$1.1b 💰 Investment Fund For EOS Apps Announced In Korea

fow (51) · 7 years ago

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.

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marketingmonk (71) · 7 years ago

Good observations IMO

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n0toriouszig (34) · 7 years ago (edited)

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?

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3 votes

knowthycrypto (43) · 7 years ago

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?

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n0toriouszig (34) · 7 years ago

I agree, it would not make much sense to drop them on the Eth side.

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artedellavita (64) · 7 years ago

Thank you for this link! I need to do this asap :)

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bilthon-83 (45) · 7 years ago

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.

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scottisatthepool (25) · 7 years ago

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.

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zjcm (27) · 7 years ago

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... ;)

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shawnsum (28) · 7 years ago (edited)

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

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trevord (40) · 7 years ago (edited)

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.

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mazzle (63) · 7 years ago

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.

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jjcali (57) · 7 years ago

Thanks for the summary of the new EOS developments. There is a lot of great stuff going on with them now.

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trendo (58) · 7 years ago

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.

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lukebrn (58) · 7 years ago

That is a very comprehensive update, thank you! I'm excited about the innovations coming on the Eos platform, there are so many use cases that one can think of, especially because it supports web assembly languages.

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bozwell (30) · 7 years ago

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.

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applelex (57) · 7 years ago

Hey all, I own EOS too, lets pump it up beyond Moon to Mars lol :)

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youngcore (25) · 7 years ago

If you couldn't chose with who you would open a payment channel on the lightning network, but instead there was a "mempool" of pending channels in which you would be paired in a pseudo-random fashion. This would probably mean the amount of hops between payments would increase and decrease the average channel size, but decrease the possible amount of centralization.

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ayurvedajoshi (52) · 7 years ago

Thank you for sharing,
very good information about EOS
i hope the will make it.
wish to lern more from you.
Hope sometime you will come to BERLiN
Heartly Greetings.
Joshi

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ponts (50) · 7 years ago

I see you've done nothing to fix your mistakes from the first time you posted this 6 hours ago.

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crypto.intel (25) · 7 years ago

Thank you very much for sharing!

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crypto3em3 (45) · 7 years ago

Looking forward to the EoS mainet launch!

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teutonium (62) · 7 years ago

"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."

This might be a really good idea, but my knowledge of the blockchain technology is very basic so i might be wrong...

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thankgodikkc (50) · 7 years ago

ON WAY TO FOLLOWING YOU ON DTUBE, SEE YA THERE

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mike4christ (52) · 7 years ago

wow, what a great info there.

i have subcribe to your dtube channel.

welldone, keep up the good work

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peakreal (53) · 7 years ago

Oh really, that is great. Thanks for letting us know

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mytips (30) · 7 years ago

I work in the in the IT indusrty your ide regarding "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." the idea in itself is good but as far as the networking protocol goes latencey becomes the largest concern, while fewer connections may help tracaction times, networking protocols have always been about the lest amount of hops, thats my two cents worth :-)

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