Bitcoin MYK - Coming To EOS!

Hey you, welcome back to the channel and I hope you all are having a great weekend. So I want to do this video that pretty much excited about, and this is the BitcoinMYK project will be moving to EOS. It will be available on EOS. So if you've been following what BitcoinMYK.com is, when people ask the question, summarize this in one sentence, it comes out something like this: a universal bridge cryptocurrency that supplies universal basic income to about 80% of the globe. So let's take that apart for a moment. So to fully understand the Bitcoin MYK part, Bitcoin MYK is in development of its own blockchain. But there are versions of Bitcoin MYK, the cryptocurrency, existing on several blockchains at this point in time. And what they do is they mirror the other blockchains. Uh, in addition to us having our own blockchain, we will have these— you will have the same value on other blockchains. And what this does is this facilitates a way to transfer your value back and forth. Now the difference with BitcoinMYK and why the Bitcoin's even in the title is because Bitcoin holders are able to basically just claim BitcoinMYK cryptocurrency free on all these blockchains and move their represented Bitcoin value back and forth amongst them all. Now how this is achieved is through something we call social media verification keys. These are like social media profiles that stop the double spin. So it breaks off into two, two components, actually three components. The first component is you can claim your BitcoinMYK through wallet signatures with Bitcoin. That's the first part, through an account on BitcoinMYK. The next part is, uh, what we call the social media verification profiles. That's a means in which you can verify your identity through social media profiles in a way that it stops double spending. And this is a method we use that allows you to be able to now move your Bitcoin value throughout several blockchains. Um, and then the last part is what we call hub authority. The BitcoinNYK network is composed of democratically elected members of the community that run versions of BitcoinNYK, and it's not limited to— there is actually no limit. Uh, running a hub requires a very low amount of technical aptitude and resources, which means pretty much anybody who can run a website can do it. Um, when they do that, they, they receive, uh, cryptocurrency from us, what we call network supply, uh, network suppliers, right? We're supplying the network, and they're able to now facilitate the movement of this cryptocurrency to members of the community that wish to move their Bitcoin value across several blockchains. Now What's so very much, I think, unique about this project that I think really gets to the heart of the concepts and ideas of what we call decentralization is democratizing the entire network, meaning anybody can pretty much come in, run a hub. They receive what we call hub authority, and the approvals of the cryptocurrencies being supplied to a variety of network hubs is decided by these network suppliers or these people who run these hubs, and they are elected by the community, right? And it can be— there is no limit to the amount of hubs that can be run. However, there is what we call top hub or top network suppliers, and these people receive from a treasury of our cryptocurrency more and more to distribute based on their performance and how the community feels they're performing, right? So the community decides who they want to distribute these tokens. Now, there's something totally different from mining. We're developing our own blockchain where there will still be a version of proof-of-work miners and proof-of-stake that will operate different from this. And all of these cryptocurrencies to facilitate the value of Bitcoin and scaling Bitcoin with the BitcoinNYK project comes from, uh, what we call an unclaimed penalty of Bitcoin holders. Now, it's not really a penalty. All our transactions on our network are free, and, um, we have a white paper we'll leave in the description so you can get very, very much deep into detail on this, and we'll be more happy to answer any questions you have. But the, the entire concept is that these Bitcoin holders, they don't have to pay transaction fees to use our network because what happens there, they receive through a rebate Bitcoin NYK tokens to cover their transactional fees. And we're developing a transactional fee system so nobody pays for the network. They get the Bitcoin NYK rebated back to them. But because of this, uh, uh, uh, free use of the network, Bitcoin holders who don't claim their Bitcoin in certain amounts of time every month, they lose, they lose 1%. And it, and this scales up from 1% to 2% to 3% to 4%. It goes all the way up to 10%, right? And then the community after that point can decide if there needs to be more taken. But It allows all Bitcoin holders to move the cryptocurrency free. Now we are on the Steem blockchain right now. We're on Waves blockchain. We had originally planned to go either first to BitShares or Bitcoin Cash because they have systems that facilitate us to create cryptocurrencies to mirror our blockchain that we're developing and mirror our network. But We've been ever so drawn closer to EOS, and the reasons why is— and let us explain this— because of the route that BitcoinNYK has taken, the direction we're taking, um, we're going to be introducing a lot of new people to cryptocurrency through universal basic income. And a lot of people understand universal basic income is becoming a hot topic now, and even people who aren't familiar with cryptocurrency are going to be joining up based on the universal basic income portion. Because of this, it is paramount we have wallets that are very easy to use. And so we've been very careful in selecting blockchains that have the easiest wallets. We found the number one blockchain for that to be the Waves blockchain. Waves is an awesome blockchain and pretty much anybody can use it through the ease of use. Next was Steemit because Steemit or the Steem blockchain, I'm sorry, they had more of a social media feel and a lot of people who've never used cryptocurrency, uh, would probably psychologically identify more with a wallet based more on a design like what the Steem blockchain offers. But what is moving us in the direction of EOS, and, um, we're, we're saying it may happen over the next 2 weeks, but it may be longer than that because we're, uh, further developing and working on our system that allows us to move these cryptocurrencies from blockchain to blockchain, from from one direction to the next direction. And whereas, um, uh, we can move them kind of in one direction for blockchain to blockchain, the problem is when we try to move them back. So, uh, we're working on that, and we think we'll have that solved and that working efficiently over the next 2 weeks. And it is in beta testing right now. We're still testing it out and working on it, and people are using it, benefiting from it. It's trading on 3 exchanges right now, uh, and we think we're, uh, just about at the last final steps of getting listed on CoinMarketCap. So everything is looking pretty good and going pretty well for the project. But the problem with EOS has been so far that EOS just presented yet more complexities in wallet design for mass adoption. And because of that, we didn't jump on EOS right away, nor did we jump on Bitcoin Cash. They all had the same problems. But what we're finding out is both Bitcoin Cash is working on an easier-to-use wallet, and so is EOS, right? So because of these factors, we believe that we're going to be able to very soon here in the future— we're factoring maybe over the next 2 to 4 weeks— be able to implement EOS into the BitcoinNYK project. Now, this does create an option to scale Bitcoin. It creates an option to the Lightning Network. And remember, this is all experimental. So we're not saying that it'll work perfect or it'll be better than these projects, but it will be a working option we think some of you all might like better. Um, you know, because of the resources with EOS, uh, you would be able to claim through our social media verification profiles, uh, and through, uh, basically using, uh, wallet signatures from Bitcoin to claim your BitcoinNYK tokens. You would now have them on all these blockchains and you can move that value through our network and through our hubs to the other blockchains. So it's a very ambitious project. It uses a very simple approach, yet there are some complexities in how we stop double spending, how we deal with KYC matters in a way that it doesn't discourage people from using it. And we also have been waiting to make the announcement because we want EOS to make its announcement first. With a lot of projects that it had coming out, uh, things to do like voice, uh, their social network that, uh, might be available to many of us very soon here, uh, but it's also important to note that BitcoinNYK does implement a social network as you can see here on the page. Now this particular part of our network does tie into the Steem blockchain, but it's important to note that the reward systems And the way that the cryptocurrencies are earned through our proof of participation model is not relative to the Steem blockchain, which means that the social media features on our website, you can earn BitcoinMYK on here, and that BitcoinMYK could be tradable against Steem or EOS tokens. It doesn't matter. So you, you wouldn't even have to leave the EOS network. basically in order to use this. And that's the entire idea of the project. So it's a very ambitious project. We'll leave a link to the white paper, but, uh, we wanted to, uh, get this exciting news out to many of you all, you know, especially after the EOS, uh, announcement. Some people like this, some people, uh, wanted more. And this is incorporated with a social network with a cryptocurrency that can be traded for EOS or will be able to be traded for EOS. It is based on proof of participation. It is based on merit to what you do on the site and not based on how much money you have. So that's very important. The BitcoinMYK token is not sold by us. It is sold on exchanges, but you earn it free on the site. You earn it by doing, uh, participating in certain tasks. You cannot purchase it from us. So I want to be clear about that. So this isn't something a whale can just come in and control the network very easily. Uh, to give you an example of how it works through the social media integration part, uh, if you, if you're familiar with how Steemit works and the social media aspect of Steemit rather, um, the way you make money or you earn money is by your post being upvoted. Now, The people who can upvote your post the most are the people who have more influence on the network. These are people who generally purchase a lot of Steem cryptocurrency. It works different in BitcoinMYK in its integration into the Steem blockchain, EOS blockchain, Waves blockchain, and also the Ethereum blockchain. The way it works is it's all based on merit. So the way the Steemit.com works is based on your steam power, right? The, influence, the steam power. Whereas how this works is it's based on, how many followers you have, right? What your reputation score is and your posts are paid out in relation to that. What you've done, the merit you bring to the platform. Same thing works here. We use something called the multiplier. We have a social media portion that you post on and, you basically are able to, earn basically a fixed amount for each post you do, right? So it's a little bit different. So a lot of people say, well, somebody just gets up here and they just try to spam and, you know, spam the network to no end or something like that, to that, you know, degree. Well, if that happens, what we have is we have basically the multiplier limit can be reduced in a variety of things like that. And as well as we implement posting limits if necessary to, you know, but it goes across the board. So we have ways to stop that and deal with those problems. And so it's a very ambitious project. It is in beta, it is in development. We have a white paper that talks about it that you're more than happy to read. but we believe it does handle the scaling problems. It allows this cryptocurrency to be facilitated across many blockchains. Now, it is important to note it is not Bitcoin. It is not moving Bitcoin to another blockchain. Your Bitcoin stays in your wallet like gold stays locked in a vault, but this is a representative value of Bitcoin. The value is of Bitcoin MYK is really backed by the network itself. So let's take this theory. Let's say if it's 50 million wallets, and let's say 50 million Bitcoin holders decide to give this a try, um, then the value of those 50 million users would now transfer into the value of our network, if that makes sense. And that would give the BitcoinNYK cryptocurrency value to be used as micropayments, which works better in a more scalable version of Bitcoin than how Bitcoin works now. Not to mention transaction fees would be free. So very ambitious what we're doing here. It's a very ambitious project, but we think that we've pretty much worked out many of the kinks and the holes in it. And we think when you all try it out and see the direction it's going, that you'll like it a lot. And there'll be more big announcements coming up here very soon in the near future. But we want to bring that to you all. You can join the project now. It is now open for beta testing. Anybody who wants to join can sign up now, start on earning the cryptocurrency. You don't have to be a Bitcoin holder to participate in what we call the proof of participation model. These are the Bitcoin holders' cryptocurrencies that didn't claim them, but yet they have transaction network transaction fees are free through our project. So they didn't claim them, but this goes into a treasury and it goes out through the proof participation system where anybody, whether you hold Bitcoin or not, can participate on the website and earn the BitcoinMYK cryptocurrency. So it's a fantastic project. You also— it also has universal basic income, which means you collect universal basic income cryptocurrencies every month. You only need to sign in and claim them every month. And so just a fantastic project, one we're very proud of, one we're very passionate about, and one that we know will be successful. But 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.