EOS Just Made Lightning & Raiden Networks Obsolete - Available on 12, December 2018 - We Could Actually Do This on STEEM If SMTs Come Out

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Just Use BTC, ETH and More on EOS for Free in 0.5 Seconds

This feature is brought to you by https://betdice.one who wanted to allow people to bet using BTC, ETH and USDT which are the top 3 coins by trading volume. The idea is simple. All thse coins have fully transparent ledgers. Everybody can check their reserves like Binance or Bittrex wallets on STEEM. So all reserves can be kept fully transparent real time.

We are already doing something similar with SBD. The SBD price is down because that's the price that match 10% of STEEM marketcap in USD. People can see the prices and trade accordingly. On EOS transactions are free of charge and takes only 0.5 seconds (2 seconds to confirm)

This is 1200 Times Faster Transactions with 1800 Times Faster Confirmations

Imagine trying to achieve this with Lightning Network........ Actually don't. LN cannot achieve this. Period. It is technologically incapable. Here is the announcement post with more details on how things work.

I'd also like to point you at another technical article on why you shouldn't even bother with LN (other than the fact that EOS made it obsolete)

Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution

LN evangelists promote the idea that if Alice can pay Carol through Bob, we should be able to keep extending this idea to build an entire network of payment channels, thus allowing a large percentage of transactions to occur off-chain.

Anybody who has experience with networking and how payments channels are designed should realize that this is infeasible on a global scale. But I'm not an expert. I'm just a guy on the internet who knows a few things. I'll quote someone who know these things much better than I do.

If you still find the technical details too jarring, try thinking of something like this. You need to send a friend(A) of yours some cash. You tell one of your other friends(B) to give cash to A when B meets A and later you meet B and give him the cash. As for how the network is routed, think of chain mails. You can easily route some mail around your friends/family/community. All of these things will work like a charm. Now imagine sending a chain mail to be received by 1 random person out of 7.6 billion global population.

A Small Graph

After many generous assumptions the writer present the a best case scenario (which is unlikely to happen where each person opening 9 state channel on the network allowing a random person out of a MILLION (as in 10^6) to be connected 96.04% of the time. There are many practical reason why even this won't happen.

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EOS and Steem also have a centralized hubs. 21 of them

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They are DPoS elected nodes. It's far more decentralized than any PoW coin like BTC or ETH which just have few mining pools.

I agree on how lightning will look like. But I dont think that is a problem. As long as anyone could run a node and anyone can choose which nodes to connect to I dont think there is a big problem. The idea of a few "centralised" hubs is not so bad.

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