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What is Raiden Network Token (RDN) and how does it work?

by Financial Economy

Raiden Network Token is the native cryptocurrency of the Raiden Network platform and supports a number of use cases such as micropayments, M2M Markets, API Access and Decentralized Exchanges. The platform states that it provides fast, inexpensive, scalable token transfers for Ethereum. Information about some topics that what is Raiden Network Token (RDN), how it works, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can browse here for information about Paris Saint Germain Fan Token.

What is Raiden Network Token (RDN) and how does it work?

Raiden Network Token (RDN) is the native token of the Raiden Network platform, an open source project aimed at scaling Ethereum using official channel technology.

Raiden Network is an off-chain transfer network for Ethereum ERC20 tokens. It provides a fast, scalable and inexpensive alternative to on-chain token transfers. At the same time, Raiden Network transfers provide users with certainty, security and decentralization guarantees similar to transfers on blockchains.

In addition to these, Raiden Network lists the problems it has solved as follows:

Scalability: The platform states that the Blockchain is not scalable enough. Raiden Network provides a payment system based on payment channel technology that scales with the number of users.

Delayless transactions: Expressing that Ethereum currently issues a new block approximately every 15 to 30 seconds, Raiden Network states that its own transfers are as fast as text messages. It is stated that the user who receives a signed Raiden transfer does not need to wait for any confirmation.

Transaction fees: Raiden Network states that the transfer fees are much lower than the on-chain transaction fees. According to the statements, low fees allow a long queue of new use cases, which was previously impractical due to high transaction costs.

Privacy: While Ethereum transactions are public, Raiden transfers occur privately between paying, payee, and forwarding nodes. It is stated that when the channels are closed, only the sum of the transactions will be visible to the whole world

Which exchange is RDN coin on?

Raiden Network Token is listed on some cryptocurrency exchanges such as Gate.io, Uniswap (V3), Bancor Network, Tokenomy, etc.

How to buy RDN coins?

Raiden Network Token can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

RDN coin supply!

Total supply of Raiden Network Token is 100.000.000 RDN.

RDN coin price!

As of October 14, 2022, at the time of the writing, 1 Raiden Network Token price is around $0,05622 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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