Bitcoin Myk - Available On Steem Engine Market This Month

Hey you, welcome back to the channel and I hope you all are having a fantastic weekend. Some very exciting news today. BitcoinMYK is going to be making a move over to Steam Engine to be listed on their internal market that deals with smart contracts on the Steam blockchain. And token creation. So very excited about that. We will be making the necessary steps and arrangements to be able to allow trading of the BitcoinMYK token there. So first, before we get into that, let's get familiar with Steam Engine, what it's all about and how it works to kind of give a little bit of history on the Steem blockchain. There was always, for many years now, this push to create a situation where the Steem blockchain would be able to create tokens on it, right? It would be similar to what you get with Ethereum or the Waves platform where you can create your own tokens to run on the STEAM blockchain and be able to create these problems in development and trade these tokens against each other. And that's always been a great push for STEAM with the creation of the Smart Media Token. Now, it's all— it's very important to understand that although this is not the Smart Media Token, it is very much based on that concept and idea. And after reviewing this, you know, the user interface and how it's set up in the how the tokens are going to be traded against one another, and the system is already available here. Uh, I like that a, a great deal. It looked very easy to use, and I think it allows for a great integration of people who already have Steam accounts who would want to move their value and, uh, across these other projects that are Steam-based and Steam-related. So what is the Steam Engine? It's a smart contract sidechain platform for the Steam blockchain. This means that can execute smart contracts based on data published to the Steem blockchain. This allows us to do things that are not currently supported by the Steem blockchain, such as creating custom tokens or literally anything else achievable with a smart contract. So yes, again, this is their version of Ethereum, Tron token creation platform that they've launched, the Waves token creation platform, you know, and many, and many others, BitShares. And what they're using here is what they call the ENG token, which is the native token of the Steam Engine platform, just like how Ethereum is the native token of the Ethereum platform. ENG is currently required to create a new token on the Steam Engine platform, and in the future, it will be required to publish and execute custom smart contracts. So this is huge for, for, for Steam. Now, just a little bit confused about what happens when SMT comes out. Maybe it's just you can choose whichever one you prefer best, whichever works best. But one thing is it'll all be integrated using the Steem blockchain. It's going to be very easy for people who are the millions of users already affiliated with Steem to use it and, and to move this value throughout these platforms. Something that we've been wanting to do for years now, and it's finally available 2 was how do I create, create my own token. You can create your own token through this website by clicking the create button at the top of the tokens page. You will then be prompted to fill in all the required information about your token and pay the specified fee in ENG. Please keep in mind that other than the token URL, none of the information can be changed once your token has been created, so please make sure you have thoroughly thought through everything before submitting, right? And, uh, right, this is, you know, the same and very similar as many other platforms. You know, once that token is created, uh, it is, um, immutable and it is there. And, uh, so you got to make sure you get it. But this is for anybody. Anybody can create this token. You can use it for fundraising, you can use it for your own personal projects. And again, this was the concept behind SMT But because they already have this internal market, you're able to move and trade that value against their version of the STEEM dollar, which is parallel to STEEM and moves in that way. And they're asking here, or answering the question, why is there a fee to create the token? The fee is primarily to prevent people from creating spam tokens that have no real planned use. If you would like to test create a token, you can do so for free on the testnet website here. The fee is meant to be large enough to prevent people from creating tokens they don't plan to actually use, but small enough to not be a barrier for any serious projects. If you have a good project and you truly cannot afford the fee, please contact us and we may be able to cover the fee for you. So that's, that's pretty amazing stuff there. And it makes a great deal of sense, right? Because what it's saying is that, um, you won't have all this spam. And as much as I love Waves, and I, um, we're gonna con— we continue to trade on Waves, uh, I believe it's very user-friendly, and that's a great community, and we want to give access to as many communities as possible. But they do have a very small fee in creating a token, and what the Steam Engine is saying here is that the higher the fee The more, but not too high, but just high enough so people aren't just going in creating these tokens, right? The higher the fee, you're not gonna have all these tokens. You're gonna now have pretty half decent tokens that have good projects. And that's a good way forward, right? And it just goes on to talk about the market, the STEEM token, and that's again, it's kind of, I guess you can say it's like their Tether. But I'm— let me read it so I'm not guessing here. Since the Steam Engine platform is not part of the core Steam blockchain code, it cannot transact in STEAM token directly. Instead, we have created a Steam Engine token which is pegged to the value of the STEAM token called STEAMPEA. This means that all trading on the Steam Engine market will use the STEAMPEA token, which can be exchanged for real STEAM or vice versa at any time on a 1:1 basis. STEAMPEA is pegged to the value of STEAM because one STEAM token will be held for every STEAMPEA token in circulation, and users are able to exchange STEAM for STEAMPEA and vice versa on a 1-to-1 basis at any time. This is the same way that many other pegged tokens work, such as Tether, where allegedly $1 is held for every US Tether token in circulation. Unlike with Tether, anyone can easily verify that the amount of STEEM held in the STEEM Pay account is enough to cover all the STEEM tokens in circulation at any time, thanks to the open and transparent nature of the STEEM blockchain. Another example of creating a STEEM Pay token to allow STEEM to be traded on another exchange is the STEEM Anchor project, which allows STEEM and SBD, or STEEM Back Dollars, to be traded on the Stellar decentralized Exchange. Wow. And isn't that just so amazing? And it makes so much sense. So what they're saying here is SteamP is their version of Tether. But unlike Tether, the way that Steam accounts are, are, are structured, you can go in and you can see how much money is completely transparent. You can see how much money each account holds in Steam $100, right? So, uh, if they have a STEAM account blocking the amount of STEAMPE trading, right, that's available, you can just look at that account. So that means they have to have enough STEAM to cover what's in circulation. And so isn't that amazing? So now you can easily transfer to STEAM, um, against the STEAMPE without them having to build directly into the STEAM blockchain, which doesn't have the, uh, components yet for them to be able to do that. But I think this is awesome. And I think it was very smart for them to get the ground— to go ahead, develop this, get going with this, because what they could potentially have here is a great user base of people using Steam Engine. And as they're using Steam Engine, uh, what you would have is, uh, we're already people comfortable with using this, trading their tokens, the market, the internal market already working. Because, uh, when the SMT token comes out, I'm not even sure if they're going to have an internal market. I think it'll probably just be token token creation. Somebody will probably have to create a, a way for you to exchange them and what have you, but that's already going here. You don't have to wait. It's already available. Let's just check and see if there are any trading fees and what are they. There are no fees for using the Steam Engine Market. However, please note that as with anything on the Steam blockchain, you would need to have enough resource credits available in your account to publish the required transaction. Also, as mentioned above, there's a 1% fee for any deposit or withdrawals of Steam. So you do have to have a Steam account with Steam in it to be able to publish the transaction, much like when you post on Steam, right? So you need these credits, these resource credits that Steam users are, Steam users are quite familiar with. Why aren't some tokens listed on the market? While the market is fully decentralized and anyone can trade any token on the Steam Engine platform against Steam at any time, the Steam Engine website itself is still owned and operated by a centralized entity and must abide by local laws and regulations in the jurisdiction where it is based. As a result, certain tokens may not be listed on the market page of the Steam Engine website, though they may still be able to be traded on other Steam Engine-based front ends. Additionally, token creators may request that their token not be listed on the Steam Engine website market page, and we plan to honor those requests. So that's, that's very interesting, and that's— that, that makes a lot of sense that, you know, they're not an exchange in which they would have to comply, you know, with, um regulations and laws based on that. So the operation of it is they won't— it won't be listed on these exchanges, on these large exchanges. But what they will have is this internal market. You can trade that value back and forth over the Steam ecosystem. And because it's all the Steam ecosystem, it makes a lot of sense that they're going to keep it internal. And I think that's going to be very interesting for the millions of Steam users. So I'm not going to get into the smart contract portions of this. Uh, we'll leave a link in the description. You can go into full detail about this very, very interesting project, uh, that we will be moving our value over this month into. So now we got the great, um, things going on with Steam Engine, what's happening with that and how it works exactly. Now we're going to talk about BitcoinMYK, what it means for our token holders, what it means for us that Initially, you know, to be clear, Bitcoin MYK was meant to be an SMT token. That was going to be our first move. If this is your first time learning about Bitcoin MYK, let me explain real quick about what Bitcoin MYK is all about. Bitcoin MYK is the relationship between it being a type of fork and an airdrop. It's kind of a hybrid of all these things. Basically what it means is if you hold Bitcoin, you're awarded the same value of Bitcoin you hold in our BitcoinNYK tokens, okay? So comparably in an ideal and in concept, even though it is not, it doesn't work like Bitcoin Lightning, the mechanics of it doesn't, the concept of it is very akin to it. Uh, so how it works is, uh, the Bitcoin holdings you have, you automatically are going to have them in our token on these blockchains. Okay. Um, and so you're going to be getting that same amount of tokens. The unclaimed tokens, uh, for using our network or for us moving the tokens and processing them, uh, through the website to move this value, um, is free. It's much like how Steam works. It doesn't cost you anything, but there are penalties to not claiming our tokens in time. And we don't really call them penalties, we just more so say that the transaction fees that you don't have to pay are now going to be related to that. That's primarily over at the Waves platform where there are actual fees that have to be paid. Over on Steam, it's not upfront fees, but there are resource credit fees. So we pay all of those, at least on the Waves system, you don't have to pay them. And so when those tokens get claimed backed by BitcoinMYK, they go into our Universal Basic Income program, and they go into programs where people can earn for doing fun things like watching videos or playing games over on our website. Those unclaimed Bitcoin holder tokens go into that. Now what this allows us to do is kind of act as a representative value of Bitcoin across these networks, whereas Bitcoin holders can now send out this representative value of their Bitcoin across these networks. Now it's not Bitcoin, but you, you have to consider that the Lightning Network is not Bitcoin either, right? Because Lightning can be used on Bitcoin, it can be used on Ethereum, it can be used on Litecoin, right? So it's not— the system is not built into Bitcoin. Uh, and the same thing with us, we are not built into Bitcoin, we are not built into any of these systems, but what we are doing is moving this representative value against our token across these blockchains. Um, and that's kind of, that's kind of interesting. Uh, reason we're doing it this way, to, to help you understand why Bitcoin, why being related to Bitcoin. Well, as today, Bitcoin is the biggest network in cryptocurrency with over 50 million wallets. A lot easier for onboarding of Bitcoin users by this method. Uh, in addition to that, universal basic income, one of the hottest topics on the planet right now. 80% of the globe in need of universal basic income. We give those unclaimed tokens back to those people. You have two great situations in cryptocurrency to experience mass adoption. That coupled with our own social network, that's what our token is all about. Now the reason we want to go over and be part of Steem blockchain as well, because not only number one is that where initially we planned to start We've always felt that the greatest way to spread the cryptocurrency market to achieve mass adoption would be through an integration of social media with cryptocurrency, which is why you have something like what could happen with the potential Facebook coin that could start off with like 2 billion users kind of achieving this automatic mass adoption. Although we don't want anything to do with Facebook, as many people in the cryptocurrency currency. We feel that we can create our own option through a type of social media, uh, and so that's the basis behind BitcoinNYK. Now let's talk about the move this month, what it means for BitcoinNYK token holders, and how we will implement this, um, and why this is going to be great for you guys. So the first part is the tokens are already over on the Bitcoin Wave Network. They're already available on our website. They're transferred through the Bitcoin Wave Network. The Bitcoin Wave Network will maintain all of their tokens just like normal. Again, this will be no different than if you have the idea of something like the Lightning Network and you take Lightning Network, now it's for use on Bitcoin, now it's for use on Litecoin. Same thing with Bitcoin NYK. Now you have Bitcoin NYK in use on Waves, now in use on, um, on, on Steam blockchain. But to stop all the confusion, to have people who hold Waves over here and do they hold tokens over there, the simple solution for us is to create the same exact amount of tokens, uh, that we have over on Waves. And everybody who holds tokens on the Bitcoin Wave network will now hold tokens on the Bitcoin Steam network, right? So, uh, for every token you have over there, you will get them over there, uh, and so you always have the same amount of tokens on each time, uh, and these communities will be able to trade within their communities on their own token how they see fit, uh, and that'll be all very interesting. Uh, now at this point, we don't necessarily plan to expand any more than that. Uh, I think Steemit does a great job of covering social media, and I think the Waves network does a great job of providing a very user-friendly interface to handling mobile transactions with their mobile wallet and built-in exchange as well on the go. So that's going to be all very interesting, uh, going forward here. And very excited about this, guys. It's going to also open up the Steemit community for getting value of our token and being able to move it over to Waves, or being able to move it back and forth and having all that value, uh, over there and over here as well. Uh, and it's gonna be a chance for these communities to interact, to grow together Um, through the value of our token BitcoinNYK. So just very excited about that, guys. This is big news for me. Um, I didn't know this project was going on. Apparently it's been going on, uh, I believe over a month now, maybe longer than that. Maybe they've been working on that much longer than that and I just was out of the loop. So much going on with Steemit, uh, the Steem blockchain. Um, you know, a lot of— they seen a downward, um, fall in the price, and I think a lot of people were a bit still upset from hard fork 20, but Steamit is on the move now. The value of the coin is going up now. And a quick little spoiler here, if it does come as a surprise, they will be featured in our In Search Of series where we seek out tokens that we believe are going to be tokens that actually need to be used in the, in our real-world settings now, and tokens that are unique and have certain value that will be of good use to us besides just being payment tokens and payment coins and a variety of things like that. So guys, very excited about that. If you're interested in this BitcoinNYK project, feel free to ask us questions, comment on it, get over to our site and register. It's going to be a lot of value in this token going forward. We got a lot of big, um, moves to make with this token. It's— the community is starting to grow every day, and we think that it's going to be quite significant what we're able to do with this token. Uh, but guys, that's all I want to say in this video. If you like content like this, don't forget like, subscribe, and until next time, take care.