Bitcoin - Move Bitcoin Value To Almost Any Blockchain

Hey you, welcome back to the channel and very exciting episode today. Today we want to talk about BitcoinMYK and the process in which we use to move Bitcoin or your Bitcoin value to any blockchain. Uh, and so this has been a very ambitious project that we've been working on, trying to work out the kinks, how to get this to work to where it is a useful product to everyone. Yet at the same time serves everybody's needs and concerns. So let's talk about that a little bit today. So some of you who follow the BitcoinNYK project understood there was two main goals in the project. One was to create a universal bridge cryptocurrency for Bitcoin holders in which they would be able to move their Bitcoin value to any blockchain. And why Bitcoin? Well, Bitcoin being the largest network in cryptocurrency, it only made sense to target Bitcoin first. Although it's very important to note that, um, this process can be used pretty much on any cryptocurrency. It could be used with Ethereum, it could be used with Litecoin, but the focus is on Bitcoin due to the complexity of the system. And as you know, most cryptocurrencies traded through Bitcoin. That was the aim of our, of our project. So understanding that part, Universal Bridge cryptocurrency, transferring this Bitcoin value to any blockchain or every blockchain or a large amount of blockchains, and we'll explain that a little bit later. And then the next part would be, was about universal basic income because we felt universal basic income was a mass adoption vehicle, uh, in the understanding of velocity of money, that if everybody held wallets in a cryptocurrency, it would be, uh, this viable money now that everybody would hold and have value in, in some form or another, or whether it be some type of skill or labor, labor they were able to trade for, or through some type of a process of transferring value into it through our proof of participation model or what have you. So in understanding, um, what the project is about, let's get into the idea of how is it possible to transfer Bitcoin value to any blockchain and how this would work exactly. So first, let's look at some of the solutions that have come up so far on how to achieve this. One such solution was something like Bitcoin Lightning, where Bitcoin is held in a type of custodial capacity, right? In an escrow account, it's kind of held in advance. And so you can do your transactions because the Bitcoin is already being held there, like in a type of prepaid account or what have you. With the BitcoinNYK project, we kind of take that notion and we do it in reverse. What we do is you hold your Bitcoin in your wallet, you only prove you have it, and we create a duplicate coin. We call it the BitcoinMYK coin, uh, and it represents your Bitcoin. Now the thing about this particular, uh, coin, or, um, uh, is that it is available on multiple blockchains and and it mirrors the blockchains it exists on, uh, and it moves in ratio to Bitcoin, right? So that part was simple. Um, that only took the establishing of, uh, several versions of our, uh, coin related to one another, right? So that, that part was simple. Uh, where the complexity comes in is then If you have a person with Bitcoin who can now, without trading his actual Bitcoin, claim Bitcoin MYK, and you would want it to be able to be transferable back and forth, what would happen if that person just, uh, used multiple Bitcoin accounts and he claimed multiple, uh, uh, Bitcoin MYK tokens, right? So he could just double spend, in essence. Or just claim to know when, just keep repeating the process. So this is the part that has been the complex, the complex part, right? And so we came up with a process called social media verification. Now to understand how that would work, it basically means that You will register an account with the BitcoinNYK.com site, and then you would basically, uh, prove you hold Bitcoin. There are several ways you can prove you hold Bitcoin. You can either do it through the Waves exchange, that we have a ledger that we can identify your account and your Waves address with, or you could do a wallet SIG signing, or we could do test deposits. So there are about 3 ways We could do this through our hub. Uh, when that is done, you've proven you hold the Bitcoin and it's all linked to your BitcoinNYK account. The next step in that is, uh, what we call the social media verification key. This is a PIN key that you receive through your account and it links to social media accounts like Facebook, right? Why Facebook? Well, Facebook now has done a good job of limiting accounts down to one account per person. This is the easiest way for us to do this process, and when you do it now, you can move your Bitcoin value from any blockchain that's in our network. Right now there are three— I'm sorry, right now there are two. There will be three coming up in about another week, but there will be several over the course of the next few months. So you'll be able to move that represented value of Bitcoin from any of these blockchains, uh, without risk of losing your Bitcoin, without, uh, having to swap it, without having to hold it in a custodial capacity, storing your Bitcoin like gold, yet having the use of moving Bitcoin like a money at a high speed. right, at an efficient rate. So the problem comes in when the idea that Bitcoin is anonymous becomes problematic for users who say, hey, I want to do this, but I want to remain anonymous. And in order to stop double spending, if we're using accounts like Facebook, we're also using right now verified PayPal accounts, uh, linking these to your registered, uh, BitcoinMYK.com sites. All of these, uh, problems that come about from trying to stop this double spend make people, uh, not so happy about using BitcoinMYK, although the many advantages you can have of being able to claim and move this Bitcoin value, represented value Bitcoin, across multiple blockchains something, uh, prior you would have to take your Bitcoin, you have to sell on exchange for another altcoin, uh, probably a less secure altcoin. You have to risk moving it to an exchange where it could be hacked or stole, right? And your Bitcoin could be locked on that exchange. So all of these things wouldn't be a problem, uh, under the BitcoinMYK.com, uh, system. But that— but the problem is I have to give up some part of my identity to stop the double spend. Although it's very low-level KYC, it is still, uh, something that people aren't very excited to do and probably don't necessarily want to do if it's all avoidable. So the next stage to being able to achieve this process was to create a fully decentralized group of hubs what we believe to be more decentralized than any platform out there because these hubs are elected through a democratic process, meaning the community elects who runs these hubs, right? They have direct influence over who runs them. It's not like miners who— nobody's over miners. If you like the technical aptitude to be a miner, the miners have become a class of their own and developers have become a class of their own over the Bitcoin Bitcoin network, and they control and they run the Bitcoin network without our say-so unless we become miners or developers or something to that degree. And many opinions making it not decentralized. This gets a little bit more to the meat and bones of more of a more delegated, democratized, decentralized platform moving away from a centralized authority. Now this is good news to the people who don't like the idea of having to give up some type of level of KYC to break the protocol. Even though the BitcoinMYK.com hub does require that you either have a Facebook account or a PayPal verified account in order to be able to achieve this, in order to, to basically secure against the double spend by linking these accounts to your BitcoinNYK.com account. The elected hub runners will have full autonomy over their hubs. In other words, there will be several dozen versions of the BitcoinNYK.com site. And when the community is electing, elects a person to run the hub, These people have full autonomy and rights to approve the transactions of Bitcoin holders, to be able to swap for the— well, they're not swapping, they keep their Bitcoin, their wallet, they're just claiming. The hub runners will have full autonomy to do that. It will be totally up to them. So the idea is in this process you will have hubs that don't require any, any, uh, level of KYC, although they may require something else, right? And that's going to be totally up to that hub. They might require, uh, that you complete a task or you do something or whatever the case may be, or they may require nothing. But the checks and balances to the entire system will then become during our elections, uh, the people, the, um, what we call the network suppliers who run these hubs The ones who get the most votes are going to be the ones who have more tokens too. It's similar to what we call mining blocks, where these, these, this group of people, these hub runners, and anybody can be one. It's not, it's not a matter of technical aptitude. It's pretty much accessible to anyone. And so that's the idea of it. In order to make it more democratized, uh, and make it more decentralized, that everybody could do it and not just a minoritized group, right? So anybody could pretty much run a hub. There are very limited requirements for it, very limited knowledge base to it, um, and so they get to decide. Now the takeaway is if they're distributing the tokens out And let's say for instance, they do this and they're sending them to the same people, right? That means during election time, they're going to have less people to vote on them, right? So what might happen in essence is these hubs might become— unless they have found a way to deal properly with double spending, they might get pushed to the back and not elected by the community in the future. and so then they will have less and less tokens to distribute, right? So the, the hubs that serve the community in the best capacity, where there are more users, as these votes are cast over the blockchain, they get pushed to the forefront. Uh, so this is all very important to the mechanics of how we're able to achieve this in a much more, we believe, decentralized way than many other projects. Um, now for people who are familiar with BitcoinMYK and already using it, this is good news to, uh, you all because now what it means is pretty soon here, we're predicting in less than 2 weeks, you're going to be able to move your BitcoinMYK tokens in any direction back and forth as long as you meet those requirements and parameters. You'll be able to move them from blockchain to blockchain in any direction, uh, without worrying about double spending because we will be able to track your account, uh, linking it to only one account, right? And that's very important to stop the double spend. But this gives many advantages to Bitcoin holders because if you have Bitcoin MYK, then that means you're able to effectively now move your Bitcoin MYK to any blockchain. It will reflect and you will have the Bitcoin MYK on every, uh, blockchain. Blockchain we're on. Uh, so kind of Lightning in reverse. You won't really have to send your cryptocurrency as it'll already be, uh, where, where you're trying to send it. So just like Lightning, the only exceptions is you don't have to actually remove your Bitcoin. This is a, uh, a represented value of Bitcoin, if you will. It is not Bitcoin. Uh, so we don't want people to get confused and say, oh, it's, um, you know, trying to be Bitcoin or they're trying to, you know, or something like that. This is a— we like think of it like an overlay or an extension to assist in some problems that exist in Bitcoin. So we're now on the Waves exchange, or I'm sorry, the Waves blockchain. We're on the Steem blockchain, and our next blockchain that we plan to integrate into over the next few weeks is the Bitcoin Cash blockchain, which now has accessible token creation on their platform as well. We also plan to go to Ethereum, Tron, BitShares. So there are going to be many blockchains that we're going to be able to be a part of, and it's going to be great for Bitcoin holders. Now How these tokens, uh, how we're able to, uh, send these tokens out, um, is, uh, or basically have them distributed through our network suppliers is our transaction fees are free, right? The, the only setback is people don't have to pay transaction fees if they're Bitcoin holders and they claim their Bitcoin in time. Right? If they don't claim their Bitcoin in time, uh, they pay a— there's a percentage of Bitcoin, uh, MYK tokens. It's like 1% every month they don't claim. However, that is reimbursed back in, um, fees from Bitcoin MYK tokens. So it's almost a very circular economy. Where the transactions are totally free, but it kind of creates a small amount of inflation and Bitcoin holders not claiming, and that is used to pay for our Universal Basic Income program, and it is used to, uh, for our network distributors to be able to facilitate and create, uh, these BitcoinNYK tokens, uh, against, uh, Bitcoin. right? And so, uh, this is very revolutionary. Uh, we, we have a white paper. We invite you all to read it and study it, uh, if you don't quite understand the concept and idea of it. But very revolutionary project, very ambitious project. And, uh, we think people are starting to catch on to it, use it, uh, and these features will be unlocked, uh, over the next few weeks. So we're very excited about that and how that's going to work out, uh, We think the decentralization of the hubs is going to solve 90% of the problems and the double-spend problems and the transactional network fees for Bitcoin holders reimbursed with BitcoinNYK tokens. So they in essence don't even pay network fees. We think all this is going to be so revolutionary and solve many problems across the cryptocurrency space as far as how Bitcoin moves, the speed at which it moves, and a variety of things. But we're happy to answer any questions you may have. Very excited about this project. And that's all we want to say in this video. But if you like content like this, don't forget to like, subscribe, and until next time, take care.