Raiden Network - Fast, cheap, scalable token transfers for Ethereum

raiden.network

The Raiden Network is a project for state channels on Ethereum. State channels can be hard to explain, but in a nutshell they're a way of creating an "I.O.U." list between two or more parties, which any party can (but does not need to) enforce on the main blockchain at any time. This means that transactions between parties can take place in a secure way but not directly on a blockchain. State channels are a promising way to scale Ethereum and Bitcoin (which has its own project called Lightening) - 1 million + transactions per second is not infeasible. 

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