Final Test Network Launched for Ethereum Payments Channel Raiden

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by Coin AIO 1068 views 69

The testnet features a preventative recovery mode implemented through a rewritten smart contract code.

A new test network has been announced for Raiden, the ethereum payments channel project during the Dappcon developer conference in Berlin on Thursday, July 19. Lefteris Karapetsas, core developer of the Raiden project said that “It’s the first step towards going to the mainnet.”

The latest release features a minimal implementation of the scaling solution that will allow the trading of Ether (ETH) tokens – the native cryptocurrency on Ethereum blockchain – to be traded on off-chain payment channels. This particular testnet is the last one to test the technology before going live for everyday users.

Karapetsas also said that this new testnet will feature a rewritten smart contract code in addition to the payments channel which can be used as a recovery method. Thus, in case that the account is accidentally closed this preventative measure would help to save tokens on the chain.

During the release of the testnet at Dappcoin, Karapetsas also asked developers to use this testnet and discover potential bugs if any. He also announced a bounty program to incentivize developers doing this task successfully. while talking to CoinDesk, Karapetsas said:

“We really want people to really test this so we have a user interface, we have an API and we’ve created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.”

The release date for the implementation of the new features has yet not been confirmed but the Raiden team is most likely planning for a summer launch. Karapetsas said:

“Until the end of August, it’s still summer. Feature-wise the plan is to just launch with the same features that have on the testnet right now.”

Karapetsas said that even after the mainnet release the Raiden team will continue to work on the further optimization of the software and will be releasing regular code updates in that case. He also mentioned that the software will work in pace with other scaling technologies to create a more optimized functioning of the Ethereum network. Karapetsas explained:

“Raiden is essentially the payment channel network for ethereum, it’s supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.”

Much recently, the Ethereum network has been facing severe hurdles where the EOS has been accused of spam attacks causing the Ethereum network to overload. Moreover, the unprecedented rate of growing Ethereum scam bots recently caught the attention of the much-celebrated entrepreneur Elon Musk. Musk expressed surprise over the ones creating them.

Cornell professor Emin Gun Sirer expressed severe concern in this regard saying that:

“These scams are getting out of hand. Jack, Twitter, if you can’t detect this kind of brazen scam, what hope do you have of improving your platform?”