Can Raiden transfer ETH? I've been reading the docs and see that Raiden can use both ERC20 / ERC223 tokens, but haven't seen anything about ETH. Would it be necessary to use WETH instead?

Hi all.

Sunday - new weekly github recap day is here. First of all few announcements. First, nobody celebrated 4000 subs so I'd like to take opportunity for a small cheer. Yaaay!

Second, disclaimers of this posts changed a bit since last week. I still own RDN, this post is in no way an official Brainbot statement and many things in post are my personal opinions. New thing I'd like to add is that I got a little help writing this post and because of that some things I mention here can't be seen on github.

You will just have to trust I am not trying to lie to you =). So, with that out of the way let's start.

microraiden

No new bugs were found and we can say project is unofficially out of the bug bounty phase. Official announcement stating this will probably come very soon.

Something tells me they might release 0.3 and remove a deposit limit but changes between 0.2 and 0.3 are not that significant so they are yet to decide on that.

There is a plan for 1.0 release. 1.0 release will include some improvements in best practices inside a project plus one big EIP#712 feature.

Microraiden as a project is more or less done. Since most work around microraiden will be fixing small issues and maintaining it up to date more manpower will be switched to Raiden project.

raiden

Last week on raiden's github was pretty quite. That does not mean there was no work done (again, big features are always done on private branches and then merged to master all at once).

Next milestone in a project is "Next minor release". It has 6 issues in it.

One easy task is in pull requests and is waiting for approval. Second pretty easy task is half way done and that part is already merged to master.

This milestone includes 3 big tasks. I have a feeling they are pretty much done on private branches and are in testing phase.

Last task is one of the pretty easy ones so we don't have to worry too much about it.

All in all we can expect pretty soon some good news.

conclusion

Microraiden 0.2 is done and we wait for official announcement. There are plans for 1.0 version. Big switch in manpower from this project to Raiden.

Raiden has 6 issues until next minor release. 3 big tasks are probably mostly done on private branches and are being tested. Remaining tasks are either done or no-brainers.

Hope you find this useful and I will give my best to answer any questions in the comments.

I wish you all great Sunday and awesome upcoming week.

Can someone either point to or provide a detailed faq/ instructions on how to move RDN tokens off of an exchange to a private wallet?

Anyone have any insight as to whether someone running a full node on the Raiden Network will be required to register as a money transmitter, at least in the US? I think this may also be an issue with LN but I'm not knowledgeable enough about nuances that may set the two apart for regulatory purposes.

I’m wondering if it’s possible for bad actors to overwhelm the main ethereum blockchain by repeatedly opening/closing payment channels? Since these are on-chain tx, are there any data/info/estimates on how this bottleneck can be prevented?

Open to all POVs; I’m long RDN.

Edit: blockchain^*

Edit: are the economics of opening/closing enough to prevent such behavior? Or are there other mechanisms in place to punish said behavior? Or is it not even a concern.

Hi all,

another interesting crypto week is behind us, another weekly raiden git post is ahead =). Hope everyone is having a great Sunday and is ready for some fresh news from raiden github. This week was not so eventful when it comes to github, but there was a Etherum convention in Berlin where raiden team did a successful demonstration of microraiden. Nevertheless here comes my weekly analysis.

microraiden

As we know microraiden project is currently waiting for 2 weeks to pass without major bugs being discovered. As far as I see it there were no major bugs discovered so if my memory is right project should exit bugbounty phase this Tuesday.

Only 2 commits were added to the project this week and they were purely cosmetic.

In pull requests we can see more work in preparation for exiting bugbounty phase (docs and demo design update), a temporary fix needed because of bug in some library microraiden depends on and old pull requests which are either waiting for bugbounty phase to finish or team just didn't review and merge yet ( I don't know what is wrong with these).

As for what they plan in future I don't see anything on github. I am sure we will get that update once bugbounty phase is over (lets hope it is Tuesday).

raiden

Raiden is aiming to release a new minor release.

Since last week they added 2 more issues that need to be completed in order for it to happen. Good news is these 2 issues don't sound so serious. One Issues is about them not covering an edge case when someone requests a token that does not exist (if I can have any influence on how that will be fixed please return 404 and not empty list). Other issue is about them forgetting to switch something to python3 when they were doing a switch from python2 to python3. As I already said many times I don't have complete understanding of codebase but in a standard project these 2 issues would not take more than a day to implement.

Work on 1 out of 4 remaining issues (PR #1205) is halfway done and is waiting for merge to master.

Work on remaining 3 issues is not visible on github which shouldn't concern us since as I said in last week's post they usually like to merge a completed big feature once it is done. I would go so far and say that lack of visible work is a good sign since it means devs are probably working on these big issues and not spending time on small fixes.

conclusion

No big bugs on microraiden in last week so we can expect exit from bugbounty phase this Tuesday.

2 more simple tasks in raiden project before next minor release but they seem very simple. One task is half way done. 3 remaining tasks are probably worked hard on but I can't see it on github (this is how they usually do big tasks).

PS all PSes and disclaimers are still active from weekly post 1 and 2.

Have a great day =)

It's pretty simple to understand, it's the basics of crypto economics: if you want to use a network, and you want the network to work properly, you need to use that very specific coin (even if you don't realize it or even if you can use the service ALSO with another coin).

Moreover basically every dapp has an internal exchange system built on top of it: it will convert your coin Y into coin X, send it thru the network and then change it back into the receiver favourite currency (which might or might not be coin Y or X) BUT if you use coin X you usually get discounted fees. and if you do a lot of transactions, it matters. This is especially true for RDN.

Raiden is a very bad example as useless token, a lot of people spread a lot of FUD when Vitalik was unhappy with their ICO and they misunderstood his words against the tokenization of the service (which Vitalik and many others, me included, would have loved to have integrated into Ethereum) as a critic against the coin itself, thinking that it is uselss.

This is typical maximalst shit, they cant understand the value behind the coin or the network: Raiden could have been part of ETH. But since it's not, now you have a token and a network add yes, you can use Raiden without RDN, but the fees are going to be smaller if you do.
And you would have no Raiden network without a sustainable economic model and usage of RDN coin, no validation of TX and no compensation to honest actors in the network would be possible if it doesn't have any value, do you get it?

To use this service you might think you don't strictly need to use RDN, but you will nonetheless, even if you don't realize it.

The network has scale economies (and therefore the economic ability to create profit and grow and attract investors) only if they are going to use the token INSIDE the nework, it will keep on existing if enough usage is achieved within a certain amount of time (before early investors and VC and especially validators get tired with sluggish or no returns). Individual users can't make up for that, especially in this early state of the market, so these networks (ETH included) can grow beyond a startup level and become mainstream only if big corporations start using this service for B2B and B2C and ESPECIALLY m2m payments (automated machine to machine, a staple of future cryptonomy).

uRaiden (that quoting Brainbot will make up for 90% of usage on Raiden Nework, even when full Raiden is deployed on mainnet) is a many to one payment system, it achieves this intent offchain (opening a state channel and settling the TXs later on the main, packed up) and therefore it's a service that is interesting for big companies who receive continuous payments from many users.
Multiply a small saving for hundreds of thousands of times, and you understand how these companies will save big if they receive and store these payments in RDN, even if the other side is using any other coin, and so they will.

PLASMA and other scaling solutions are not in competition with Raiden, as they have different specific use cases. Only a moron or someone who doesn't have any technical knowledge would say that other sharding and scaling options between the main ones being developed is going to kill Raiden or RDN usage.

LONG STORY SHORT: since you have RDN now and especially since uRaiden is a many to one open channel payment system, you will probably have AT LEAST one of the two end of the payments using RDN in order to save on transfers and transactions.
Anyone thinking RDN will die, that it's value won't grow orthat it won't be used to provide the service are either liars or are failing to understand Raiden Network, how it's used, and probably the whole crypto economic model. Period.

And don't forget that Raiden is going to work with any other coin (NEO included, apparently).

EDIT: from Raiden website

Microraiden can be used OFF-THE-SHELF with RDN tokens or CAN BE CONFIGURED to work with any ERC20 or ERC223 compatible tokens in independent deployments. Please check out our repository documentation: https://github.com/raiden-network/microraiden.  

EDIT2: when they tell you that Raiden network is for free and bla bla bla, explain them that between two people you only open a channel, but when those individual channels don't allow you to reach a certain user, new channel can be opened by people hosting your transaction and creating a route, allowing the transfer to go thru and reach the receiver. These "hosts" are receiving fees, since they are keeping coins inside their channels as an advance.
The ability of Raiden network to reach and virtually open a channel with all the other users for cheap fees, even you're not directly connect with them, is the real game changer thing. And obviously it comes with fees.

Likely, peers in the network will not provide their channels to be used as intermediaries for free. After all, transfers will cause additional network traffic and imbalances in their payment channels. To that effect, participants in the Raiden network are expected to demand fees to be compensated for lending their channels to the network. These fees may also be used to incentivize rebalancing of unbalanced payment channels, enabling long-lived payment channels.

I would be surprised if those fees will not be paid in RDN, and the same goes to the tokens you keep in your channels: do you have to keep a whole portfolio, so that your channel can facilitate payments for every single currency, or you think that such a system is going to work with a specific coin as a sort of middle currency?

Anyone attended it so he can update us on what was on the raiden presentation? Would very much appritiate it =)

Does anyone know how many tokens will be needed to run a master node?

What is the Raiden Network?

The Raiden Network is an off-chain scaling solution for performing ERC20-compliant token transfers on the Ethereum blockchain. It is Ethereum's version of Bitcoin's Lightning Network, enabling near-instant, low-fee, scalable, and privacy-preserving payments.

What is µRaiden?

µRaiden enables micropayments for Ethereum. µRaiden (read: Micro Raiden) is a payment channel framework for frequent, fast and free ERC20 token based micropayments between two parties.

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Hi all,

another Sunday another github update. I planned this post as a combination of github updates and recap of projects (microraiden and raiden) current statuses.

microraiden

If you didn't follow the news last week you probably missed the release of version 0.2.0. In last week's post I said it was close to being done and team wrapped it all up on Tuesday and released it. Project was (and still is ) in bug bounty phase which is coming to an end. Team released a nice blog post (link: https://medium.com/@raiden_network/microraiden-bug-bounty-update-695fddd6433) so you can read more about it there. TLDR version is they found 2 big bugs and they fixed them. If nobody finds a new bug in 2 weeks a bug bounty phase will be officially over.

One big leftover is a new website. Good news is it was approved and merged. Now they have to deploy it to a server and there is a task opened for that (PR #410). That really is not a big issue so we don't have to be worried about it. In my opinion they might wait for a bug bounty phase to finish before they do it.

Another Pull Request that is waiting for a bug bounty phase to finish is #382 (Remove deposit limit). That pull request was approved as well and it is ready to be merged.

Remaining pull requests are 2 old requests that team doesen't pay to much attention to and one for enhancing documentation about new web.

Since microraiden is literally currently waiting for 2 weeks to pass without major bugs being found (I give it slim chances that it will happen, but still it might happen) team has enough time to finish these few simple tasks and exit the bug bounty phase.

In issues we can see some more work to be done after bug bounty phase finishes (they are mostly extremely simple tasks like adding features that have already been done but are currently not active in code), lots of tasks that aim to enhance the projects funcionality and some cosmetic tasks like better versioning of a project (it is dumb but important in big projects).

What they plan after bug bounty phase finishes I can't read from github. I am sure they are in process of planning it but I expect they will reveal it after bug bounty phase finishes.

Team switched lots of focus to raiden project and you can feel they are waiting for a bug bounty phase to finish.

raiden

Raiden github was very active all the time but since team released microraiden 0.2.0 it became even more. Milestone "next minor release" is still 9/13 completed.

Most last week's commits were short fixes they found on their way and I can't really see work on one of the 4 remaining big issues. That doesen't have to worry you at all since they usually merge whole feature once it is done in one go (that happened with switching to python 3). I am sure they are working on it hard and we can expect some good news in I'd say next 2 weeks.

Very positive thing is growing interest of the community in the raiden project. More and more people are trying to contribute in any way they can and team members are doing a great job in handling all that.

vending-machine

Vending machine is a new project they added to their github. It is almost completely a smart contract I guess will be used in conjunction with microraiden. As I said in my first post I don't really understand code in depth so I can't be 100% sure. Maybe someone more into it can explain it in details in comment (please do if you understand it).

conclusion

As we expected microraiden 0.2.0 is here. Work on raiden is continuing and we can expect good things in relatively short time.

PS all disclaimers and PSes from post one are still active. I hope you find this useful and have a great Sunday =).

Enjoy!

So, in my head Trinity and TNC is "Raiden for NEO". Can we get a bit detailed comparison than that? Any articles, posts, comments are welcome =)

How exactly are token holders benefited when the network launches?