What is Raiden Network Token? Raiden Network Token is the native token of Raiden Network that aims to improve Ethereum’s problems. cryptocoin.com In this article, we will examine the Raiden Network Token. In addition, we will also answer questions such as what is the Raiden Network, what is the Raiden Network Token, what is the use of RDN, and how to get it. Now, let’s examine this fast, low-cost and secure cryptocurrency together.
What is Raiden Network?
Before moving on to RDN, it would be useful to review the Raiden Network. Raiden Network is an Ethereum-based Blockchain protocol. This protocol provides fast, inexpensive, scalable token transfers for Ethereum. Accordingly, it basically works as a service tool on Ethereum. With this tool, users get the advantage of performing high-speed cryptocurrency transactions at low costs. The protocol does this as a complement to Ethereum, not as a competitor.
What is Raiden Network Token?
Overall, the Raiden team identifies the main issue with scalability. Accordingly, networks like Bitcoin and Ethereum currently have high fees and long confirmation times. This is one factor that makes the idea of mass adoption of blockchains unrealistic. This is where the Raiden Network comes in. The protocol uses off-chain transactions to solve the scalability issues faced by Ethereum. Thus, it offers “instant, low-fee” payments regardless of the number of transactions processed on the network.
Raiden Network Token (RDN) is the native cryptocurrency of this protocol. Its existence is based directly on the Ethereum Blockchain itself. Accordingly, the cryptocurrency was created and hosted on Ethereum’s ERC-20 smart contract. Users gain access to a range of use cases on both the Raiden Network and Ethereum via RDN.
What does RDN do?
Raiden Network Token (RDN) is essentially Ethereum’s solution to its scalability problems. This is similar to Bitcoin’s Lightning Network protocol in many ways. According to a video posted on Raiden Network’s official website, Blockchain networks must reach roughly 100 million TPS before widespread adoption of blockchain payments can occur. As of now, the Ethereum network can handle around 10-15 transactions per second. This is highly inefficient compared to the Visa credit card that can handle 45,000 tps. At this point, RDN is used for the following purposes:
- Making transactions in less than 1 second,
- Performing private transfers that cannot be viewed in the global ledger,
- Existence in the Ethereum network with high scalability,
- Transfer assets with low gas fees,
- Using micropayment capability,
- Interoperability with any ERC-20 token.
What is Raiden Network Token? How to get RDN?
Raiden Network Token is currently listed on cryptocurrency exchanges such as Gate.io, Uniswap, and Bancor Network. Interested investors need to access these exchanges and follow the buying steps for RDN.
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