Electroneum - The Next Generation Cryptos

Welcome back to the channel, and today I want to do an Electroneum video and talk about the next generation of cryptocurrencies. And what I mean by that is speaking in a way where cryptocurrencies have taken different approaches to making cryptocurrencies more useful in a more practical way than the direct approach of what we've seen. And to explain that, if we take something like Electronum, we're here now on their newly released AnyTask website. And what this is, is this is a task workers, uh, project. It's a project that allows businesses to come in and have, uh, people perform certain tasks or jobs and be compensated in Electroneum. And since the release here of the site, it's looking pretty darn good here from what I can see. You can see the type of people that, uh, will be available for work and the tasks that could be performed— everything from designers to marketeers to writers and translators, videographers and animators. Uh, techies, lifestyle-ers. Um, and so this is a very interesting, different way of, uh, dealing with cryptocurrency. So let's start from the beginning and why this is so significant and why I'm calling it the next generation of cryptocurrencies in this approach. So first we have to go back to the early days of Electroneum, and we also have to look at our approach to how our approach to cryptocurrency has been thus far. And what we have to consider is this, um, Electroneum came upon the scene early on and had a very successful ICO and was able to set aside some of the ICO funds to create a monthly airdrop that gave tokens away and still does to its, um, participants and wallet holders. Now, this, by some of the community, wasn't looked at as the best way to go about things. Um, to kind of understand, uh, the idea of how airdrops have worked in cryptocurrency, certain aspect of an airdrop can be deemed as some of the most effective marketing ever done in cryptocurrency. So a lot of confusion is the mistake of believing giving away cryptocurrencies free is just that, uh, a handout that causes it to be a negative for the cryptocurrency in the future. But that's not necessarily the case. And, and in fact, it's kind of been the opposite. We are seeing a situation where a lot of cryptocurrencies that were given away free in many projects actually became some of the most successful projects. Some of the forks that involve airdrops have become some of the most successful projects in cryptocurrency. And so the idea of an airdrop like what you get with Electroneum every month isn't necessarily the problem. However, one of the big issues with such an airdrop is how do you pay for it? In Electroneum's case, the cryptocurrency was already set aside by a large amount of funds being raised in ICO, $40 million raised in ICO. So through this mechanism, Electroneum was able to pay for its marketing, uh, project through the extended expanded use of the monthly airdrop, um, uh, from what I can put together. And, um, so the negative effect that some believe that may have had on Electroneum and its price and the project overall may not be accurate, um, but as we can see right now, if That wasn't quite enough for some people who didn't believe or don't believe that airdrop is a great idea. Uh, looking at the AnyTask project is basically going to account for many of those people, people already participating with Electroneum through the airdrop who maybe it's true didn't have contributions monetary-wise to Electroneum, but now they will be the workforce for the AnyTask website. Now, when I speak about next-generation cryptocurrencies, I want to point out and focus on a particular area so we have some understanding here. And to do that, we first have to look at basically, um, how many financial systems and monies and vehicles get adopted in the mainstream by people in their everyday walk of life. So let's consider that for a moment. Think about your first stock you ever traded, if you ever opened up a stock account and ever traded one. Uh, some people have, some people still haven't. Some people still lend this over to financial, uh, brokerage firms or fund managers to take care of that for them, right? Some people never touch it, but they may have a 401k plan on their jobs and there is a fund manager for the 401k who is taking the funds from their employer and them together and investing that for them in the stock market. So through proxy, they are investing in the stock market and are involved in the stock market, even though any knowledge of the stock market, any direct effect they can see from the stock market, it may not affect their day-to-day lives. And the reason this is important to consider is because this is beginning to happen in cryptocurrency with a few projects. Um, and my best guess is this approach may prove to be one of the most successful approaches to cryptocurrency. So even if you look at something like the AnyTask site, What Electroneum is actually doing, what they discovered in a meeting that they conducted, was that cryptocurrency just wasn't gonna work the way we're doing it, right? To get masses of people in, or to get it to be practically used and easier to use for many people, businesses, and as it were. Our approach has been the approach of people come in, they learn complicated wallets, they learn the complicated technology of the blockchain, and then they, through these, their wallets and what, and, and so on, they purchase cryptocurrency and they move the cryptocurrency. Well, this is not the best approach to dealing with a situation like this. And so Electroneum were very clever in figuring out a way to go, hey, if you're a business, if you're a company, if you're a person who wants to employ this workforce, right, to offer your tasks up and so on and so forth, those people should conduct that business in a way that they're accustomed to. And of course, we're talking about fiat currency here. So if you're a big company or entity or something to that effect, you would just then take, uh, basically, uh, your credit card, pay Electronium the company, and the task workers aren't receiving cash. They're actually going to be paid out in Electronium. What you've done is you've basically in that way created a way for the electronic economy to grow conveniently and efficiently, whereas at the same time fueling the cryptocurrency market through the electronic participants. Makes a lot of sense. Very similar to what we just spoke about, how people got involved in stock investing without getting involved in stock investing and so on and so forth. I believe this is going to turn out to be the next— how the next generation of cryptocurrencies deal with bringing value to the cryptocurrency market, and it makes a lot of sense. To give another example of that, um, there is a company now called Lollipop which, uh, is basically a rebate company that goes out, works with big large companies, businesses, and they drive traffic and marketing to these businesses. Marketing is huge. Uh, it can account for up to 50% in some cases of a, of a company's annual revenues. This company, Lollipop, what it does is it goes out and markets for all these businesses. And when you— when the outside consumer buys their products, they are rebated in Bitcoin. So a person who's never owned Bitcoin before, who's interested in Bitcoin, doesn't understand the complexity of cryptocurrency and getting wallets and being able to, uh, hold their own Bitcoin to facilitate their own holding of it, uh, because they lack the technical know-how at the time. This company, Lollipop, will basically make it so easy for them to just own cryptocurrency like Bitcoin by going in, just using their services, purchasing everyday items, and getting Bitcoin in rebates. This is what we mean by, uh, basically, um next-generation cryptocurrencies. These are going to be those projects that figure out a way to conveniently, uh, be this gateway to get people into cryptocurrency and do it conveniently and hassle-free. And I believe those are going to be the winners. And Electroneum, through the anytask.com site they've created and using a mechanism like this I believe it's going to become quite the interesting, uh, project for them and, uh, make it a great deal easier to get people involved from a business standpoint, to get people involved in cryptocurrency who maybe weren't interested in before but now see this opportunity where they can come on here and complete tasks and earn cryptocurrency that they will be able to use in their everyday lives, right? And carrying around a mobile, uh, app wallet from Electroneum and doing a variety of things. But Electroneum is not the only one like that. Just to show you comparably other projects that have a similar feel to them and what I'm considering to be next generation crypto currencies, at least as far as approaches. Want to take on, uh, look at a few more and, uh, give you an idea of where this is going or could possibly go. All right, so now we're looking at Voice.com. Now this is the brainchild of the EOS blockchain, and this is their social network that's been anticipated and spoke about. Now a lot of people might go, well, what does this have to do with uh, what Electroneum's doing and where's the relationship there. But I think first you have to understand that part of the relationship, from, from what I'm seeing, is much like how Electroneum started off with the airdrop system to get, uh, so many people in marketing-wise. But not only that, in, in understanding this distribution method to grow people and to distribute this as a money, as it were. Um, in doing that, you're able to get people into cryptocurrency because a lot of people are interested in owning cryptocurrency. So in, in many cases, uh, by, by first giving them the cryptocurrency, it's almost akin to how you want a person to try something out, right? You don't just go, uh, well, just try it out, spend your money on it and see how it works. No, you first, uh, give them offers, right? You give them coupons, you give them, um, bonuses. You start them off on this freemium-like, in this freemium-like way by giving away something. And Voice is following suit to the point similar on track like Electroner that gives away so many Electroneum per month through their mobile miner, through their wallet application. The Voice project gives away tokens every day free, right? So a lot of people who gave Electroneum a hard time and said this doesn't make any sense giving away tokens to people in developing nations Well, if you think it's a bad idea Electroneum doing something like that, then would you think it a bad idea that a $4 billion top 10 cryptocurrency is doing the same thing, right? Because in both cases, they're giving away cryptocurrency on a regular basis, every month, every day, right? And so if people have had a problem with that model, then either they don't understand marketing or They don't understand how to grow products, grow businesses, grow systems. Um, and, uh, looking at the state of affairs of cryptocurrency over the last decade, my personal opinion is cryptocurrency hasn't done as well as it should have been able to do. And of course, I think that's due, or in large part, or set back in large part to the decentralization nature of cryptocurrency. Meaning no one is incentivized to market for it. And so a lot has been missed, a lot hasn't been done. But now we're starting to see these next-generation cryptocurrencies like Electroneum that's doing this, that understands how to gain a platform and users and value and have a network significant enough to mean anything. And like VOICE, who's, despite its, um, hangups launching in the beginning and, uh, setbacks, uh, and I don't know if VOICE is going to be it. Another, you know, another similar similarity between VOICE and, um, Electroneum is they both do KYC. They both have very stringent KYC because at the scale they're operating and in dealing with laws across borders. They know they're going to have to do this to grow at a level they need to grow at. But also keep in mind and really watch their blueprints here. They're doing all this KYC, but both of these projects have a great chance of growing very, very, very, very huge, very, very vast. And both are doing that, uh, to a great degree. Electroneum is growing massively. EOS is probably going to grow quite big with voice. Now, of course, in both cases, KYC is this kind of necessary evil, isn't it? Because it has to be able to operate legally across borders and to reach the presence that it needs to reach. In both cases, they're going to need to be compliant with local government laws, as it were. So this is all very interesting, but look where it's leading in both of these cases. Now, what this has gotten me to a point of is it's got me to the point of where these are the only projects I'm starting to see real value in. And, um, what I'm viewing and what I'm seeing is a little bit different than how other people, I think, think about cryptocurrencies. I think A lot of people look at cryptocurrency, they don't look at the systems, they look at the price and how the price is performing. But I look at price as a short-term measure, and I look at how that— how, how big can you grow, how sustainable can you be, how many people can you reach, and is your product going to be usable to people. Now with something like VOYS, if you believe that, uh, receiving these tokens every day and being able to promote and get your voice out over decentralized social media is very important, then you're gonna, you're gonna have many of those, uh, issues solved with voice, right? If you want a viable money solution that is useful, convenient, and global, and packaged in a way through smart devices, phones Electroneum has created partnerships with big telecom companies, as it were, real legal partnerships, the necessary things, working with governments that you're probably going to need to, to be significant and big, then you want something like Electroneum, right? But the common denominator here, like I said, what we see is the expansion is being done by giving away free cryptocurrency. Like many people have said in the very beginning that you gotta give it away free in order to build a huge network. That's how you're gonna mass adopt, get the people. And the projects that aren't doing that— I know a lot of people believe it's going to be, uh, you know, many of these projects in the top 10. I hear them talk about the technology a lot, but psychologically, that's not how the vast majority of people look at cryptocurrency. For example, the cryptocurrency space is littered with people who delve deep into the technology and they say the technology is going to do this or that. But hold on a second, take a step back and take a breather. Here's the thing, we're geeks, we're nerds, and the rest of the world isn't. So the rest of the world doesn't care, uh, about some latest technology or something or or another to that degree. They don't care what you build. They don't care what algorithm, algorithms you use. The only thing the rest of the world cares about is can your product be useful for you, uh, to them? And can it be easy enough for them to understand where they don't feel dumb when they use it? And, uh, that's about the bottom line with that, right? That's, that's, that's the bottom line. And, uh, we've attempted to try to make the technology be more important than it really is. But again, the reality of the situation is many things we're doing on the blockchain don't even need to be on the blockchain, right? They aren't fulfilling overall many of the uses that— and things people are going to use. People can simply do other things outside the blockchain, and they probably will. But there will be certain projects that, uh, are important that I believe people will see practicality in. But I don't believe as many of those, uh, coins that are in the top 10. And I think projects like Electroneum and maybe Voice, even though I feel Voice on the right track, I think of some things that might be working against Voice. But either Voice or something like Voice and projects like Electroneum I believe is going to be the answer forward. But then there's one more that I'm looking at, and I'm considering it to be the next generation of cryptocurrencies. And so we arrive at BitcoinMYK, a project that I am a founder of and that I wanted to solve many of the issues I felt in cryptocurrency. And the common denominator with BitcoinMYK and Voice and Electroneum— where Electroneum has a free airdrop, uh, every month giveaway, uh, Voice has free tokens every day giveaway, BitcoinMYK has a monthly— excuse me, universal basic income program that gives everyone tokens, uh, in the registered to the site. So it is following the same pathway of these freemium cryptocurrencies to mass adopt people. Now, whereas Electroneum is more money-driven, it's more, uh, in that caliber, and Voice is more, uh, the social network aspect, I guess BitcoinNYK is a mix of all three of them. And what's so cool about BitcoinMYK is when we sat down and we thought about it, we said, well, you know, the thing is we come on social media to do something. We come online to interact. And what about if that interaction was paid based on the interaction and not based on somebody else's decision? right? So this is a little bit different, similar to voice in the idea that we call it the proof of participation model. Whatever you do, you're going to be compensated tokens for it, right? The decision that is made, uh, is based primarily, um, on what you do through the system. Doesn't really matter what you do. There's nobody to rate you. Really, or upvote you or anything like that. It is the amount of attention and energy you put into something. You receive our cryptocurrency either way, right? So it's based on an action, right? And to that, to us, this made sense because whether I come on social media and I'm posting a blog or I'm listening to music or I'm making music or I'm making videos or I'm viewing videos, We believe every action you take should grant you our cryptocurrency, right? And as well as that, every month you could claim universal basic income. Now, we believe that's the easiest, most efficient way to cover the social media part. But the next thing, the next part to this is that because we're a universal bridge cryptocurrency, One of the chains we use is, um, Steemit.com, and through integrating through Steemit, our token can be moved fast and free, uh, making it a great efficient money situation, right? And, uh, while we think it's gonna prove to be a very good situation for people holding the BitcoinNYK token using our Universal Basic Income project to expand globally and have global acceptance. And in that way, uh, we're looking to be up money. So all of these projects I feel are going to be the next generation of cryptocurrency. I think they're going to work very, very well, um, and, uh, um, um, I think they got a lot of room to expand and a lot of demand to get people involved and interested in these projects, right? They're also, from what I can see, at least with Bitcoin MYK, it's probably the easiest of all three. Then I would say Electroneum, um, and due to the wireless voice, I think that's gonna be a problem, uh, for them. But, uh, um, this is, I think, where we're headed, um. And, um, definitely would love you all to get involved with such projects. BitcoinMYK, definitely. I've been a long supporter of Electroneum, uh, and, uh, I kind of look at Electroneum and BitcoinMYK as, you know, working to the same goals. And even Voice to a certain degree. Now, I'm, I'm not a real big fan of the KYC with Voice, and, uh, they don't seem to have a tradable market with their cryptocurrency in a traditional sense. So, uh, I, I am somewhat concerned about that. But, um, as far as the philosophy, if you will, of these projects, definitely see a great future for, for all three, uh, provided that they do the proper development, do the proper steps. BitcoinNYK now trades on the Steam Engine marketplace and the Waves exchange. You get cryptocurrencies absolutely free and get a wallet with us in under a minute. So it's very easy to onboard new people to the project, right? So these are some interesting projects. Electroneum is looking great. Try some of these other projects as well. I think combined you're going to have a good cryptocurrency future with such ideas. Just my opinion. 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.