There’s an exciting project in the market that’s been launched by The Raido Foundation, that’s Raido Blockchain network. The platform aspires to be an ideal platform for fast, secure, and user-friendly cryptocurrency transactions, as well as transaction-based smart contracts in the future. Below, is an overlook of the project’s key points and how you can get a taste of the network for yourself.
The Raido network will be providing tools for a next-generation blockchain network. Over the past two years, the project has aged to gradually achieve more success. And it is now entering a fresh and exciting period of its journey. After the ICO in 2018 and the introduction of its crypto exchange in March 2019, this year has seen the launch of the genesis block and main functions of the core network.
This network uses the most common consensus model, i.e delegated proof of stake, validation of transactions are done by master nodes, that is a software which can maintain consensus throughout the network by using coins that users assign to it. Also, the token holders earn a share of the network commission fees.
The native currency of the platform is an ERC 20 token called RDO.
The Raido blockchain network is focused on solving the problems faced by other blockchains in these key areas.
- Cost of transactions
As all the transaction costs are set, business processes focused on network work, such as escrow functions can be implemented in a uniform fashion.
- Processing Speed
The creation of a block requires just one signed transaction enabling a faster transaction confirmation.
- Voting on the Network
Token holders get to be a part of management by voting on network changes and implementation of development plans.
The resource wastage is prevented by using Raido’s DPoS network principles, although it still maintains high system production.
The network’s next step is to build a framework for high-performance smart contracts that bind protected external data and decentralized apps with escrow functionality.
The working mechanism of the platform is a continued link, from Coinholders to Validators to Blockchain to Escrow.
Token holders will assign their coins to the Master node, controlled by Validator, and earn stake reward, said coins can be withdrawn anytime.
Further, Validators run a master node that generates network blocks and validates blocks of other Master nodes by taking part in consensus. The reward is a percent of network commission charged for transactions.
A new block is created after receiving one transaction, this happens rapidly after the blockchain’s transactional core processes transactions enabling quick confirmation.
Lastly, the Escrow functionality of smart contracts with connected external data is implemented by the network executive frame. This will guarantee the fulfillment of mutual obligations.
The network is hoping to launch its consensus algorithm this autumn season, and by the next spring escrow smart contracts. The first version of the DApp platform is said to be on floors by 2023 spring.
The platform has been launched with great aspirations to address the problems faced by the existing blockchains. It also has major updates and developments lined up till the next year.
The performance, use-cases, and effectiveness are to be watched out for in further days to come.