Red Eyes, the first version of the Raiden Network (RDN), a protocol for scaling token transfers on Ethereum (ETH), has been successfully deployed on the Ethereum mainnet.

According to the announcement, the main goal of the Red Eyes release is to battle test the smart contracts and core protocol on the mainnet. As part of this process, the Raiden Network team has published a bug bounty specifically for this release.

Included in the release is the ability to open, top-up, close and settle payment channels. Additionally, testers will be able to automatically join a token network and open these channels with their peers.

“We hope that you’ll enjoy testing the software and doing off-chain token transfers, using our payment channel network on the Ethereum mainnet,” the Raiden Network team said. “This is an early step of bringing the Raiden Network’s vision, which we have been working on for a long time, to life and we are happy to have you on board as first adopters.”

Similar to the Lightning Network, the Raiden Network is intended to be a scalability solution with the express purpose of bringing Ethereum to 1,000,000 transactions per second. Raiden channels can exist forever and are capable of operating with fewer on-chain transactions versus Lightning, ultimately lowering fees.

More: Red Eyes Mainnet Release Announcement
Related: Ethereum (ETH) Surges 20% as the Holiday Crypto Rally Continues

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.