Hive - Rep Score Tokenization!

Welcome back to the channel, and I hope you all are having a great evening. So today I want to talk about something on the Haya blockchain that, uh, I think many have considered, and we've been trying to find a way to implement it. And this has to do with the value of your reputation score. So some of the conversation has been Does your reputation score have any actual value? It is, uh, in itself, uh, showing value because what it represents is it represents the amount of like upvotes you've gotten to your content, the amount of stake-weighted votes that have come in to your content, who's upvoted you, who's downvoted you, and somewhere, uh, in the composition of this number creates your reputation score, right? Who you are in the community, right? How valuable that contribution is. Now, the problem is because it's based on stake-weighted system, then basically that means generally that people who have the most, you know, stake in it, right, the most money in it, um, are, are going to be the ones who have the higher scores, right? They're going to be the ones who typically are going to upvote, uh, certain people and make them have bigger scores, right? But within the score itself, what if it was a way that you could just trade the value of the score that you obtain yourself in its own market? And that's where we come up with using, uh, yet create another use case for the BitcoinNYK token to represent your stake weighted— I'm sorry, your reputation score. So, but what would be the value of the token, right, itself? Does it have any intrinsic value, uh, you know, or will it just be like a badge or something like that, just that designates, right, that you are, you know, a person of certain accomplishments and calibers, right? Well, what we discovered was there is a way that the token itself has an intrinsic value, and it's by a very, um, uh, interesting idea we were able to come up with. So to illustrate what we're talking about here, let's just show you the value of a Bitcoin MYK token, some of the things you can do with it, right? Obviously you can upvote with it content like, um, on many Hive interfaces. But if you, you read the comment here, the post done by one of our community members, G Dubz, where it says, hello friends, here's a link to my sleep channel if anyone here needs some calming music for bed or meditation. Um, and then he drops his link, right? So let's see what happens. When he drops his links, he gets the community members commenting on it, you know, that they're interested in trying it out and checking it out and things of that nature. But here's the problem, right? The platform has specific rules that— there are rules about self-promoting yourself on the site. You can post about content, you can do a variety of things. But if you're doing anything that's self-promoting, whether it be your businesses, your own personal channels, or yourself in some way, um, if it's, uh, coming off as like advertisements or something like that, um, you know, to a certain degree, then if you're dropping any promotional links, you're required to spend one, uh, of your D tokens Let me see if I can open up the comment section here, uh, to show my reply here. And although I can't find it, it should have said something like, to the effect of that you have to spend 1 BitcoinMYK token on the network to to be able to drop promotional links. Now what happens? One token represents about $2,400 worth of promotional advertising, right? Which means when you earn one BitcoinMYK token and you spend one BitcoinMYK token, right? You effectively can do promotional material here on the front page. You can do it pretty much for the lifetime of your account, right? So you spend 1 BitcoinMYK token and you get what we consider $2,400 worth of ad space, right? Advertising promotional space. Now, what does that do for the value of the BitcoinMYK token? Does it make it worth $2,400? Not necessarily so, but it certainly makes it, uh, useful to people. As you can see with G Dubz, he has, uh, people who are interested in his YouTube channel now, right? He was able to get them by use of the BitcoinMYK token, right? Um, so what's going to happen if you have, um— okay, so what's going to happen, your Hive rep score, right? I pull out my notes here, give you an example how it's going to work. Your Hive rep score, right? I think a standard one starts about at a rank of 25, and I think it goes up to a 100, right? So here's what would happen, right? Keeping in mind that with a BitcoinMYK token on the network, you're gonna have the value of about $2,400, right? One BitcoinMYK token. Why is that? Because that token allows you to promote yourself up to $2,400, right? Now let's say if, uh, this is in a sense is transferable too, right? So, so let's say for example somebody on the network doesn't have anything to promote. They don't care about promoting themselves, right? They don't have any businesses, um, they don't want anybody to know anything about them, uh, so in a sense that makes the BitcoinMYK token worthless to them, right? But because it is transferable on the network, it means that they can send it to somebody who can use it. So there's still value through the token, through the network, because although it may not be valuable to you, it could be quite useful for someone else if they had it in their possession, right, through that transfer. Um, so what's— what happens here is a Hive rep score, for example, of 25 would automatically give you 0.25 BitcoinNYK tokens. Not a full token, but a quarter of a token, right? So that means that that would represent about a $600 value, right, in ad and advertising space, right? Okay, so that means that your Hive rep score couldn't have a value of 0 in this tokenization. Now the market would, would decide what the BitcoinNYK token value will be as it does trade on exchange and it does other things. It's used as an upvote token and a Hive-like interface, right, where you can upvote people and you can earn the cryptocurrency by doing posts and social media activities, playing games, and so on and so forth. However, um, uh, because you can now tokenize your rep score, that can be valuable. That can make reputation score valuable and have an intrinsic value outside of getting people to pay for the token, right? So typically how it works in cryptocurrency is a token has value generally because somebody was willing to pay you X amount of dollars for it, right? That is not necessary with our system. The token has value because you're able to promote yourself, right? So like again, in the YouTube example, the person, a user with the YouTube channel, whether you think the token has value or not, it, it could have tremendous value to a YouTube account. YouTuber because it could allow him to get more people, right, to view his YouTube channel, to become subscribers to his YouTube channel. So obviously that would have a great amount of value to him, even if it doesn't have it to you. But because it's transferable, you can now negotiate with the value of this token to move it across the exchanges. Now in the future, one BitcoinMYK token on this network might not get you $2,400, right? That's why it's such a great deal now. In the future, it may become subject to inflation like many other cryptocurrencies, and maybe instead of getting you $2,400 worth of value, I don't get you $100 worth of value. Then you may have to gather up more to be able to do promotion on site, right? So, so there are many, uh, ways that the value of the BitcoinNYK token could grow. Also keep in mind, on exchanges it's quite deflationary. In the end, it's only going to be about 5 million of them, right? So then that opens up the opportunity for the value of it to increase in that sense, right? So it does seem to be an intrinsic value that is natural to the network and the cryptocurrency itself. So very interesting things. Let me know, uh, if you're a Hive person, what you think about this system. You got Hive rep scores. I would certainly try it out to see if you like it. I would imagine in the beginning though, the cryptocurrency, as it's only fractions of a penny now, I wouldn't think to get rich off this thing or anything. I would imagine that you're going to— it's going to continue to probably trade relative to that value system. But if everybody who has a— on Hive with their reputation score decided to adopt this system, then the amount of accounts coming in could have a tremendous amount of value, especially if they start using the network, upvoting people, earning more of these tokens, these reputation score tokens, or could be used as that. And, uh, right, that could, uh, they could find a very interesting use, uh, in that. So all interesting stuff. Uh, if you have any questions or comments about this, let us know what you think. In the video. Be sure to subscribe to the channel. Be sure to join the BitcoinNYK network. That's all I want to say in this video. Until next time, as always, take care of yourselves and each other.