Bitcoin MYK - UI Upgrade Tutorial EP.2

Hey, you all, welcome back to the channel. And today we want to do episode 2 of the BitcoinNYK UI upgrade tutorial. So the purpose of the tutorial is to not only show you how to navigate, uh, the site, but to just kind of help you understand the purpose of the project. Some cryptocurrency projects can be quite complicated, and what we've tried to do is make it user-friendly to the end user, uh, try to make it as easy as possible. So just a few quick recaps from episode 1. If you haven't watched episode 1 of the series, it would help a lot if you did and you went back and you watch episode 1 first, then come to episode 2, although they can be used as standalone episodes. So we talked about the purpose of the project, a Bitcoin sidechain deflation token. So real quick and short, a Bitcoin sidechain just means you can transfer Bitcoin value over other blockchains, which some cases may be faster, more efficient. In this case, we'll be using the Steem blockchain. It is transaction-free. There's a very robust, solid blockchain. So, um, it's very much underutilized, the power of what the Steem blockchain could do with something like Bitcoin. Of course, Bitcoin holders could move this value free. They wouldn't have to pay, uh, any transaction fees whatsoever. That in itself is, is quite big. Uh, their Bitcoin would remain in its wallet protected, so they don't have to worry about any kind of security risk or anything like that. Deflationary token. Now this is where it's different from Bitcoin in that it deflates against the trade volume. So it's kind of similar to a lot of these deflationary tokens coming out. The tokenomics of this is to create a great deal more value to the cryptocurrency itself as the network grows, the amount, the supply reduces against the volume. And so that's just a quick recap of episode 1. You can watch episode 1 to get full details of it. Now, getting on to where we left off from, or episode 2, which is dealing with some of the actual features and applications on the site. Now, of course, besides just moving value over a blockchain, we have a series of hubs set up. So when you go through these hubs, there are things you can do on the site. This furthers the value of the network, it furthers the social interaction of the users of the site, and thus creating more value to the project and the cryptocurrency. So today we're going to talk about ways that you increase that value. A lot of projects have mining operations and the miners earn. Because we operate more like an ERC-20 token, in this case on the STEEM blockchain or SCOT token, this is more so there are no miners. So because there are no miners, that frees up a lot of money with us to give back to the end user. And because there are no— there's no real mining, we have what is called simulated mining with smart devices. And this allows people to simulate mining, learn more about cryptocurrency— excuse me— earn cryptocurrency, and at the same time get value from their attention. So if you come down here, it talks about here how simulated mining works. You can see here this kind of phone bank here. Uh, you're allowed to put together smart devices with our site, uh, and basically, uh, run the site on these smart devices. Collectively, each one of your smart devices earns our cryptocurrency. So you're like mining it based on your attention and your devices. Um, Now this has been done with other projects similar to what you get with Electroneum. They have a mobile miner part of wallet. You're not actually mining block rewards, you're not actually mining cryptocurrency, but it's a simulated function much like a game or something like that. As well as when you're doing that, we'll have advertisements running on the sites and a variety of things. This is akin to what is called smartphone farming, where they have a bank of smartphones and they run ads and applications on these devices. This has become Something that's become quite popular in communities where they have smartphone mining farms where they run advertisements from various companies on various smart devices and those profits are shared with them in that company. We're doing a similar thing here with one of our features. What we don't want to confuse you at is trying to understand when you're on these hubs, there is the core idea of what the project is about that is a Bitcoin sidechain, uh, and a deflationary token, right? And then you have actually underhooves— just think of them as separate applications under that that just further build value to the network. So although all of these things create value to the network, um, we just don't want people to get confused and say, oh, it's a token that does this particular thing. It does several things, but the core idea is it works as a Bitcoin sidechain that's going to facilitate the movement and value of Bitcoin, uh, at no transaction cost across a robust blockchain, the Steem blockchain. Now it's also to keep in mind that we have found in, um, what we would call a disadvantage or maybe an early mistake in cryptocurrency, and that is the idea of total decentralization and using total decentralized products. What we found in our testing and research is that one of the best outcomes you can have is a project go from some degree of centralization to total decentralization. And that is because when you have a project with some centralization, what you tend to have is incentive to market for these products, to push these products out, to get mass adoption whereas in a decentralized project you're gonna have much and much less of that, right? So we wanted you to keep that in mind. But this is how the smartphone farming function of this works. You come down here, you'll see that your mining rate— we have an engine that you activate on your phone. You list your smart devices, you put— you're earning a tenth of a cryptocurrency per hour per device. And down here it shows the hours that you're mining and the amount of devices, right? So every 7 days you're paid out. You have to stop the mining engine and restart it to start back earning. So we think it's gonna be great for the smartphone farming communities and smartphone miners and miners in general who are accustomed to mining coins like Bitcoin. Now through this simulator function, you can still mine without having these huge rigs, but you can use as many devices as you see fit to to do that. So we think that's going to be quite interesting, uh, and a great use to the project. We also want to talk about how we plan to monetize the entire internet for everyone who's on the internet, and we're going to explain that to you next. So next feature on the site and part of the project is claiming Universal Basic Income tokens. So as we had discussed earlier, Universal basic income, we believe, is a mass adoption vehicle. We're not the first cryptocurrency project to include this feature. We probably won't be the last. This has been suggested to EOS. EOS has played with this idea with something called Universal Resource Inheritance, and we believe with the Voice project you're going to see some version of that to some degree. There have been tokens like MANA token Uh, and there have been, uh, several others that have had universal basic income. Now the problem with universal basic income is that when you're giving out something free for people, unless— first of all, let's kind of break it down and get to the core of this. There's really no such thing as free. So even though you're seemingly getting the tokens free, there is a certain value you're still returning to the project. What's been the problem with many universal basic income tokens has been they haven't been set up to get value back to the project so that they can give value over to the users. And so we figured out that in combining this with Bitcoin, the Bitcoin tokens create such a tremendous amount of value And the unclaimed tokens piggyback this value to provide us with universal basic income. Also coming to the hubs, the hubs have value. They have ads, they have offers, and that creates more value in the token. Now how this works exactly and how we monetize the entire internet by using this function and feature is quite simple. If you scroll down here Everybody spends so many hours per day on the internet. What if we could monetize your time on the internet by them hours you spend? And one way that's done, and here we just kind of discussed the Universal Basic Income project, how you collect, how much you collect. If you come down here, it talks about how many hours you spend per month online, right? Now, what we've come up with that for every hour you spend online a month, we're going to give you one of the BitcoinMYK tokens. Now, some people will go, well, how do you monitor all these people's time online? Because this could be done offsite in a variety of ways. Well, one example we give is one of the survey companies that contacted me to conduct, um, um, a survey on the media I consume. Per month. Now, these survey companies have some basic guidelines of how many hours you're probably going to consume per, on average, per hour per month. And we have a similar thing, right? We know that it's only so many hours in a day. We know that you have to sleep some of those hours. We know that every hour of the single day you're not spending on the internet, where some of you might be and you need to get help for that. But there is an average threshold that we block off if we feel that you, you, you, uh, cross that or abuse the system. You simply collect your UBI every month by putting in the amount of hours you spend online. Uh, once you do that, we just— you receive the tokens to your wallet. What this does is this allows us in a very easy way to monetize the entire internet. The whole purpose of what we're doing here is about mass adoption, onboarding, yet at the same time keeping this project sustainable. Problems that UBI have had in the past with cryptocurrency projects, they just haven't figured out how to do this. We think we have. Also, it's important to keep in mind that UBI is just one feature of the entire project and its deflation and a variety of things. So we have to keep all that in mind as well, and that we feel that the Pros that will come from UBI as far as mass adoption, introducing people to cryptocurrency in the easiest conceivable way we could think of, will make more sense in the long run to a lot of people. So gonna kind of stop the tutorial here today. We want to keep it simple. We're gonna keep going until we finish the entire series. You will be able to go back, go from section to section, and hopefully it'll answer a lot of questions some of you all have had exactly on what this project is, because cryptocurrency, um, it's a lot of sophisticated technology in this. Probably it's the most advanced technology there is right now. And so it's going to be a learning curve to this and complicated to a certain degree. However, uh, we've tried our very best to make this as simple as possible, and we believe if you let this sit with you a while, watch the video again, watch it a few times, this project will make sense to you and give you a lot of value, um, because we're, we're thoroughly convinced that this is going to give you more value than many other projects out there. Uh, so we'd love for you all to join. If you have any questions about the project, don't hesitate to contact us over on the site and live support here on the videos. You can email us as well. We'll leave those details on the site and in the description. But that's all I want to say in this video. If you all like content like this, Don't forget to like and subscribe, and until next time, take care.