Mechanism for micropayments similar with Bitcoin goes live on Ethereum network

Microraiden, a streamlined version of Raiden payments channel network, has been launched on the main Ethereum blockchain.

With Microraiden, the development team aimed to build tools for decentralized application (dapp) developers to open up payment channels, eschewing some of the more complex features intended for the full Raiden launch.

The idea behind the project is to provide a mechanism for micropayments similar to Bitcoin’s Lightning network. Raiden is envisioned as a way to scale the Ethereum network by building a second layer that would exist above the blockchain. Using the second layer, participants could create payment channels that allow them to transact at a lower cost, whether they are sending Ethers or ERC-20 compatible tokens.

Source: thepaypers.com