$1.1b 💰 Investment Fund For EOS Apps Announced In Korea
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On today's show...
We are going to do our daily check on the Lightning network
We’ll spend a few minutes talking about the prices of Bitcoin and IndaHash
AND the company behind EOS formally announce what they are going to do with the $1b they have raised in their token sale
Story - Lightning Watch 0:47
https://lnmainnet.gaben.win/#
https://p2sh.info/dashboard/db/lightn...
https://docs.google.com/spreadsheets/...
Today’s stats.
Many of you were asking me whether I was concerned about centralisation on the lightning network.
Another way to say that is, should we be concerned about hubs developing?
Well we see some evidence of that happening here.
Our old friend SleepyArk here is clearly a hub.
On the positive side, this is an ideal position that web wallets like Blockchain.info could occupy and earn small fees to pay for their free web wallet software.
On the downside, these hubs are danger zones that can be attacked both technically and legally by imposing Know Your Customer regulations on the hubs.
I’ve been thinking about this and I have a technical solution for this.
Why don’t the developers bake decentralisation into the code itself?
When you want to open a channel, you could opt to scan the network, fund the node with the fewest connections and then open a channel with them.
Similarly, when the Lightning software is calculating the route across the network, why does it intelligently take a path that would re-balance, the account balance in certain channels along the way.
Now that might be double dutch if you don’t understand technically how the lightning network works so I apologise for that.
Of course I have no idea how my solution would be accomplished technically but I think the idea is sound, let me know what you think in the comments.
Preferably post a comment on Steemit or DTube so I can tip people who gives the best answer.
Story - Bitcoin and IndaHash prices 6:29
https://coinmarketcap.com/currencies/...
Let’s do IndaHash first because yesterday they got listed on their first exchange.
At the moment I record this, IDH is trading for around $0.44.
The ICO pre-sale price was $0.18 and the public sale price was $0.28 so pretty good.
However, it looked pretty bad a few minutes after the market opened because the price immediately tanked by 75% but has since recovered to a reasonable place.
https://tidex.com/exchange/idh/eth
IndaHash have done something I think is very smart.
During their ICO they had a referral program that paid IDH tokens as commission.
The IDH tokens owed to those referral partners are not being unlocked until the 14th of February.
That gives the ICO participant a chance to trade before the referral partners.
The reason I think this is smart is because the referral partners have no skin in the game. Since their tokens didn’t cost them any money, they are most likely to dump them.
If IndaHash had unlocked all the tokens yesterday, the referral partners would have took a massive dump and it would have potentially been catastrophic for the price.
Who knows, the price may still tank on the 14th of Feb but at least the ICO participants had a chance to trade for 3 weeks before that.
IDH is currently only trading on Tidex but is due to go live on HitBTC this week I believe.
Story - EOS.io To Fund Mike Novogratz With $325m 12:50
https://steemit.com/eos/@eosio/block-...
I don’t know if you’ve all seen this yet, but the full recording from the recent EOS meetup in South Korea is available to watch.
If you fast forward to 1 hour and 9 minutes you’ll jump straight to the special announcements.
They formally confirmed that Everipedia is being built entirely on EOS and that instead of doing an ICO, everipedia where just going to airdrop all their ‘IQ’ tokens onto holders of EOS.
The biggest announcement was the answer to the question of what Block One intend to do with the billion dollars they have raised in the EOS ICO.
Brendan Bloomer the CEO of Block One actually says it’s more like $1.1b that their token sale has generated.
I’ve seen tons of people get upset about this, saying it was just a massive cash grab by Block One and it was some big scam.
Well this announcement formally put those concerns to rest.
Just so you know, I do hold a lot of EOS tokens so I am totally biased and you should not take any notice of what I just said.
Please verify everything for yourself and make your own mind up.
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If I understand the lightning network, which I might not, the best use cases have nodes with both debt and credit activities. Naturally exchanges would have a ton of flow in both directions. Also, businesses that took in revenue in BTC and paid employees in BTC would also be good candidates. Seems to me that the network will start with centralized nodes but if a critical mass adopts BTC and the lighning network for payments then it could become decentralized.
Good observations IMO
Everyone make sure to register your EOS tokens before June 1.
There is a tutorial here
https://steemit.com/eos/@malexanders/how-to-register-eos-tokens-easily
Does anyone know more information about the airdrops for EOS? Will they be dropped to the Ethereum address or the EOS address?
I would think they will wait to airdrop. If they drop on the ETH side of things we will have to register them too no?
I agree, it would not make much sense to drop them on the Eth side.
Thank you for this link! I need to do this asap :)
Your idea of baking some logic that makes your node open some channels to with random nodes with few channels is not really a good one, let me tell you why.
As a node operator, you have 2 incentives to locking up your funds in payment channels:
1- So that you can save in fees while making your own transactions
2- So that you can earn some fees while routing payments
The only way of maximizing both things above is to connect to nodes with plenty of connections. By connecting to a couple of central hubs right now your ability to reach most of the network; your "coverage" if you will, is maximized. Also you are highly incentivized to connect to central hubs since that is more likely to increase your routing volume, in case you are capable of routing.
You have to also consider that opening a channel with a distant and lonely node will more likely just make you spend more money when making payments, since you'll probably just have to perform more "hops" in order to reach your destination when using them.
All in all, I think there's no way around it, hubs will arise. But I don't think that's a problem because the barriers to become a hub are really not that high. It's basically just get some capital and have (or hire) the technical know-how. Now compare that to the banking world where you have to spend probably millons of dollars and be specially well politically connected in order to open your own bank.
Also the thing that you say about KYC and AML stuff doesn't quite apply because AFAIK payment routes are using the onion protocol, so even though your payment passes by a central hub, it will probably not be able to learn much about it as you'd think.
I agree. There Are Now 3 Million Data Centers in the U.S., and Climbing. Low barrier to entry. Centralisation will occur but is balanced based on efficiency. All could run lightning or EOS. opportunity cost.
I've been thinking about this issue of possible lightning network centralization. I think we might be able to use some simple math to get an idea of how centralized or not the network is becoming.
Perfect centralization
If all nodes are connected to one centralized node and "n" is the number of nodes, the number of connections is (n-1)
Perfect decentralization
If all nodes are connected to all other nodes and "n" is the number of nodes, the number of connections is n(n-1)/2
So at the time of writing this, there are 194 nodes and 520 connection.
Therefore, if perfectly centralized there would be 193 connection and perfectly decentralized there would be 18,721 connections.
Not sure how helpful that is, but I like metrics, so there you are... ;)
Don't you just feel good to hear great news for EOS! @marketingmonk, first heard about you when i signed up for your course in Udemy. So in other words, you are indirectly the one who introduced me to the Crypto World
Thanks for all the updates, of course we can go and watch the EOS event ourselves and do our own research so we don't just hear your biased opinions on it, but who has the time for that? Thanks so much for summing everything up for us so we don't have to do that. Interesting info on the lightning network too, I see big things coming for bitcoin, I've noticed people aren't that excited about it anymore because of the high fees, Hopefully lightning network takes care of this and bitcoin can keep going up.
I’m a huge fan of EOS and what they are doing. I just wish I had funds spare to buy more during the recent dip.
The IQ airdrop also sounds really interesting. Will need to look into it more.
Thanks for your consistently good content, Chris. I normally listen to your podcast while I drive to the office so don’t get to see your video.
The pod cast is still perfectly fine to follow though.
Thanks for the summary of the new EOS developments. There is a lot of great stuff going on with them now.
It does sound like a great idea to bake in decentralization into those hubs, but I have idea how it could be done either...
I like how IDH commissions are paid at a later date. It's a really smart way to eliminate the possibilty of instant dumping, because the people who don't buy would definitely sell immediately! We will see if that will change anything once they get the commissions.
EOS getting Mike Novogratz on board is a big deal right? I love this plan to invest in the companies to create content for the EOS platform, will be interesting to watch this unfold.