In this solo commentary, the presenter discusses Electroneum’s recent fork, which removed over 75% of mining rewards from ASIC miners, reducing sell pressure and potentially stabilizing the price. He introduces Electroneum’s new Proof‑of‑Responsibility (PoR) consensus model, arguing that experimenting with alternative algorithms is essential for the crypto ecosystem. The video critiques proof‑of‑work (PoW) for its massive energy waste and centralization of mining pools, suggesting that hybrid or experimental models may become the norm. The speaker highlights Electroneum’s product ecosystem – mobile phone branding, instant transaction processing, and a simulated‑miner wallet – as under‑appreciated strengths. He shares a personal, use‑case‑driven investment philosophy, warning against speculative “shell games” and emphasizing investing only in projects one personally uses. The presenter also promotes his own project, BitcoinNYK, which employs a Proof‑of‑Participation model, and concludes with standard YouTube calls to action.
Chapters
Hey you, welcome back to the channel. And today we want to talk Electroneum. So Electroneum, uh, many of us are familiar with the fork that Electroneum just went through with, uh, with a lot of great improvements, uh, and changes to the Electroneum system. So one big problem, uh, I guess start with the biggest problem first. To many people was the price, and the fork has now allowed for over 75% of the mining rewards to be taken off the table, right? So what that means is we're gonna see millions upon millions of Electroneum per day not being able to be sold by the ASIC mining that was going on and more likely being dumped on the market. All right, so that's, that's a, that's a great improvement. But Electroneum has, you know, as we got to learn, has also introduced something called the proof of responsibility model. And I just want to talk a little bit about how important it is to experiment with new models and go through a variety of changes. in the cryptocurrency space. And whereas many people, uh, I know, uh, kind of laughed it off when I say things like, uh, you know, they're going to be a lot of replacement algorithms and for Bitcoin going forward into the future and the proof-of-work algorithm. Um, you know, I think that as time goes on, people are going to start to really look back on that and see that those things are going to start to become more true every day. You know, the reality is the proof-of-work model, whereas it has been robust and it has been reliable, it is a waste. It is a great energy waste. If everybody were to adapt to Bitcoin, there wouldn't be enough resources to to run the nodes. And so there's a lot of great things that came out, uh, when Richard Ells not only just talked about the amount of waste that happens in proof-of-work algorithm, uh, and the need for changes to the, uh, to the algorithms that the cryptocurrency space uses and experimentations, uh, but just how Bitcoin in general works, uh, you know, even though it has this idea of decentralization, there are only about 20 pools that are actually really, uh, in control of the Bitcoin. And of those 20 pools, we still don't know how many of those pools are connected. So when we really start to break things down, I think we start to get a much more, uh, clearer picture about some of the ideas that we've been floating around the cryptocurrency space and that there is going to necessarily be, or there is going to be the necessity to have experimental models, hybrid models. When we think of decentralization and centralization, I think another thing we have to really keep in mind with this is that the cryptocurrency space is beginning to broaden. And there isn't like just one idea about how the cryptocurrency space should work, or what ideas people deem important. And so in that, hybrid models might become more well accepted than totally decentralized models versus, you know, centralized models, right? There may be this meeting in the middle and we may find the most efficient and usable models in that way. Right, so that's why I think we have to be very careful. You know, I've had the conversation with developers and a lot of people in the cryptocurrency space, and one of the predominant ideas was always privacy and censorship, right? And, you know, but we haven't asked the general public exactly what is it that they're looking to gain out of the cryptocurrency space. It may not be so black and white for them. So I think the narrative that we have about the cryptocurrency space will not only evolve, but we will adapt it to meet the needs of the people and meet our needs in a way we see fit. And that may not be contained in the bounds of one narrative, right? So in short, the proof of responsibility model is a new algorithm, a new way for maybe a new efficient model that's going to work for Electroneum a great deal. And Electroneum, I don't think Electroneum gets enough credit. Electroneum, when I think about setting up an operation in cryptocurrency space, I think Electroneum has done just about everything I could imagine, right? It has the physical branding with the phones. It has the decentralization part with the cryptocurrency mining, which they will still have on a proof of responsibility model. Has the kind of breakthrough in speeding up the movement transactions over the blockchain with the instant processing system. And it has the great wallet app simulated miner that makes possible to adapt and bring many people on board. So I don't think Electroneum gets a lot of credit for what it does, but I think they're doing a great job. And I think one of our main concerns for us who've you know, got into cryptocurrency, got into Electroneum to make some money, and there's nothing wrong with that. We want to make some money. By the reduction in these, uh, miners, right, uh, rewards, uh, which I, which I think was a great move, uh, you know, there's a possibility now that's gonna free up a lot of that sell pressure that's been pushing Electroneum down. And, uh, um, you know, I don't know, maybe the cryptocurrency space is gonna start to take a look at Electroneum again and start to really focus on useful products, right? I mean, again, you know, we're going around with these cryptocurrencies, proof-of-work algorithms, and we are headed towards putting more destruction on the environment, right? In a time in our political climate where ideas like energy, green energy, global warming, and eliminating waste are paramount issues, building a house on a foundation of systems that are, you know, are inherent to waste of energy, it's just not gonna be feasible going forward into the future. So I think we're gonna have to come to terms that these projects, these algorithms, the way that we mine and the way that we secure our networks are going to have to change. And there are a lot of projects that are finding new ways. And over the next 5, 10 years, I would imagine we're going to find a great deal of projects that find a great deal more ways to deal with this. But I think it might be time for me to pick up a little bit more Electroneum. You know, but I want to say this as well to the cryptocurrency space. With all the— excuse me— with all the wash trading that goes on, with all of the, uh, pricing not being reliable, with all of the, um, structure of cryptocurrency that I call where the sell walls and the buy walls are like paper tigers, right? They just crash through them and move the market when they want. It's going to be of the utmost importance if we're really serious about this space, really focusing on projects that work and people use. And I, and I think we are going to begin to see a great fall in the way of projects that don't have a clear future going forward. And that's going to be a lot of projects. And I know a lot of people aren't going to like to hear this, but the proof-of-work algorithm that Bitcoin uses is doomed to fail at some point in the future. Right? This is a, this is an algorithm that has outlived its usefulness. And you know, it is not going to end well for such algorithms. They're going to need to adapt. And that's not saying Bitcoin can't adapt, but it can't adapt under that, under the proof of work algorithm. It's going to have to be some changes or some version of Bitcoin Uh, and, uh, we have one, Bitcoin MYK, use the proof of participation algorithm. It's democratic where the community as a whole decides, uh, where the cryptocurrency goes through a series of network hubs, right? So projects like that and projects like Electroneum that have these algorithms that make sense toward the future is what's gonna work in the end. But anyway, keep a lookout on Electroneum. I just wanted to check in with you guys. I'm optimistic about that price going up, but you know, not financial advice. Always do your own research. You guys know the whole nine with, you know, how we deal with cryptocurrency. Only invest what you know you can afford afford to lose. And invest in projects you use. Invest in things you like. At least that's what I do, right? You don't have to do that, but that's what I do. That's always been my, uh, you know, my way of how I look at investments. If I'm wearing your clothes, if I'm driving your cars, if I'm using your cryptocurrency, if I like your projects, then I'm buying it. And if the checkbox is no to those, then I'm not buying it. I'm not, I'm not in the speculation game anymore, right? So I'm not going to just be buying stuff and waiting for it to go up. It's going to have to just make sense across the board for me to get involved, or I'm just not going to worry about it. I can go invest in, in real, in the stock markets and investments that got government protection on them. I can go invest in things like that, could take risks with some protections against them. I don't have to come to cryptocurrency and just speculate. Right, and, and still, and still not do well at that. But if there's this opportunity, uh, in this new technology and with new projects and products, uh, that could go forward and be a new way for a new way, a new monetary system, uh, uh, a new technology that makes the human, uh, uh, mankind better then I'm all on board for that. But it's got to be that and not just more shell games and not just more, uh, empty projects or redundant projects. But that's all I want to say. Keep an eye out for Electroneum. If you like content like this, don't forget to like, subscribe. Also, don't forget to join our project, BitcoinNYK.com. It's doing quite well and there's a lot of great things happening to it going for in the future. You can join, you can get it free if you have Bitcoin, you can, uh, participate with our proof of participation model and earn them free on the website. But that's all I got to say. Until the next time, you all take care.
