back to article Loose-change payment network Microraiden launches on Ethereum

A new micropayments technology called Microraiden has launched on the Ethereum blockchain's main network. Microraiden is one of the strategies to help solve a teensy-weensy problem with Ethereum – quickly processing a large number of transactions. Every time a transaction is made on the Ethereum network, every node of the …

  1. Sam Haine

    Why not Visa or Mastercard?

    Is there anything about Microraiden that could not be done orders of magnitude better by Visa or Mastercard if either of them were to choose to process payments in cryptocurrencies?

    1. katrinab Silver badge

      Re: Why not Visa or Mastercard?

      Or how about M-Pesa, which is very popular in Kenya?

    2. Desgrippes

      Re: Why not Visa or Mastercard?

      Trust

    3. Brangdon Bronze badge

      Re: Why not Visa or Mastercard?

      Visa and Mastercard don't do micropayments. The fees they charge are too high to make them economical.

  2. Anonymous Coward
    Anonymous Coward

    What about the biggest problem?

    Wasted electricity. Bitcoin now uses more electricity worldwide than Ireland. Imagine if it was widely used as some of its proponents wish...it is about the most un-green thing you can imagine. Obviously Ethereum is tiny by comparison, but it aims to compete with bitcoin.

    1. Ken Hagan Gold badge

      Re: What about the biggest problem?

      Ah, but that's an externalised cost as far as Bitcoin is concerned, so it doesn't spoil the rose-tinted view.

      But yes, if the cost of *receiving* a micro-payment exceeds the value of the payment, then that's not something that is going to scale well.

    2. Desgrippes

      Re: What about the biggest problem?

      Ethereum will be moving to Proof of Stake (as opposed to Bitcoin's Proof of Work) model for mining and confirm transactions, this will not be at all energy intensive as it does not rely on complex calculations.

  3. Pascal Monett Silver badge

    I'll wait for a bit

    Until the inevitable raft of exploits, cheats, underhanded manipulations etc crop up and demonstrate that this new virtual currency still has everything to learn about transaction security.

    I have no doubt that the coders on this project did everything they could to ensure transaction security, but unless they've working in the online banking business for the past 20 years, I think there's a good chance they haven't thought of everything.

    Plus, the miscreants are really very good at finding exploits, so they'll find a few surprises on the way, no doubt there.

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Biting the hand that feeds IT © 1998–2020