exchanges Volumes
News
347 views
News
347 views

New ESMA Regulations May Boost Up Crypto Exchanges Volumes

Anca Faget - September 26, 2018

Recent ESMA  regulations have overhauled the retail trading industry. Although they probably haven’t been met with all the warmth especially…

How to Avoid Cryptocurrency Thefts
Learn
920 views
Learn
920 views

How to Avoid Cryptocurrency Thefts

Solomon Magawi - September 25, 2018

Bitcoin itself is tough to hack, thanks to the blockchain framework that underpins it. Since the blockchain is regularly reviewed…