Raiden Network

Created by String Labs
The Ethereum version of Lightning Network
Has its own token Raiden
Raiden is a technology that leverages off-chain state networks to extend Ethereum
“The basic idea is to switch from a model where all transactions hit the shared ledger on the blockchain (which is the bottleneck) to a model where users can privately exchange messages which sign the transfer of value.
Raiden uses a network of p2p payment channels and deposits in Ethereum to preserve the guarantees expected from a blockchain system.
Raiden is implemented as an extension to Ethereum. A Raiden node runs alongside an Ethereum node and communicates with other Raiden nodes to facilitate transfers and with the Ethereum blockchain to manage deposits. It offers a simple API which makes it easy to use Raiden in DApps.”

Applications:

Micropayments for content distribution: Alternative to Paywalls, Ads and Subscriptions. (Figure a decentralized youtube where the creators of a video are paid for every second watched)
Decentralized M2M markets: especially in IoT where tiny chunks of bandwidth, storage, cpu time, energy, sensor data, etc. can be traded.
Frictionless Token Systems: Game Tokens, Reward Tokens, Private Currencies
API Access: Accessing and monetizing APIs on a per use basis is at the core of the upcoming Machine-to-Machine economy
Fast Decentralized Exchanges