Raiden Network token (RDN): What you should know
The Raiden Network token (RDN) is the native token of the Raiden Network, an off-chain scaling solution for the Ethereum blockchain. It is similar to Bitcoin's Lightning Network. It allows users to initiate fast and low-cost transactions.
The Raiden Network, unlike the Ethereum blockchain, does not require consensus for its operations. It instead uses digital signatures, and hash-locks called balance proofs to enable token transfers between network participants.
The protocol has a few advantages that make it a worthwhile project.
• Instant transfers: users can instantaneously send, receive and confirm token transfers. Token transfers are as fast as sending text messages.
• Low transaction fees: Transaction fees are pretty low. Low transaction fees allow users easily transfer small amounts of ERC20-based tokens.
• Increased privacy: compared to the Ethereum blockchain, the Raiden protocol provides better privacy levels.
RDN coins are ERC20 cryptocurrencies used to pay for various services in the Raiden protocol. They can be used for access to micropayments and API (Application Programming Interface). They are also a reward incentive used to reward users for contributing to the protocol.
The tokens were launched on October 18th, 2017. Only 100,000,000 of them will ever exist. As of writing, 66,793,931 RDNs are in public circulation.
According to Coinmarketcap, each Raiden Network token is currently worth $0.06096. They are ranked 1,005th largest cryptocurrencies by market cap. RDN is available on several exchanges, including Gate.io, Bancor Network, Tokenmy, and CoinDCX.
It is worth noting that RDNs can't be bought directly with fiat money. To buy them, you'll first have to buy other cryptocurrencies like ETH or BTC from a fiat-to-crypto exchange. Once you have your ETH or BTC, you'll go to an exchange that lists RDNs and use your ETH or BTC to buy them.
As they are ERC20 tokens, you can store them in any ERC20-compatible wallet, including MetaMask, MyEtherWallet, Trezor, or Ledger.
RDN coins are currently experiencing a bear run. However, several crypto prediction platforms believe they are worth holding.
Priceprediction.net predicts they may trade at an average price of $0.12 in 2023, $0.17 in 2024, and $0.23 in 2025. If you hold on to them for longer, the site predicts they may trade above $1 in 2029 and above $2 in 2031.
Digitalcoinprice is not as positive as Priceprediction.net, but it does predict some slight positive price appreciation. According to the site, the cryptocurrency might trade at an average price of $0.0870 in 2023, $0.0906 in 2024, and $0.11 in 2025.
Overall, the RDN project looks like a promising solution to the scalability issues faced by Ethereum and other cryptocurrencies. At the same time, most investors agree that RDN is worth considering as a long-term investment option. Before you spend any of your hard-earned money on this cryptocurrency, do your research. All information shared here is the author's opinion and should not be perceived as financial advice.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.