Bitcoin MYK's election system triggers votes at 2,000, 10,000, 100,000, and 1,000,000 accounts to select network distributors and curators. Unlike Bitcoin's mining model, this delegated proof-of-stake approach lets token holders vote for block producers, creating what the speaker calls true decentralization.
Welcome back to the channel. I hope you all are having a great weekend. So, hmm, definition of decentralization. This is a very interesting definition: the delegation of power from a central authority. Um, dispersion or distribution of functions of power, the delegation of power from a central authority. So you're delegating the power away from, since, from a central authority. So what is delegation? What does it mean to delegate, or what is a delegation? Let's see if we can find out what that means. Okay, so delegation. These are some interesting definitions. The act of delegating, the condition of being delegated, a person or group of persons officially elected or appointed to represent another or others, right? The term elected in decentralization— delegates moving central authority away by use of delegates. The delegation of— the delegates are elected. Who do the— who does the delegation represent? It represents some other group of people. It represents a larger group of people, but elected is the key word. Let's think about decentralization for a second. If you're in a cryptocurrency project and, uh, you are under the idea of it's decentralized, Have you taken part in any election to elect the group that's decentralizing it? Right? So in many cryptocurrency projects, there are miners, but who elected these miners and who do they represent? Any idea of decentralization if there are miners someplace if there is a mining data center someplace, and let's just say, for example, there are millions of miners, who owns those miners, right? Is it possible one person could own those miners? And if one person could own all those miners, is there possible, or is it possible that there, that we could elect those miners? And it seems that the answer to all of these questions is no. But in some cryptocurrencies, there are elections. And one such cryptocurrency, I think it's actually two, I think it's like Steem blockchain that uses delegated proof of stake. And with EOS, I believe the block producers are elected too, right? I know on Steem they are. We get to vote on the witnesses, right? Stake-weighted voting has evolved a lot. That's another issue for another day. But the point being is that there is the delegation, there's the elected delegation, and these are very key central things to the idea of true decentralization. The idea that you were able to buy mining rigs and mining equipment and not be elected is, uh, kind of outside the category of decentralization, in my opinion. Now, um, and of course we can have many ideas of decentralization, but I think some in the cryptocurrency space has moved to this type of idea being one of the better models. Now, the reason this is all very important is that part of our distribution process that's going around now on BitcoinNYK, our elections are now 2, right? We're just about there, and that's going to be pretty interesting. The people who are very central to distribution on our network, we want to reward them, and we do this by votes being cast for them over the blockchain. When these votes are cast for them over the blockchain, they are able to basically be rewarded more and more of our cryptocurrencies and given more distribution tasks to help distribute token over the network, right? Fulfilling to a great degree what happens with the mining and the security of the network. Whereas we're piggybacking off the Steem blockchain, we don't have to secure the network. The distribution of our cryptocurrency is quite paramount. And we let, we leave it up to the community to decide who, what curators have done the best job in the distribution of the network. In the distribution of the network. Okay, so let's take a look at this. We have now hit about 1,835 wallets on the Steem blockchain. All right. So what happens in our elections is that every time the network goes up 10 times in accounts, We hold elections. The first one is going to be occurring here at exactly 2,000 accounts. Let me pull that up. Okay, that's 1,835 accounts. So, um, the way this is going to work is at 2,000 accounts, the elections are held for the network distributors and curators. Um, when it hits 10,000 accounts it's going to usher in our second result of elections. And then when it hits 100,000 accounts, we'll go into the third round of elections. And when we hit a million accounts, we'll be at our fourth round, right? And it'll continue to move from there. This is all very important because when we look at the idea of decentralization, many of the cryptocurrency projects, unfortunately, even some of the best, DBS, Bitcoin, has left out the ability for us to choose how our network is distributed, right? Uh, there is no, um, elections to decide who mines and who doesn't. There's, uh, there is no smaller body that represents the bigger body. Um, and so it would drive some of us to believe that there are some flaws and, and some ideas of how our network is run. If you believe in more of a true idea of decentralization where there are elections and you do decide these things, then the BitcoinNYK project is the project you might find very, very interesting. We'd also love for you all to participate. It's absolutely free to vote on some of these individuals, some of these network distributors in our network who do such a great job in helping to basically take care of our network, getting value out in a well-balanced system. And you can do that by voting on these elections that will be coming up very, very soon. We will announce when we hit 2,000 accounts and we're just at the mark, we're only about 165 off. So we factor that that will happen very soon here. Uh, we will leave information and details when we update you on when the elections exactly will take place. Uh, in trying to make our project as decentralized, in the truest form of the word, as possible, uh, the BitcoinNYK project will be having these elections. So that's all I want to say in this video. If you have questions about how the cryptocurrency works, we'll try to leave some information and resources in the— I'm sorry, in the description. You can also contact us on our website. We have live chat support over there. You can talk to us, or you can read our white paper, which is also available on our website. But that's all I got to say in this video. If you like content like this, don't forget to like and subscribe and share. And until next time, take care.
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