Bitcoin Myk - Most Decentralized Cryptocurrency

Hey you, welcome back to the channel. And today we're going to talk about Bitcoin MYK, the most decentralized cryptocurrency. Is that true? It's said that extraordinary claims demand extraordinary evidence. Or proof. So to address this, if this is true, we need to first understand the question that's being asked. Are we decentralized? But what is decentralization? So decentralization, let's think about that for a moment. Word etymology is very important, that we not just use words, but we have a clear and precise understanding of what they mean. Decentralization, a definition comes to mind: delegation of power away from a central authority. To go away from a central authority, to not be a central authority. But in the definitions of decentralization, there is a word that occurs quite often, and you can experiment with this yourself. Look up the definition of decentralization. And there's one word that appears quite a bit when you talk about the decentralization from, or the taking away of authority or power from a central authority. And that one word that appears quite a bit is delegation. The delegation of, the delegation away But what is delegation? What is it? What does it mean to delegate? What is the delegation? The delegation is generally the chosen group to represent a much larger group, right? To be the representative of this much larger group of people. So let's find out if any of this is relevant to cryptocurrencies? And if not, why are these words chosen? So interesting enough, quick crash course, or maybe many of you already understand that there are two competing algorithms for the most part in cryptocurrency. And one is called proof of work, which has been working for years and years. And then we have proof of stake, which meant to address some of the issues of proof of work. Which had to deal with this large expenditure of energy, uh, with all of these, uh, mining, uh, uh, platforms running, um, these mining rigs, these mining data centers running and consuming all this energy, and the, uh, efforts to create this decentralization. And so with proof of stake, it became more so instead of wasting all these energy, the people who had put the most stake in would have the right to mine these blocks. And so that kind of became like the struggle between now this expenditure of energy the people who were now going to have to have the know-how to run these mining, uh, uh, data centers, run them, and also, uh, be able to afford these, um, these ASIC miners. Um, and, uh, a similar problem over on the proof-of-stake side which dealt with then, you know, who could stake the most, uh, in the network to control the network. So on both ends you have this competing, uh, struggle that, uh, doesn't sound a whole great deal like the definitions as we understand it of decentralization. After discussion with some developers about the issue, what came up was ideas like delegated proof of stake, where there will actually be elections, where it would also be this delegation, this chosen group to represent these people. And that kind of feels more close to that definition, right? Delegation, the choosing, a democracy. Or you kind of go back to the proof of work algorithm where it's people who understand how to run miners and who can afford the mining rigs. And, you know, that group of people, you know, basically control these networks or have a great influence at the very least over And then on the proof of stake side, the money situation, right? Can I stake enough in this network? And whoever can do that is going to have the right to control more of that network. So after discussion with these developers, some of them were more favorable to the delegated proof of Proof of Stake, that delegation again occurring in decentralization. Who uses Proof of Work? Bitcoin. Who uses Proof of Stake? Coins like EOS, right? Um, and so, uh, and of course Ethereum will be using a type of proof of stake as well. But where do— where does Bitcoin MYK fall into this? How, how can we make the claim that we believe it's the most decentralized cryptocurrency? So let's think about it for a moment, right? In decentralization, let's try to figure out who controls Bitcoin MYK. Maybe that's a great place to start. And what, and what are the entities that control it? So Bitcoin MYK, to be clear, doesn't have its own blockchain. It runs on the Waves platform, right? Runs on the Waves blockchain. Waves runs on a type of proof of stake and proof of work. Um, and so BitcoinMYK runs on that. The tokens in BitcoinMYK would be classified as pre-mined tokens, right? So right there, that should take BitcoinMYK all the way out of the equation that it is not decentralized. But let's take it a step further. Let's understand more the components of Bitcoin MYK. Bitcoin MYK is basically, and I've had this discussion with several people about a variety of definitions of forks, but whether you want to call it a fork or an airdrop, as it runs on a different network than Bitcoin, I think to clarify BitcoinNYK and to help you understand why we made this claim is to understand BitcoinNYK runs on a system we invented called the Bitcoin Wave Protocol, derived from a formula called the L. Drake Equation. And what that basically is saying or leading to is that everything that happens in Bitcoin is a copied ledger from BitcoinMYK. So let's explain that. That means if you hold Bitcoin, if you buy Bitcoin, if you purchase Bitcoin on BitcoinMYK, you're able to claim those same tokens, um, that you mined in Bitcoin or that you bought in Bitcoin. You can claim the identical tokens on BitcoinMYK. Bitcoin MYK is meant to be a mirror of Bitcoin, right? And it will lead some to say, well, then Bitcoin MYK isn't Bitcoin. And you would be correct in that. However, you would also be correct in understanding that the Lightning Network that is oftentimes called Bitcoin Lightning has nothing to do with Bitcoin. It's not part of Bitcoin. And so if you were to declare that Bitcoin MYK had nothing to do with Bitcoin, then you would have to also declare that the Bitcoin Lightning Network has nothing to do with Bitcoin, if that makes sense. Now, what's a little bit different about Bitcoin MYK than the Lightning Network is where the Lightning Network does depend on the actual movement of Bitcoin in a pre-assigned way, you know, meaning that you kind of connect to a hub, if you will, and your Bitcoin is kind of pre-deposited and administered in that way. BitcoinMYK doesn't do that, right? Between this operation, it's only this direct correlation between you and the people you're trying to do the transaction with. Bitcoin NYK works very similar in that fashion. The only people that you have to deal with in the Bitcoin NYK network is the person who runs the hub. In this particular case, it'll be BitcoinNYK.com. It will be several others, dozens, thousands later on. But what happens is the only people who are aware of the, of your particular, um, business-to-business transaction. Any information shared is between you and BitcoinNYK. Once that connection is made and your tokens are received that represent what's held in your Bitcoin accounts, you can do transactions all over the network with anybody you want at high speeds, unlike the Lightning Network, which is still limited to moving your Bitcoin, assigning it, and connecting to whoever is routed in that hub. But this is completely different. And any data, uh, sent between the both of you, between the hub and yourself within BitcoinMYK, what we use is something called a social media verification key. Now that social media verification key and that information will only be shared between you and the hub, not the hub and anyone else, or any other member or party. Once you have that data, you're able to send it anywhere across the network. So this is very similar to the Lightning Network, in which you're only sharing data with the people you're trying to get your Bitcoin to. In this case, you're only sharing it with the hub, and then you're able to send everyone in the network, which again, Lightning isn't able to do. But let's bring it back as to why this is all very important. To the understanding of why BitcoinNYK is then decentralized in this fashion and the most decentralized token. What I understand is the way this works is the connection between you and the BitcoinNYK.com hub. These connections you make with whichever hub you make it with, the hub creators are elected, right? And who are they elected by? They're elected by the Bitcoin MYK community through the hubs. There is basically a website platform interface forum-based setting which you vote on the blockchain, right? You in essence delegate power from central authority to the hub runners, the network suppliers as we call them. Now you're able through a democratic process to control these hubs because you can reelect them or not elect them based on their performance. Now that might not seem like a great deal of information to you, And it might not sound that important to you, but when you factor that against what you would get on Bitcoin, what you would get on Bitcoin is people who are decentralized, or rather centralized by the knowledge that they have as far as how to set up mining data centers. It is centralized by the development team and who are able to partake in that, which is fairly different from what you're going to get as far as technical know-how being part of Bitcoin Wave Network or BitcoinNYK.com. That is because these are very simple hub interfaces that anybody who can run a simple standard website is able to do. It's plug and play. It's plug and play. And so the most less knowledgeable person is able to run one of these hubs. And what does that mean? You have, in essence, decentralized technical know-how. Now, it's also very important to note that what we term the proof of participation model or the Bitcoin Wave network is no replacement against Bitcoin. In other words, it cannot work without Bitcoin. So there still needs to exist proof of work and a combination of proof of stake, right, in order for this to work. What this does is it solves a problem in a token of complete decentralization. Now, once the tokens are moved from over to Bitcoin, of course, they start to move through the Bitcoin Wave network. On its own value and merit. However, if you ever needed to acquire more Bitcoin MYK, you could continually complete the process of buying Bitcoin. You would not need to buy Bitcoin MYK. The only reason that would exist possibly for buying Bitcoin MYK would be to take advantage of price gains in the value of BitcoinMYK. And let me explain that. In the paradigm that Bitcoin may trade around $4,000, and if you're in the market to make money from cryptocurrency as far as speculation, it will probably be a lot harder for Bitcoin to go from $4,000 to $8,000 than a fledgling coin, a starting out coin like BitcoinMYK, to do the same thing, uh, with less, uh, um, uh, with less market, uh, uh, value, less value going into the market. And especially in the earlier days of Bitcoin NYK as it's now launching. So there might be some early on ideas of some people wanted to speculate, although they don't have to. The purpose of it, you don't need to speculate it. You can also get the tokens through the proof of participation model. Now, where these tokens come from, because BitcoinMYK is matched completely to the ledger of Bitcoin, they come from people who don't claim, um, in certain month periods. Because the next great thing about the BitcoinMYK network is that the transactions are free. The network effect and network value pays for the transactions. So you don't even have to pay any transactions, similar to the Lightning Network, which you don't have to pay as it doesn't happen over the blockchain, right? It happens on another blockchain, but due to the setup of Bitcoin, MYK, and the network effect, the value from the growth of the network is able to cover the cost of the transaction fees. So in that regard, you have a way to keep moving Bitcoin, buying more Bitcoin and getting, still getting more Bitcoin MYK. And again, the only reason you need to buy Bitcoin MYK, if you just go, well, it's to my advantage more so to hold Bitcoin MYK on the network, it's lesser, it's more attractive price, it's more easy to move. And yet it represents an aspect and the value of Bitcoin. As far as who can be a network supplier who runs these hubs, this is the most important part of the entire understanding of why this is totally decentralized. If in essence anybody can be a hub creator, if in essence anybody can acquire these tokens without purchasing them, And if in essence the token can be spread throughout the, the network, all over the cryptocurrency space, and in essence if a portion of the tokens— and not if, but as a portion of the tokens are that aren't claimed from the transactional fee system that isn't paid, that the people who don't claim— well, we don't see it as a penalty their tokens, it's more or less not a penalty. It's more or less you have to pay transaction fees if you don't claim your tokens, right? So that money paid is taken in the form of tokens, and those tokens that aren't used are circulated back into the form of a portion being sent over to the Universal Basic Income program. Now that's very important because what does that do? That further decentralizes the stakeholders of the Bitcoin NYK. Now comparably, and in comparison, if you take Bitcoin, what you have in Bitcoin is you have about 4 million wallets with less than $100 in them. The average Bitcoin amount in a wallet is something like $1 to $4. When you compare that Bitcoin has a market cap $60 to $70 billion at this point in time of making this video, you have to consider that if we're considering decentralization, this definitely would not meet the standards of decentralization of value, decentralization of stakeholders. It doesn't meet the idea of decentralization of developers. It doesn't meet the idea of decentralization of miners. In fact, they're the opposite— centralization of miners, centralization of developers, and centralization of stakeholders. Maybe this is starting to click a little bit more with you now. What I'm saying, that the keyword that appears in decentralization, decentralization a lot is delegation. How do you define delegation? Some developers like the idea of delegated proof of stake. There it is again, DPoS, delegated, chosen by a large group to represent them. But delegation or centralization— or sorry, decentralization of the technical aptitude that it takes to be able to be involved with these systems also adds into the decentralization category. If anybody can be a network supplier, which they can at BitcoinMYK.com, as long as you get the votes from the community, you're allowed to distribute these tokens out how you see fit. So let's give you another example. Let's say you're a Bitcoin holder and you wish to claim BitcoinMYK and you go through a hub. And let's say you don't like my hub. Let's say I'm a jerk. Let's say Every time you try to claim, it doesn't work out well with the hub. You can do a few things. First, you can just go to another hub that works properly for you because you've elected the hub runner, the network supply. You can next not vote for me but vote for the next hub owner, right? So in doing that, you've democratically been able to to participate and delegate, right, the authority away from central authority. The definition of decentralization: delegating from central authority to decentralized, to the decentralized, right, away from central authority. That's what decentralization means. Now I know the technical idea is just, oh, It's, uh, no centralized server. But we're seeing how much complicated the idea of decentralization is now, aren't we? That just going away from a central authority, or rather a central server, is— leaves a lot, a lot to be desired for the concept of decentralization. When we tend to think of decentralization We think as well as terms of delegation and democracy, right? Correct me if I'm wrong. I could be off with this, or maybe you can argue a better point about what you feel decentralization is. Join us today. We'll show you how easy it is to be a network supplier. We'll show you how easy it is to cast votes over the blockchain and elect people who you want to represent you. Or much like how the world works today, instead of you choosing someone else, you can be what needs to be to make the network decentralized. If you do not like how the network runs and who's running it and who's having this more centralized pool, you can vote them out. You can vote someone else in the community. This is what decentralization means to us. What does it mean to you? If you like content like this, Don't forget to like, subscribe, and until next time, take care.