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On today's show...
1. We are going to do our daily check on the Lightning network
2. We’ll spend a few minutes talking about the prices of Bitcoin and IndaHash
3. 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
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
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.
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
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.