The blockchain industry and digital currency space have seen the emergence of fascinating innovations over the years. The competition in the industry is getting stronger and only the strongest could survive in this condition. Ethereum (ETH) is now the third largest digital currency in the world by market cap.
Ethereum is one of the most popular and used blockchain projects in the blockchain space. The blockchain project has seen great competition from the likes of EOS, Tron, Stellar Lumens, and more. Ethereum provides a platform for developers to build and deploy decentralized applications. Over the past years, more platforms have emerged with similar features and better experiences. Since then, Ethereum has been looking for ways to improve its platform to retain its relevance in the blockchain space.
Ethereum Could Soon Be Processing 1M Transactions per Second
Ethereum is looking forward to processing one million transactions every second. The blockchain project wants to achieve this with the Red Eyes protocol of Raiden Network – a protocol that is aimed at scaling transfer of tokens on the network of Ethereum.
Red Eyes is the first version of the Raiden Network, the protocol has been deployed on the Mainnet of Ethereum successfully. The release of the Red Eyes is in an alpha testing phase, says Raiden via a blog post. The firm has issued a warning regarding the usage of the protocol. In a statement, the firm said developers should be very careful when using, and they should secure their node before doing so.
In the blog post, Raiden Network also added that the network isn’t yet production ready. Raiden Network stated that: ”We are happy to announce that the Raiden Network Red Eyes release is live on the Mainnet of Ethereum. The Red Eyes release is an alpha testing release. It is extremely important to read this post and the security notes carefully before using the software.”
The main reason for the release is to test smart contracts and the core protocol on the Ethereum network. In addition, developers will now able to top-up, close, open, and settle payment channels. The Lightning Network and the Raiden Network have something in common. They function in a similar way.
The Raiden Network is aimed at providing a scaling solution to the scaling issues of Ethereum. The network will also allow Ethereum to reach one million transactions in a second. With this new development, transactions that are processed off-chain are faster and cheaper than those that take place on the main Ethereum network.
Late last year and early this year, when Ethereum (ETH) was trading close to its all-time high, the Ethereum network was highly congested. The reason for the congestion was the increased usage of CryptoKitties and other decentralized apps on the network that needed to process some transactions.
The Lightning Network is also aimed at solving the scalability issues of Bitcoin. In the future, both Bitcoin and Ethereum could be handling millions of transactions in a second without causing an issue on their networks.
Ethereum (ETH) Price Today – ETH / USD
Ethereum (ETH) is currently trading at $123 after a decrease of about five percent over the past twenty-four hours. The current market cap of the digital currency is $12.80 billion and its trading volume over the past twenty-four hours is $2.09 billion.