DEFINITION of Raiden Network
Raiden Network is the protocol change to the Ethereum network that is expected to speed up transaction processing on the Ethereum network.
Capable of handling over 1 million transfers per second, Raiden Network will enable high-speed asset transfers across the Ethereum network, which will make Ethereum free of any transfer delays, and will support high scalability of the network.
BREAKING DOWN Raiden Network
Most public blockchain networks, like Bitcoin and Ethereum, often hit snags which are results of overuse of the available network bandwidth, and limited availability of the resources. In such scenarios, the worst hit are the transactions that take a long time to get executed. (See also: Is Bitcoin's Lightning Network a Game Changer?)
The Raiden Network protocol change will solve such problems of network congestion, and will significantly increase transfer processing. It will work similar to the bitcoin Lightning Network. (For more, see What is the Bitcoin "Lightning Network?")