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Ethereum's Scaling Solution Raiden Announces ICO, but Comes Under Criticism

Published 1 year ago by Michael Kimani

Ethereum's Scaling Solution Raiden Announces ICO, but Comes Under Criticism

Crypto Vest via cryptovest.com

The Ethereum network's latest scaling proposal dubbed Raiden Network is launching an ICO to raise funds for protocol development. Raiden works as an off chain payment network taking the load off the main chain by pushing out transactions to offline payment channels. This offline network relies on a series of intermediaries known as payment hubs that relay transactions before final settlement on the main chain. Raiden's scalability solution works for tokens on Ethereum as well as offering APIs for interactions with decentralized applications. The team drew inspiration from Bitcoin's lightning network, a similar offline payment network. Raiden's ICO is slated for October and has received the backing of Vitalik Buterin as part of the Ethereum scaling roadmap. But Raiden has also come under criticism for choosing an ICO to raise funds and the use of a token instead of native Ether. The announcement drew sharp responses from r/Ethereum and Litecoin founder Charlie Lee who Tweeted: While Raiden potentially scales performance, some are skeptical of the high price paid for second layer scalability. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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