Bitcoin MYK - Public Wallet Explained/ Contest Ends Tomorrow!

Welcome back to the channel. I hope you're having a great day. So today we want to talk about the BitcoinNYK public wallet, explain exactly how it works, what's the purpose of it, um, get you up to speed with that so you can understand a little bit more about some of the unique features of this project. So Um, with many projects, uh, there have been situations where many of these projects, in the idea of decentralization, uh, aren't controlled by anybody, are trustless. And that has come under much scrutiny in recent, uh, times. It's come under scrutiny from economists It's come under scrutiny from, from many people in cryptocurrency and outside of cryptocurrency. And to explain it, if you were to take something like Bitcoin, for instance, Bitcoin is in principle decentralized. But the reality of Bitcoin is that Bitcoin is basically minoritized into a system of miners Now, now the problem with that is there are several. The first problem is the methodology of the Bitcoin mining operation is now basically condensed to large mining data centers, businesses, corporations, to the point maybe even governments. To the point where you have, um, the smaller miner group of miners, the smaller businesses having to close up from the falling prices of Bitcoin, meaning they can no longer participate in the mining operation. Now, that might not sound very serious to you, but I can assure you that it is from many, uh, standpoints, and that it makes Bitcoin no longer a participatory, uh, network. Right. This is a now largely controlled corporate enterprise that, you know, that I think that certainly is far removed from the mantra of early Bitcoin and what Bitcoin has become. This is no longer something we participate in. Right. And the direction where Bitcoin goes most oftentimes has nothing to do with us. It has a lot to do with what happens in China. Um, has a lot to do with what governments are possibly mining it, has a lot to do with the big corporate data centers that are running it. And this looks nor feels anything like I believe to be the vision of Satoshi. Um, and so how do you get around that? How do you deal with some of these, uh, massive problems that exist now cryptocurrency? Well, my belief is that you have to have a more participatory market, right, to deal with that. And the Bitcoin NYK uses a method called the proof of participation model, and it is a highly participatory system based based on people coming into it, and it is their activity and participation that actually brings, uh, one of these tokens into existence, right? So in getting back to the idea of decentralization, we believe, much like how Satoshi started, that true decentralization is going to move from a point of centralization to decentralization. Of course, you have Satoshi, who started mining Bitcoin up to a point. He now has, I believe, something like 5% of Bitcoin that Satoshi owned at this point, a substantial amount of Bitcoin. And so in that way, he's one of the first miners. So he is moving from a point of centralization to decentralization. Of course, now what's happening in Bitcoin is a great deal worse. Um, and so, um, I think it's going to move that many of us are going to have to create other models in relation to Bitcoin, or some other version of Bitcoin similar to what we got with Bitcoin MYK, or just some other project altogether. I think that under close observation, many of us are going to be forced to come to the conclusion that Bitcoin, how it exists today, exists as some metamorphosis of Bitcoin, but nothing like possibly where we started from. Is that good? Is that bad? I think it's gonna be bad to some and maybe all right to others, but I think Bitcoin will continue on to— for that to be a problem, a thorn in the side of Bitcoin. So let's get into the public wallet, how this fits into that. So The public wallet, I think, represents the control of, of the wealth of the project. Let's go back to Bitcoin again. In Bitcoin, in the idea of decentralization, there are several categories to decentralization as far as I can, I can come up with. And I think many people have kind of put together. And this goes something like, there's the decentralization of the mining, the miners. There's a decentralization of the developers. There's a decentralization of the geography of where Bitcoin is. And then there's a decentralization of the wealth of Bitcoin, you know, meaning of course, if most of Bitcoin is controlled by a small group of people, and the concept and idea of decentralization, um, that is only an idea in that, uh, if the means to Bitcoin is probably a better distributed system with, uh, less, uh, control of money through central authorities that in that way, uh, create a situation, hence the government and printing more money that dilutes your money and it moves it to a more of a centralized group and away from a middle group. If you look at it like that, then wealth, how it is distributed across the network, would be very important. And in that way, I think Bitcoin fails a great deal because there are entities that can move Bitcoin like 20%. That it fails in that. Now it also would fail the category Many would say in mining. Why is that? Because whereas if you take something like Ethereum, you could still mine it on GPUs. You look at something like Bitcoin and it is not mineable by many of us, right? They gotta move to these huge rigs, mining data centers. Like I said earlier, the small business mining centers have had to close down. Then the market share gets, basically, uh, taken in by the, the bigger corporations that can stand the decline in the prices of Bitcoin, and then they move and grow a bigger market share. And so it, it would fail in that category as well, but it also would fail in the developers category to a great extent, um, as far as the development teams that are basically working on Bitcoin. You know, there are particular teams that seem to have more workers in Bitcoin than, than other groups. And in that way, some might move to say that's a type of centralization. So it is a vast issue in that, but I think the public wallet maybe deals with a few areas, not just the decentralization idea in the— in the— any area of this would have to be, you know, well distributed across a network and not controlled by a small party or group, but also in the value of the project being able to be moved by, uh, the community. And that's where the public wallet comes in. Now what the public wallet is, is It kind of is representative of what you get with many nodes being run to control Bitcoin, right, to, to run the mining. Uh, and what the public wallet is, is it's a, a number of the community coming in and having access to this public wallet. Now what happens is the value of that wallet is, is basically, uh, cryptocurrencies in their state coins, uh, Bitcoin NYK tokens And what's happening is this group is able to not be dependent on any central figure, uh, in this group, and they're able to then go in and basically move these assets around. Uh, and so what's happening then, the project isn't dependent— its existence, its value, uh, is not dependent on one person or one group or one entity or something like that, but it is a group of people now able to control this public wallet and keep the operation going. It is a fail-safe protocol that is used that will allow them to come in and move these assets around. And as these assets are staked and will be staked in different projects, uh, they will be able to then liquidate and do whatever's necessary, uh, to keep the value of the project going through the markets and so on and so forth. So it's quite interesting, but it is very participatory based on our proof of participation model. And that's kind of pretty much how the wallet works. Now these addresses will be made public very shortly here. We already have them, but as we accumulate more, they will be available on the website and people will be able to inspect the wallets, you know, see basically what's in there or what belongs to the BitcoinMYK project and so on and so forth. So quite interesting. We think that creates a much more decentralized product. You know, again, we believe it is a constant move from centralization to decentralization. We don't particularly believe in a state of decentralization because again, like even if we take Bitcoin as we just gave an example, an idea, there is the concept decentralization of servers, right? So there's these millions of servers all over the place and, and they're, and, and they're mining Bitcoin right now. The reality of the situation is these servers could be mostly in the geography of, uh, China, right? They could be controlled all by 2 or 3 groups ultimately. And, you know, there is really, you know, no exact way of knowing for sure Uh, you know, if this is significant decentralization, uh, and if it's safe decentralization, when, you know, certain geographies can, uh, through their authority, uh, limit what happens in that idea of decentralization, right? And if most of the mining data centers are on one geography, obviously that's going to dramatically affect the rest of the, uh, the entire network. Right, so that's something to think about. Quite interesting. Um, but before I get out of here, also, we're on our social media side of things with the Bitcoin MYK project. We're actually doing a, um, a contest for posting in our social media here. And let's get over there. We're going to tell you a little bit about it. It will end— uh, when is it ending? Tomorrow, tomorrow midnight, tomorrow midnight it will end. And so, uh, you know, basically what you're going to end up with is, um, um, you know, these contests are going to run probably every week, uh, because we know how it is in the beginning. A lot of times the information just isn't out there. People didn't know what was going on. You know, there is a limit to how we get out information, how many people we can reach at this point in time. And so, you know, because of that, what we're going to actually have is we're going to have this run every week for a time until we could get more of you involved in posting. And the first, the first part of contest will end tomorrow at midnight. So you still have quite a bit of time, quite a bit of time to get in because person who has the most polls they're going to receive 1,000 BitcoinNYK tokens. Second place, 500 BitcoinNYK tokens. And third place, 100 BitcoinNYK tokens. So you still have time. People are now starting to post. It will end tomorrow night, and those people will win, uh, whoever is posting. Not too late for you as well. Also, um, every post is going to receive 50 BitcoinNYK tokens regardless of whether you win or not. That's just the normal way of things. We have a democratic posting system that gives everybody 50 BitcoinNYK tokens. Every comment gets 25 BitcoinNYK tokens. Uh, and so what— this is something that goes on all the time, um, irrespective of the contest. Uh, but the contest will continue on for several weeks until we, uh, build up the social media portion of what we're doing. It's a lot of fun. Make sure you get over there. Participate, try to get the most posts in, try to get the most comments in so that you can, uh, uh, win this thing and, uh, get some BitcoinNYK tokens before, uh, some great stuff really happens with them. And you want to definitely be in that. You get them absolutely free through the proof of participation model. Uh, but that's all I want to say in this video. If you like content like this, don't forget to like and subscribe. And until next time, take care.