Welcome to Protocol Weekly: Connext Network
About Connext Network
Connext is a state channel network that enables cheap, low latency payments on Ethereum. Our open source infrastructure makes it easy for developers to build the P2P applications of the future.
What problem does it solve?
Connext solves several problems, some with legacy financial services and some with Ethereum itself. By facilitating secure, off-chain transactions, we eliminate the gas fees and transaction latency that plague most transactions on Ethereum. This makes good UX much more feasible. With regards to legacy financial systems, the current stack makes micropayments (and P2P transaction settlement) impractical. We allow developers to seamlessly integrate P2P micropayments into their applications. In addition to increasing the efficiency of some existing business models, we enable a suite of entirely new use cases such as content micropayments, IoT payments, and high-frequency DEX trading.
How does this help the community?
Connext radically reduces gas fees and transaction confirmation times. This makes it easier to build the user-friendly apps that will help usher in mainstream adoption. Moreover, our open source infrastructure allows developers to easily integrate P2P micropayments into their applications. In short: Connext addresses Ethereum scaling issues and also opens up a variety of use cases that weren’t possible with traditional financial systems.
- Thanks to Hunter Hillman (Head of Growth)
Protocol Weekly is a newsletter to exclusively showcase the progress of Ethereum layer-2 protocols.