Ethereum Payment Channels Could Enter Production in 2017
A project aiming to bring payment channels to ethereum is expected to become production-ready by the end of this year.
A project aiming to scale ethereum via off-blockchain payment channels could enter production this year.
Speaking at Construct 2017, CoinDesk's developer conference this week, Ameen Soleimani, a software engineer at ethereum startup ConsenSys, gave a presentation on Raiden's current status in which he described this as a 2017 goal.
, an open-source developer effort being spearheaded by developer Heiko Hees, was first discussed as a way to bring micropayments to the platform in 2015.
Soleimani said work on the protocol implementation is "largely finished", adding that a minimum viable product is likely to be completed as soon as the end of the first quarter.
The news comes amid broader work on payment channels within the blockchain space, particularly in relation to bitcoin.
Raiden bears similarities to the Lightning Network, a payments channel concept for bitcoin that a number of developers are working on. (San Francisco-based startup Lightning Labs published its first implementation release of the concept earlier this month).
As previously reported by CoinDesk, proponents of the Raiden initiative see it as a way to encourage machine-to-machine payments, using the ethereum blockchain as a settlement layer.
Code image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.