The Raiden Network
The Raiden Network is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments. It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token. The Raiden project is work in progress. Its goal is to research state channel technology, define protocols and develop reference implementations.
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What are Raiden (RDN) Tokens?
The Project’s token (RDN) will operate as a general purpose decentralised cryptocurrency which will be compatible with Raiden’s Network. Once created, Raiden’s token will be used for micropayment channels on µRaiden (Pronounced: Micro Raiden) and will perform payments over these channels. Still don’t get it? Check these links out for more information on the RDN token, and a review of Raiden’s contracts.µRaiden – Micro Raiden
µRaiden operates as a free payment channel framework that can tolerate fast and frequent ERC20 token based micropayments between parties. µRaiden is comprised of a set of open source libraries, documentation, and code examples that are ready to for developers to try on the Ethereum’s testnet. µRaiden is different to the Raiden Network, whose aim is to enable “multihop transfers” through its network of bidirectional two way payment channels. More simply, µRaiden will enable micropayments through unidirectional payment channels, while the Raiden Network will allow bidirectional payment channels.
What is the allocation of Raiden?
The total amount Raiden that will be generated is: 100,000,000 RDN
This will be allocated as follows:
- 50% Public auction
- 34% Retained by brainbot labs Establishment (Raiden project lead)
- 16% External development fund
There is quite a retention of Raiden by the creators, had this been any other ICO we would not have endorsed it due to this. Here is some more information about the initial allocation of RDN’s tokens.
What is the format of this launch?
The launch will be conducted using a same price Dutch auction and a fixed percentage of tokens are offered. The Dutch auction format will allow people to participate without having to rush and will provide certainty over the token’s final value at the last bid.
How to participate in the token launch?
Buying more than 2.5 ETH:
- If you want to purchase more than 2.5 ETH, then you are over the KYC threshold and will have to get whitelisted.
Buying less than 2.5 ETH:
- If you don’t meet the KYC threshold, it is as easy as sending you Ethereum to the auction address. For more specific information read the token launch instructions for more details.
Which Ethereum Wallet to Use For Raiden Network ICO:
Any ERC-20 compliant wallet will do, as long as you are able to keep control over your private keys. Thus far, these wallets have been tested and successfully participated on Raiden’s mainnet:
- Mist
- MetaMask
- MyEtherWallet
- Parity WebUI as well as the Foundation
When do you get access to purchased Raiden Tokens?
You will probably be able to access your RDN tokens 7-10 days after the token launch has ended.