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Enabling micro-transactions in the Ethereum based DataBrokerDAO IoT marketplace with µRaiden

Enabling micro-transactions in the Ethereum ERC20 based DataBrokerDAO IoT marketplace with the µRaiden framework

Within the context of the DataBrokerDAO project, we often get asked by the community why we chose Ethereum as an underlying platform. Mostly with comments on transaction speed and cost of the operations we like to use on a micropayment level.

First off, the more general reasons. ETH and ERC20 tokens are the most widely accepted cryptocurrencies across the board. Being widely accepted is essential for the marketplace, since the access to, and the liquidity of these tokens enables a well-functioning market.

For the technical perspective is the platform the most stable, versatile and it keeps moving forward at a rapid rate. The Byzantine release, the improvements in the Solidity language and future proof of stake changes attest to that fact. Other possibilities, Bitcoin and Iota among the most notable, are either not progressing fast enough, with enough features, or are unstable and not proven secure respectively.

Coming back to speed and costs of the micro-transaction in a marketplace, the rapid rate of innovation on Ethereum is providing better and better solutions every day. The one I want to highlight today is how we will be integrating state channels into the marketplace using µRaiden.

Please note that this does not constitute any relationship or endorsement of Raiden Networks for DataBrokerDAO, µRaiden is an open-source tool provided by Raiden Networks which we are using in DataBrokerDAO development

While the Raiden Network is not ready for prime time yet, its little sister µRaiden is an off-the-shelf, open-source micropayment solution which already helps to solve the scalability and latency challenges of many use cases today.

The main differences between the Raiden Network and µRaiden are:

µRaiden is a many-to-one unidirectional state channel protocol, while the Raiden Network is a many-to-many bidirect...
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