Raiden Network Token (RDN) is the native cryptocurrency of the Raiden Network platform, providing support for various use cases such as micro-payments, M2M markets, API access, and decentralized exchanges. The platform claims to offer fast, cheap, and scalable token transfers for Ethereum.
Raiden Network is an off-chain transfer network for Ethereum ERC20 tokens, offering a faster, scalable, and cheaper alternative compared to on-chain token transfers. Additionally, similar to blockchain networks, Raiden Network ensures certainty, security, and decentralization in its transfers.
Raiden Network addresses issues with scalability in blockchain. It offers a payment system based on payment channel technology, which scales with the number of users. Therefore, the larger the Raiden Network, the higher the potential maximum efficiency, theoretically without an upper limit.
Raiden Network states that its transfers are as fast as text messages, while Ethereum generates new blocks every 15 to 30 seconds. It indicates that recipients can receive a signed Raiden transfer without needing any confirmation. Additionally, Raiden Network transfer fees are much lower than on-chain transaction fees, enabling practical use cases that were previously impractical due to high transaction costs.
Raiden Network Token is decentralized for the platform and is used only by participants who prefer the convenience of running a full node. Investors are considering RDN Token for long-term investment and expect an increase in the value of the cryptocurrency in the long run.
Raiden Network Token can be purchased through the Binance exchange. Binance, the world’s largest cryptocurrency trading platform, listed RDN token on November 9, 2017. Binance users currently have access to RDN/BNB, RDN/BTC, and RDN/ETH trading pairs.