First Raiden Transaction

First Raiden Transaction

Raiden is a payment channel implementation which provides scalable, low latency, and cheap token transfers for Ethereum.

Our team has just finished the first proof of concept version which implements a working core of Raiden. It enables off-chain transfers of any ERC-20 based token using a network of payment channels. The opening, closing and settlement of channels take place on the Ethereum blockchain.

The first transaction was sending tokens from a Raiden client in Copenhagen to one in Mumbai mediated by a node in Florianopolis. The opening, closing, and settlement of channels took place on the Ethereum testnet, while the actual transfers happened off-chain. You can see the involved on-chain transactions here:

First raiden transaction animated

Transaction creating the token

Transaction opening and funding channel between the Copenhagen and Florianopolis nodes

Transaction opening and funding channel between the Florianopolis and Mumbai nodes

Transaction from Florianopolis depositing to Copenhagen channel

Transaction from Florianopolis depositing to Mumbai channel

Transaction closing the Copenhagen <--> Florianapolis channel after mediated transfers were made

Transaction closing the Mumbai <--> Florianapolis channel after mediated transfers were made

Transaction settling the balances of the Copenhagen <--> Florianopolis channel and paying out the tokens representing the mediated transfers

Transaction settling the balances of the Mumbai <--> Florianopolis channel and paying out the tokens representing the mediated transfers

This PoC was the first in a series of milestones leading to a beta version scheduled for Q4/2016.

We would like to thank Omise and BlockGrant X for their support so far throughout this process. brainbot technologies would also like to thank its development team for their hard work to deliver this milestone.

If you have any questions, please join our gitter channel.

Source: https://github.com/raiden-network/raiden/wiki/Raiden-PoC%E2%80%900