News of the Lightning Network does excite the cryptocurrency community as the upcoming technology is meant to improve bitcoin’s scalability. Even more exciting is the news of Ethereum developers working on scalability solution to the Ethereum network.
News of the Lightning Network does excite the cryptocurrency community as the upcoming technology is meant to improve bitcoin’s scalability. Even more exciting is the news of Ethereum developers working on scalability solution to the Ethereum network. This only goes to show that community is string at works towards an improvement of the two most popular cryptocurrency technologies.
Those of you who are familiar with Ethereum know the Raiden Network. For the uninitiated, the Raiden Network is a project with the only aim to make Ethereum more widely adopted by improving its speed. The fascinating news is that Liquidity.Network is joining forces with Raiden. Both projects were working separately in the past but from now on, they will cooperate in solving Ethereum’s pain points.
Liquidity.Network wants to enable traders and just casual users to move their funds freely without the need to pay transaction fees within the network. Both Liquidity.Network and Raiden are far from launching their products for public use at times when Ethereum is reaching its maximum load. While the upcoming solutions are only being tested now it won’t be long until a live experiment comes along. Co-founder Arthur Gervais commented, “What we’re providing is a payment hub which allows you to do bi-directional payments among however many people you want, which we think could be big for ethereum in general.”
It is important to mention that Liquidity.Network takes advantage of Revive, another technology that is working in the same direction.
Gervais hopes that since the workings are in the very beginning, Raiden and Liquidity.Network can attract curious developers, willing to participate in the project. The cooperatives not only try to develop a new technology but they also are building a cryptocurrency wallet able to handle transactions on the new network. As of writing, the wallet only supports testnet coins, referred by Gervais as dummy.
The whole Ethereum community would benefit if current tests turn successful because Gervais suggested that they might build more applications, which would support not only Ether but other ERC-20 tokens as well. This would lead to greater adoption of a significant number of cryptocurrencies. If everything is as expected, we might see the public launch of the network in just three months.