What is Raiden Network Token (RDN)?
Future of RDN Cryptocurrency and know how to buy RDN

What is Raiden Network Token (RDN)?

#1 - What is Raiden Network Token (RDN)?

Raiden Network Token: The Basics

The Raiden Token (RDN) is the native currency of the Raiden Network. It is a protocol meant to complement Ethereum and offers no competition to the cryptocurrency, while offering fast, cheap and scalable Ethereum token transfers!

Scalability is one of the primary challenges faced by cryptocurrencies, and the reason they aren’t being adopted by the masses as quickly as enthusiasts would like. This is where the Raiden Network comes in. It uses off-chain transactions in order to overcome the problem of scalability to provide low-fee and almost instant transactions.

RDN Development

Raiden Network Token is developed by Brainbot Technologies AG, a Germany based software company devoted to development of blockchain protocol. The company was founded in year 2000 by Heiko Hees. He is also a core developer of Ethereum as well, and therefore well placed to understand its drawbacks.

As they are working on wide range of products, RDN is not currently listed on their website. There also has been no development update about Raiden Network from them since December 2017.

 

#2 - What are the Benefits of Raiden Network Token?

Technology

  1. Raiden Network is the infrastructure layer on top of Ethereum blockchain. Though the idea is simple, the implementation is quite complex.
  2. Their API (Application Development Interface) is developed as a scalable decentralized application. This separate layer creates a cooperative union between Ethereum’s framework and Raiden Network.
  3. According to the company, the Raiden Network will transition from “a model where all transactions hit the shared ledger on the blockchain to a model where users can transfer tokens by privately exchanging messages without involving a global consensus protocol while maintaining security and guarantees as expected from the blockchain system.”
  4. The need for global consensus (every single node approving additions to the blockchain), which reduces the ability to scale, is also eliminated by the Raiden Network.
  5. The blockchain is not involved for every transaction, which increases the speed as well as the security. Transaction times of less than 1 second are achieved - far higher than most other cryptocurrencies.
  6. Off-chain payment channels are used, which allow users to transact after they have deposited a down-payment first made on-chain.
  7. The transactions are passed via multiple nodes instead of just one, which allows for quicker confirmations and transfers.

Corporate Usage

  • Retail payments Raiden Network can be a major building block for developing Ethereum based payments. As transaction fees and scalability play a major role in mass adoption, Raiden Network will make it possible!
  • Micro payments Micropayments can be used to get fine grained access to APIs, bandwidth, computing power and storage. So, blockchains and technologies like Raiden Network are of the strongest contenders for becoming payment infrastructure.
  • Instant token swap After payments, blockchains are most preferably used for transfer of different tokens. With Raiden Network, the tokens can be transferred almost instantly at minimal transaction fees.
  • P2P Cash As more countries transition towards a cashless economic system, scalable blockchain networks like Raiden Network can help preserve the decentralized nature of cash while meeting the expectations of the new generation.

 

#3 - How to Buy and Store Raiden Network Token?

How to buy Raiden Network Token / How to buy RDN?

  1. The Raiden Network Token (RDN) was launched via an ICO of pre-mined tokens in November 2017, which means RDN mining isn’t possible. The ICO put up for sale about 50 million tokens, which can be bought from various cryptocurrency exchanges like Houbi, Gate.io and Binance.
  1. CoinSwitch, largest cryptocurrency exchange compares real time prices of the cryptocurrencies on different exchanges and helps you find the best deal! You can buy RDN tokens from this exchange against other cryptocurrencies like Ethereum. With a user-friendly interface, and more than 45000 cryptocurrency pairs, trading is economical and simplified on CoinSwitch.

How to store Raiden Network Token

As RDN is a ERC-20 token, you do not need a separate Raiden Network Token wallet to store it. It can easily stored in hardware wallets like Trezor, Ledger Nano S. One of the best wallets to store them is the MyEtherWallet (MEW).

Here is a simple step-by-step guide on how to store RDN tokens using MyEtherWallet:

  1. Go to MyEtherWallet website and enter a password. Note it down as without the password, you won’t be able to access the wallet. Click on ‘Create New Wallet’.
  2. Next, click on ‘Download Keystore File’. Make sure that you read all the warnings carefully and understand them. Keep a backup of this file at a safe place. Once you finish reading, click on ‘I understand, Continue’.
  3. Now you will be able to see your private key on the screen. Click on ‘Save your address’ and store the key at a safe place. Your wallet is ready for use!
  4. In order to open your wallet, click on ‘Keystore File’ option. Upload the keystore file and enter your password. Your wallet will be opened.
  5. Purchase Ethereum tokens in order to buy RDN against them. You can purchase them using credit/debit cards. After you purchase Ethereum tokens, you can buy RDN tokens against Ethereum coins.

 

#4 - What is the future of Raiden Network Token?

Trends So Far

Since its launch in November 2017, RDN tokens have seen a steady increase -  going from $1 to over $8 within just a few months. It however, took a beating during the bearmarket of early 2018, and dropped near $2 levels. However, due its to its stability and comparably low volatility, it may be of interest to long term investors rather than the ones looking for quick money.

As of June 2018, it has a total market capitalization of around $44 million USD. Of the total supply of 100,000,000 RDN tokens, around 50,168,936 RDN tokens are in circulation.

Also Read: Complete Analysis of Raiden Network Token | Live Raiden Network Token (RDN) Price Charts And Predictions

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

1.32

1.41

1.31

1.41

1,330,550

66,103,000

May 01, 2018

2.26

2.26

2.07

2.21

5,037,920

113,133,000

Apr 01, 2018

1.37

1.42

1.19

1.21

6,263,560

68,955,800

Mar 01, 2018

2.67

2.85

2.64

2.70

5,147,330

133,758,000

Feb 01, 2018

4.06

4.10

3.22

3.59

11,682,700

203,525,000

Jan 01, 2018

4.30

4.91

4.16

4.91

16,697,500

215,502,000

Dec 01, 2017

4.39

4.39

3.75

3.95

14,526,200

219,265,000

Nov 08, 2017

0.920038

1.13

0.890788

1.12

739,382

-

Future Trends

  1. The Raiden Network is a highly anticipated core blockchain development project. Though there are no recent updates from the developer, which may be cause for some coern, it seems to be a long term project rather than a quick and attractive short one!
  2. The CEO being one of the core developers of Ethereum, coupled with the use cases of this project make it a very interesting project. If all the things go as planned by the company, then RDN will soon be the go-to digital currency for retail payments!

 

#5 - How is Raiden Network Token different from other cryptocurrencies?

  1. The most important difference between RDN and other cryptocurrencies is its ability to scale. With the help of off-chain transactions, it can process large number of transactions per second as compared to other cryptocurrencies like Bitcoin.
  2. As it can process more number of transactions per second, the speed is higher than all other cryptocurrencies.
  3. As a result of off chain transactions and high speed, the transaction fee is also very low.
  4. It enables private transactions which are not visible on the global ledger, indicative of its focus on privacy as well.
  5. Unlike Bitcoin and other top cryptocurrencies, it also offers micropayments - tiny transactions with tiny fees..

 

#6 - Should you Invest in Raiden Network Token?

The RDN development team has been prudent in their approach in building this project.

  1. Rather than creating a fork in Ethereum, the developers gave the investors a direct opportunity to invest in RDN, by complementing the Ethereum blockchain than competing with it.
  2. Developed by a team with a recorded history of successful projects, it is primed for acceptance, at least based on past records.
  3. The low latency and high throughput of Raiden Network makes the RDN cryptocurrency an interesting one, with a lot more potential for scalability than many other cryptocurrencies out there.

With half of the RDN coins already in circulation and the perks it comes with, RDN seems to be an interesting asset worth considering.

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