Why Raiden Network Is Important
Founders of Raiden Network are making some big promises to Ethereum and holders of Ether. That means good things for SilentNotary. Here is why.
First Raiden is build on top of the Ethereum network. It is a payment network for high volume, lower value transactions, so called “trustless” payments. Transactions are processed off the Ethereum blockchain. By settling in this way, people can send and receive money instantly using little energy and thus charging very low fees.
According to the Raiden Network Whitepaper, only the two participants in any transaction have access to the payment channel’s smart contract and thus are immune to double-spending attacks. In other words, they become as secure as on-chain transactions.
I am not a programming expert so explaining all the subtleties is not my forte. But two things caught my attention, increased transaction speeds being the biggest. Everywhere I read, experts are proclaiming that 2018 will be the year when speeds will make a giant step forward. The Raiden Network could be a part of that solution.
The more subtle observation pertains directly to SilentNotary and their comprehensive mission to build an ecosystem in the B-2-B, B-2-C, B-2-G and IoT. When considering the B-2-C segment, the lower fees and lightning fast transaction speeds will only help accelerate acceptance around the globe.
The Critics Are Making Noise
Not everyone is enamored with Raiden. Probably the most noteworthy is that the network is not yet ready. Github lists their Minimum Viable Product (MVP) at 78% completed. Trouble is, the last update was four months back with no date for completion being listed.
It is easy to get caught up in short-term delays but that does not reduce the value of the Raiden project. It is important to remember that Raiden is an open source platform. It is always possible that some one other than Raiden will step in and complete the project.
What This Means To SilentNotary
Speed is essential to feed the growth of SilentNotary so the Raiden Network could contribute this quality. SilentNotary is the 1st Blockchain Notary Company in the world. This gives the founders first mover advantage. This amounts to an important head start in capturing an everyday market of 2.3 billion worldwide. Revenue traction is already being achieved through two contracts recently signed with Naro-Forminsk.
SilentNotary saves and certifies documents, emails, chats, and audio and video recordings while securing authenticity using blockchain technology.
The company addresses a huge unmet need: trust. In today’s data intensive world there is much reason for distrust. Data is easily falsified or misinterpreted resulting in conflicts, reputation damage and loss of hundreds of millions of dollars every year. Until now this has resulted in the need for high cost legal council.
Management Depth And Breadth
The SilentNotary team of 18 is more than just developers; they are a diverse staff of experts in legal, finance, online and mobile marketing and communications.
Company founders Max Breus and Aleksey Petrov are well respected in their field.
On November 20, they spoke before the prestigious Eurasian Economic Cooperation Organization (EECO) to enlighten its members on SilentNotary’s technology and mission.
The occasion was the VI International Cultural Forum held in Saint Petersburg attended by delegates from China, Germany, Russia, India and Greece.
The mission of EECO is to develop international business opportunities between Eurasian countries with countries around the world.
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