ERC-20 standards outside of the blockchain.&nbsp;</p>\n<p>These token transactions go through specific payment channels, also known as balance proofs, which are secured by hash-locks and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-signature/">digital signatures</strong></a>. Balance proofs serve the purpose of a binding contract. They&rsquo;re also monitored by the main chain.</p>\n<p>The key difference between the Raiden Network and the main chain is that a global consensus is not necessary within the Raiden Network.</p>\n<p>Payment channels utilize bi-directional transfer between two participants without the underlying blockchain&rsquo;s involvement.&nbsp;</p>\n<p>Additionally, when there&rsquo;s not a single <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer (P2P)</strong></a> channel available, Raiden Network enables mediated transfers. These types of transfers employ additional parties in a two-party exchange. Routing is also a crucial part of this kind of network since it manages mediated transfers through multiple nodes.</p>\n<p>Raiden Network is considered to be a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-second-layer-solutions/">second-layer solution</strong></a> specifically for the Ethereum blockchain. Ethereum developed Raiden Network in order to receive assistance with scaling.&nbsp;</p>\n<p>Moreover, transaction fees were removed from the Raiden Network. 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About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":666,"original_id":null,"author_id":43,"translator_id":null,"title":"What are Regional/Local/Community Currencies?","slug":"what-are-regional-local-community-currencies","section":"R","keyword":"Regional/Local/Community Currencies","status":"published","definition":"can be defined as money that's used in a specific geographic area.","content":"<p><strong>Regional/Local/Community Currencies</strong> are a certain <strong>type of currency that is specific to a geographic area</strong>. However, each of them differs in its own ways.</p>\n<p>Community currencies are usually spent within that specific community. Local currencies refer to money being exchanged in a specific geographic area. On the other hand, regional currencies are connected to local currencies except this money is used in a much bigger geographic area.</p>\n<p>The currency&rsquo;s value can be determined by a variety of factors. Some regions equate their local currency to the state&rsquo;s currency. While some smaller communities prefer to provide labor as a means of exchange. Therefore, forgery is something a local currency seldom has to face.</p>\n<p>There are as many reasons for creating local currencies as there are local currencies themselves. Here are some examples of why they pop up:</p>\n<ul>\n<li>In order to <strong>support local businesses</strong> by spending only within the community, area, or region;</li>\n<li><strong>Skepticism in regards to the legal tender</strong>. High inflation leaves people scrambling for different mediums of exchange. It&rsquo;s particularly prominent in South America and has been around for hundreds of years;</li>\n<li>The belief within the community that <strong>the focus should not be on maximizing profit</strong>. Certain communities believe that by using the state&rsquo;s currency they&rsquo;re discouraging the interactions between members of said community. It&rsquo;s more of a social reason that can have some positive developments like increased employment, local business promotion, and others.</li>\n</ul>\n<p>It&rsquo;s difficult to say what action the government will take as a result of a growing local currency. However, it&rsquo;s clear that it can become a threat to the state&rsquo;s currency.&nbsp;</p>\n<p>It&rsquo;s important to note that the originators of local currencies prefer for them to lose value over time. That way people won&rsquo;t hoard the money.&nbsp;</p>\n<p>This is where the crypto sector comes in where the communities can fix a certain amount of the local currency to a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">token. Blockchain technology offers a method of automating local currencies while also allowing them to slowly lose value based on a set rate.&nbsp;</p>","level":"medium","meta_title":"What are Regional/Local/Community Currencies? Definition & Meaning | Crypto Wiki","meta_description":"Regional/Local/Community Currencies meaning: Regional/Local/Community Currencies - can be defined as money that's used in a specific geographic area.","meta_keywords":null,"language":"en","created_at":"2022-03-28T14:15:53.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-regional-local-community-currencies"},"prevSection":{"id":664,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Roadmap?","slug":"what-is-roadmap","section":"R","keyword":"Roadmap","status":"published","definition":"A road map is a business planning method that sets out a project's short and long-term objectives inside a changeable timetable.","content":"<p>The roadmap for developing a product or a company should describe the project's mission and aim, as well as the developmental stages and an approximate time forecast for <strong>accomplishing these goals</strong>.</p>\n<p>It might also be a tool for interactions, a high-level document that assists in tracking the defined reasoning behind the objective and the approach for achieving the goal.</p>\n<p>If you were to create a roadmap, you would need to outline the broad sequence of what you would be constructing. It fundamentally necessitates stating the tactical position for your specific good.&nbsp; And it is also required to relate back to the company's strategies.</p>\n<p>You may explain the product strategy and vision to guarantee everyone is moving toward the same objective.</p>\n<p>If you wish to develop a roadmap in the future, you must ask yourself a few <strong>key questions.</strong> These questions can be -&nbsp;what you want to achieve, why you are creating the product, and how it will benefit users.</p>\n<p>Furthermore, a roadmap is <strong>a well-established visual abstract that aids individuals in mapping out their concept and the path of the specific good given over a pre-specified time period.</strong></p>\n<p>This roadmap defines the why and what you are developing, and it serves as both a leading strategic document and a blueprint for implementing the product concept. Also, it serves several purposes, such as explaining perception and tactic, supplying a governing file for strategy execution, aligning internal stakeholders, supporting debate as well as alternatives and scenario planning, and assisting in communication with external stakeholders.</p>\n<p>The roadmap is sometimes displayed in a simplified form as <strong>a flow diagram</strong>, with production targets in boxes and estimated completion deadlines. The deadlines show the multiple phases of development and product achievements.</p>","level":"easy","meta_title":"What is Roadmap? Definition & Meaning | Crypto Wiki","meta_description":"Roadmap meaning: Roadmap - A road map is a business planning method that sets out a project's short and long-term objectives inside a changeable timetable.","meta_keywords":null,"language":"en","created_at":"2022-03-28T14:06:40.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-roadmap"},"currentChapter":"R","currentSection":"what-is-raiden-network","chapterTitle":"R","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-raiden-network","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter R

What is Raiden Network?

Raiden Network MEANING:
Raiden Network - is an off-chain, second-layer on Ethereum’s blockchain that operates as an immediate and scalable payment channel that doesn’t require global consensus.
Easy
1 minute

Let's find out Raiden Network meaning, definition in crypto, what is Raiden Network, and all other detailed facts.

Raiden Network is an additional off-chain layer that provides scalability, speed, and lower fees on the Ethereum blockchain. Raiden Network processes tokens based on ERC-20 standards outside of the blockchain. 

These token transactions go through specific payment channels, also known as balance proofs, which are secured by hash-locks and digital signatures. Balance proofs serve the purpose of a binding contract. They’re also monitored by the main chain.

The key difference between the Raiden Network and the main chain is that a global consensus is not necessary within the Raiden Network.

Payment channels utilize bi-directional transfer between two participants without the underlying blockchain’s involvement. 

Additionally, when there’s not a single peer-to-peer (P2P) channel available, Raiden Network enables mediated transfers. These types of transfers employ additional parties in a two-party exchange. Routing is also a crucial part of this kind of network since it manages mediated transfers through multiple nodes.

Raiden Network is considered to be a second-layer solution specifically for the Ethereum blockchain. Ethereum developed Raiden Network in order to receive assistance with scaling. 

Moreover, transaction fees were removed from the Raiden Network. Therefore, unlike Ethereum, Raiden Network allows completing small transactions of the ERC20-based tokens in a cost-efficient way.

In essence, the Raiden Network is Ethereum’s alternative to Bitcoin's Lightning Network. 

Plus, comparing completing transactions on-chain and doing it through the Raiden Network, we can see that the privacy aspect is enhanced.
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