TLDR
Payment Channel Networks (PCNs) have developed as a suitable scaling solution. Scalability remains a major hurdle to the adoption of cryptocurrencies for retail and other large-scale applications. Payment channels enable fast, secure transactions without requiring consensus on the blockchain for every transaction. The Raiden Network allows secure transfers of tokens between participants without the need for global consensus. This is achieved using digitally signed and hash-locked transfers, called balance proofs, fully collateralized by previously setup on-chain deposits. Payment channel technology is known as payment channel technology.via the TL;DR App
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