Bitcoin - Side Chain On Steem

Hey you, welcome back to the channel. And today we want to talk about something quite interesting, a Bitcoin sidechain on Steam. So with the latest news that's been going on in cryptocurrency from Libra coin, Facebook getting involved with its own cryptocurrency coupled with its tremendous reach in social media, to create which would essentially be, uh, uh, probably the biggest, uh, money transfer system on the face of the planet. Um, this relationship between social media and cryptocurrency, uh, becomes so clear and evident, uh, and it is the, uh, idea we've had, uh, with the Bitcoin MYK project for quite a while. But what actually as well hit us was the robustness of the Steem blockchain, the speed of it, uh, the transactions are free, and to run a sidechain on Steem, a Bitcoin sidechain, would be absolutely fantastic. Now we already really do that through our Universal Bridge cryptocurrency project with BitcoinMYK. But there are many great advantages into integrating our social media features into the Steem blockchain and being at the same time able to be able to move Bitcoin to and fro across Steem and across many other blockchains we use. And so to kind of understand how that would work, We use a unique system where we found a way to link social media profiles and mobile phone numbers along with Bitcoin signatures to verify unique accounts. And by this process, we're able to then basically take— well, we don't actually take delivery of the Bitcoin, but verify the Bitcoin that people hold, the Bitcoin, and then award them a relational value in BitcoinMYK for free. Also very interesting is the transactions are free. So now in theory, using Steem as a Bitcoin sidechain, people are able to move this represented value of Bitcoin for free over a social media interface, which basically we believe creates an advantage to cryptocurrency, much like what's going to happen with the Libra coin. They're going to be able to use these already existing social media profiles to move this value to and fro. And we believe because of that, that is going to link more and more accounts into cryptocurrency, namely into like products, meaning like social network websites that they're already able to use. And the transition over into cryptocurrency from traditional social media by that way would be fairly easy. Not again, not to mention the free transactions. And speed and the robustness. So the way that this would be handled is the BitcoinNYK project has several hubs that, uh, much like how witnesses work on Steemit, it is the community elects who runs the hubs. These hubs process the Bitcoin holders' payments, uh, and their Bitcoin into BitcoinNYK tokens. These BitcoinNYK tokens trade on exchanges over the Steem blockchain. And basically what a Bitcoin holder can do now is now move that represented value across the Steem blockchain. They can also at this time move it across the Waves blockchain, but due to the free transactions on Steem, we'll find that the Steem blockchain will be a great deal more advantaged, more advantageous, not only due to the free transactional fees and as well as many other developments coming with Hard Fork 21, but also due in relation to the idea that it is a social network interface which is going to be quite easy for many people to use. And because of that, uh, basically what we're going to get is we believe, uh, that we will get a lot of people from the traditional social media A lot of people will be using Libra coin, will find it quite easy to switch over to a social media profile and then use the robustness of the Steem blockchain in order to move their represented Bitcoin value as well. So it's absolutely free to claim your BitcoinNYK tokens. They do have value. They at this time do trade on, uh, the Steam Engine marketplace, the Freedom Exchange, and the Waves decentralized, uh, exchange. Um, so looking here on our menu to basically claim the Bitcoin MYK tokens from your Bitcoin holding. So this is an example what it's going to look like. You will enter your Bitcoin wallet ID, a message which will be a 4-digit PIN code of your choice. So you'll create your 4-digit PIN code, and that's gonna— that's basically gonna become your social media verification key. Now your Bitcoin signature key is basically going to be, uh, when you sign your wallet, that data and information goes into there. Um, if you don't know how to sign wallets Uh, you can also send test deposits from that wallet to our wallet so that we know you're the holder of the account. So you got two choices there. You can either send a small amount, lowest, uh, amount of Satoshis to verify your account, claim your free BitcoinMYK tokens, or you could do a wallet signature. Bear in mind, you do have to have a Bitcoin wallet that, uh, allows you to sign. Uh, there are also videos we have to teach you how to sign. So you have those two options. and then we will then verify your accounts through social media like Facebook. And if you don't want, if you don't use Facebook or something like that, then we'll be able to verify it through a mobile phone number that we will be able to add to this, uh, in means to verify that you are the holder of the accounts. Now, uh, with our system, if any kind of fraud is detected or something of that value, the system does reserve the right to move you up to a higher level of verification. And that can require for low-level forms of KYC to be implemented, but hopefully it won't come to that. We're trying to keep this very easy and use the system of social media profiles that we send keys to, that you verify that you're the owner of these social media accounts and the mobile phone numbers. And we find this is an interesting way to identify unique accounts. Um, and, uh, we think it works quite well, uh, and it also stops the double spending, uh, going up to the levels of, uh, the protocol with our hub runners, what we call network suppliers. Uh, they are elected by the community, and much like what you get in a democratic process in the United States, we call it the Supreme Court. Decision can't be reached, it goes up to the Supreme Court. They make the final decision. We elect, uh, hub runners who can decide if you should receive your BitcoinNYK tokens in the event that is found that, uh, you know, people who are bad actors who are trying to defraud the system, uh, and if the network suppliers do not do a good job in this determination, then what we believe is that You have the right now to use your power and authority to elect someone else in that role. Um, the way we see it is the democratic process in the concept of decentralization is so very important. Right now we have, uh, Bitcoin, which is the number one cryptocurrency, but the people who mine the blocks don't represent the community at all. And for us, that's become a big problem because it can, in a sense, in theory, lead to a type of monopoly, uh, a type of centralization of miners, a type of centralization of developers, and a type of centralization of wealth. And so we believe in that essence, it does— where it does maybe at the, uh, at the very, uh, surface level address decentralization, in that we are dealing with servers that are decentralized. But bear in mind that just because servers are decentralized doesn't mean that they aren't controlled by the same groups. And so that's a vast problem. That's why elections, we believe, is one of the best ways to address decentralization. And that's what BitcoinNYK does. And a lot of things are going to be coming up this year with BitcoinNYK and its involvement and integration into the Steem blockchain. As well as it being a universal bridge cryptocurrency that can move the value of your Bitcoin across several blockchains, uh, transactions free. Now, Steem transactions on Steem blockchain using Bitcoin as a sidechain, the transactions would be free. On other blockchains like Waves and a variety of other ones, you will have the ability to, in a new system we put together, to do transactional fee rebates, which leaves your transactions free, which means basically after you do transactions, you're able to claim back your fees in Bitcoin MYK tokens. So what this does is this makes all transactions free across the board, uh, and it solves many issues and problems, uh, with the scaling of Bitcoin, uh, using this as a sidechain. And at the same time, uh, preventing the double spend or greatly reducing the security issues as your Bitcoin stays safely tucked in your wallet store like in like gold in a vault. And now you have something, a version of this Bitcoin you can now use as money without swapping your Bitcoin out or losing that value. So we're very excited about this concept of this. We know that it's going to catch on because it just makes so much sense. And we're already in testing with this. People are already using this. People are already claiming their BitcoinMYK tokens and, uh, are getting value from that. You can too, for free, without spending a dime, as long as you hold Bitcoin. And you can participate in our proof of participation model, which is by doing simple tasks on the site like watching videos, playing games, chatting. You earn BitcoinNYK tokens free. So a lot of great, uh, uses features to the BitcoinNYK project, and we believe it's going to be very instrumental. And what we believe what will happen will be this exodus from the Libra coin into other cryptocurrency projects that offer them more incentive and offer them more security and so on, and privacy. So that's where we're at with that. Would love to hear you guys' opinions about this idea. Uh, if you like content like this, don't forget like, subscribe. Don't forget to join BitcoinMYK. You get some free BitcoinMYK tokens just for joining. And until next time, take care.