Transaction fees and network latency are two of the most important scalability issues of crypto-currency lately (funny to see this as many crypto emerged specifically because fiat payment networks had high transaction fees and they were slow). Anyway, one of the solutions proposed for solving these issues is called Raiden Network. If you've been on crypto longer than one year, you most likely heard of it.
The main concept behind Raiden Netowrk is that of a micro-payment channel, that is open between two parties that trust each other, enabling instantaneous transactions, without going through the whole mining and validation mechanism, which, as we already see in Bitcoin, tends to be slower and, lately, controlled by third party interest groups (BCash) or blocked by governments (China).
The adoption status of Raiden Netwok in the Bitcoin platform is slow, but in an announcement issued yesterday, the team behind the project announced a smaller, more restricted prototype already working for Ethereum. It's called μRaiden (read: myu-Raiden, or micor-Raiden) and it works in a similar way.
From the announcement:
Applications that encourage recurring customer payments or even micropayments can greatly benefit from a µRaiden setup. Examples include paywalls for news articles, pay-per-request APIs, micropayments for storage, bandwidth, and computations, livestream tipping, etc.
There is even a video showing a demo of the implementation on the Kovan test network.
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