Mykos Coin - (POP) Proof Of Participation (Explained)

Hey you, welcome back to the channel. And guys, today we're going to do a video explaining the proof of participation model. Almost 2,000 coins now, and geez, do we need another coin. So I'm in the camp of we don't need any more coins. So why would a person who's in the camp of there are too many coins uh, succumb to doing a coin? Well, I'm going to explain it today, guys, and hopefully, uh, by the end of the video, we'll, we'll understand what proof of participation is. So let's, let's talk about a little bit. Um, Miko's Coin is a cryptocurrency which will convert user activity into tokens. The proof of participation model This attention-based value will be verified through consensus throughout several blockchains of activity. Proof of Participation hopes to provide a more feasible option for Proof of Work and Proof of Stake. Miko's Coin is different than most tokens in that activity in itself is the currency and the value. User activity produces the token and places value in it. The process is verified against several blockchains assigning value of their tokens, which are then held and converted into Miko's Coin Market, which trades on Waves decentralized exchange against Bitcoin, Litecoin, Ethereum, and Waves. So I'm gonna stop right there, guys. So, you know, we mentioned proof-of-work and proof-of-stake. What is the problem with those models. What has been the debate with proof-of-work and proof-of-stake? Do we have options to it? Does some hybrid system exist that can help to correct them? And we're hoping we have the answer here, guys. The, the age-old battle of proof-of-work versus proof-of-stake. Proof-of-work has been somewhat plagued by issues from its inception: environmental concerns, as well as huge monopolies that may directly or indirectly create a form of censorship, has made proof-of-work problematic. This is because huge mining pools have the power to approve transactions or not. This can create not just obviously a monopoly or fork, but a type of censorship in effect. Proof-of-stake, whereas it solves the environmental issues such as gross energy consumption, is plagued by how the pool is rewarded. So the randomness generated, which gives over mining rewards in proof-of-stake algorithms, have been found possible for allowing for an unsecure network, as the algorithm itself may be changeable as to who gains the mining reward. So it's been this big debate about this going on for a while now, guys, and One of the solutions has been to produce these types of hybrid systems that can kind of solve both by adding both elements, you know, to it. The debate throughout the community on these models continues. Proof of stake requires work, staking of coins and handing over coins via per how many tokens you stake. Runs the issue of staking just to receive coins almost to no end. So that's like, you see a lot of these staking models and people are staking these coins and they're getting coins for staking coins, right? But it's running to a point of, you know, if there's no vendors, if it's nobody who are willing to take your coins, the coins in the end aren't going to have a significant use case to be worth anything to do anything with, right? Um, so let's talk a little bit about the origins of proof of participation, how I came up with this, and why I think it might be a solution for all of us and very beneficial to, to many of us. So, uh, it basically started, um, the idea of proof participation, um, works on a more fair distribution system based on studies done at Harvard University which defined concepts of social and human capital. So let's, let's, let's look at that for a moment. What is social and human capital? Well, during these studies at Harvard University from Dr. Putnam, social capital was a value system where you were valued in your community based on your relation your relationships. And of course, that kind of relates to, or then moves over to, human capital, the value that humans inject into structures and systems. And I think that what's been kind of confusing with our economic systems as we kind of go through this economic odyssey is that we have continually handed over value to objects, right? Whether it be gold, whether it be these type commodities that many people say are money and they've had this significant value. But gold was used as money. But here's the problem. Gold was used as money thousands of years ago. And so why was gold used as money and it had no um, gold had no value to technology thousands of years ago, but people still considered it money. Well, the reason that gold was so important was mostly due to religion, right? They thought gold was from the gods. It was shiny, and they used it in a lot of religious ceremonies, which drove up the price of gold, right? So it wasn't like— it wasn't about gold being the semiconductor or anything like that, you know. Gold was just in the minds of the human beings, the traits we have, the value we perceive. It was just valuable because of— and, um, that's how it gained its value. Although it was durable, but it was only the human invention that made it valuable. There is no universal case for, for, for gold in that, in that manner. And so that's like saying that where does value derive from? It derives from us as human beings. And so in social and human capital, if your, your human capital and your social activities could have an aggregate value, what would it be? Or could it be measured? Well, we do know that it does have a value. We know that because in our neighborhoods, in our communities, we exchange this social value to one another, right? And so this is very important, guys. This is, this is, you have to sit back and think about this, what's being said here for a moment, because it's easy for us to, at a subconscious level, still give over value to objects before the people who give the value to the object. So that's why I think it's so important that we be mindful of that and understand really where value is coming from. It's not coming from rocks. You can't eat a rock, okay? Uh, you know, a shiny rock, but you can, you know, if it's, um something like water or food or, uh, uh, the, the relationships we get from other human beings. That's where true value is, guys. That's just, that's just how it is. But monetary systems kind of trick us in a way of not seeing that. So what, what does this proof of participation model aim to do? It actually aims to, in a sense, aggregate that value, give it back to the people, right? So let's talk a little bit about the value consensus model across blockchains and what it means and how we'll use it in, in various things like that. So Miko's Coin derives its value from blockchain consensus. This simply means that other blockchains have given tokens over for participation, for participation that trade on exchanges. This is in effect us in agreement with the value given from one blockchain over to Miko's Coin. We agree the value is as such and replace it with the Miko's Token. We've in effect taken those tokens and placed an equal value on the token. So I don't want to get too heavy with this because this is meant to be simple. A lot of this is, uh, I'm trying to address, you know, some of the people who've been in the industry a while, uh, who deal with these different types of models. And they'll have many questions. So, so if you're not familiar with proof of work, proof of stake, and just various things like that, don't, don't worry about it. I'm gonna mix this up. It's gonna be just a very simplified way of how you gain value from, from using this. But basically, Miko's Coin is making an agreement with what other blockchains are saying is the value of some activity you've done, some community participation you've done, and we're agreeing to that and replacing replacing it with our token, right? But the activity you've done, your participation, whether it's social, whether it's you've done something across the blockchain through some type of social media interaction, uh, or offers, or refer someone, whatever it is, we, uh, are agreeing upon that. So, and, uh, we're replacing it with the MECO token. And so we're going to talk a little bit about how anything works when you're dealing with value of something. I'm skipping around a little bit because of the white paper here, because I'm not going to read the entire thing. You, you can do that in your, your own spare time. But I— but if you do read the white paper and you have a question, I would recommend coming back to this video because I'm going to try to address some of the parts that might have the most questions to it, the most important things. And after you read the white paper, then you'll, you, then you'll be able to just watch the video and have those questions answered for you. But, uh, the supply and demand, which is what's going to give Miko's Coin value, consists of only 100 million tokens. So we know when something's rare, it's only so many of them, that it's going to always be a point where Uh, it's, it's gonna— the rarity is gonna create some value, right? But the tokens are given out due to their market value and through consensus throughout the blockchains, as we said earlier. Miko's Coin will issue tokens without any purchase required based on a proof of participation model. Reduction in supply will cause Miko's Coin to go in the open market, or rather cause us to go in the open market to purchase more. This will account for supply from the open market and meeting the demand of proof of participation users. So this is very important, guys, because what this is saying is, first of all, if your participation, if your social capital, if your human capital in itself has value, why would you need to purchase any tokens when you are value itself to create the token, right? So this model doesn't work on purchasing tokens, it works on participation. Where the supply and demand factor comes into play is the limitation of the tokens. Every time you participate and we hand out these tokens, the supply is greatly reduced. This forces us to at some point in time to go back on the open market and purchase tokens back, which is creating a supply and demand and creating liquidity for the person who's holding tokens. Now, where do we get the money to do this and how does that work? Well, we have a treasury of the tokens that have come over from the value consensus model we're using. That's to say we've been compensated in some way, tokens from other blockchains. Now, these tokens in essence have no value to us, and I know you might be listening to that and going, that's, that's ridiculous. Of course they do. You can trade them for this or that. In our ecosystem, these tokens have no value to us, but they may have value to people who use Miko's Coin and wish to liquidate out of Miko's Coin into some other token. If that makes sense. So that's just a simple way of saying that we will be able to trade those same tokens across blockchains back for Miko's coins. Now it's very important to understand, uh, that— and I'm going to read here this excerpt on the value consensus across blockchains area here. It's very important to understand that through this method, this should not be confused with what the price you may receive on a third-party exchange. Consensus value is the MECO coin ecosystem in agreement with other blockchains. To illustrate, if your contribution is worth 1 Bitcoin from people who use Bitcoin Your contribution is worth however many MECO coins it would take to equal the same Bitcoin. However, Bitcoin would assign the value, or the community, and we simply agree. The value of activity across blockchains will allow for set value of the MECO tokens. So that's only saying that when there are a certain amount of, um, um, of people that have, um, or I'm sorry, other blockchains that say some activity you've done is worth their tokens. We're simply saying that based on the market value of our tokens, we will replace those tokens with our token, right? And so if the MECO coin value for a token is 1 cent and you've done some activity on another blockchain, then we, we would trade them over to MECO coins. At that point in time, you will be able to use MECO coins in our ecosystem, or you can trade them on an exchange for whatever the third-party exchange is willing to buy or pay for them or sell them at. And in addition to that, whatever the demand for them is, meaning that as we run out of tokens, we will be forced to go back in the market and purchase them back. And when the tokens belong to the community, just like anything you own, you can set it at whatever buy or sell price you wish. And so that's all third party. Value consensus won't in itself give MECO coin value. MECO coin derives value as well from its own ecosystem. This works as users of the token— I'm sorry, usership of the token increases, so does value. Store services and advertising packages on the MECO coin website may only be purchased in MECO coin. As a treasury of tokens builds, Vendors who take various cryptocurrencies will allow us to purchase products with their tokens simply by swapping MECO's coin to our end users. And that's just a way of saying that we could like have stores and various things. We can have a store implemented here on the site and any service out there, whether it's electronics or something, takes Bitcoins for electronics or they take some cryptocurrency, Ethereum for sneakers or whatever, uh, we're saying that through our system and the treasury of tokens we already have built up from your activity or through the activity on the system, we could simply do a swap from your MECO coin to that Ethereum or Bitcoin over on their network, meaning we can go out and purchase those particular things, sort of like what you get in a dropship service. Right, where the dropshipper goes out and he's able to go to several different locations of stores or online merchants and send you your item from there without taking inventory of it. We would be able to do a similar thing, right, holding these tokens off these other blockchains. And within the MECO coin ecosystem, you still just be spending MECO coin. And that's also why I'm going to get to this next part about MECO coin, why we don't have to sell MECO coin. Uh, because, um, a lot of people in work, uh, in, in the discussion of a fair distribution model, one assumption is, well, these are like pre-mined tokens, right? So how do we deal with the idea of a pre-mined token? So Miko's Coin total supply is 100 million tokens. The distribution of over 95% of the tokens will allow for a fair distribution model. At no point in time will more than 5% of the tokens be held without locking them away for distribution. That's to say that 95% of the tokens will always be distributed out to those who are participating. And these who are participating won't have to pay for the tokens yet. They'll have value. And, um, and we'll explain— we pretty much already explained how they'll have value. Um, but, um, if you don't quite understand, you might have to watch the video a few times or just go to the home page and you'll start to understand it. But the distribution of over the 95% of tokens will always be to the community. That means they, they won't be sold on the open markets, and we're going to explain why that won't be necessary. We won't have to do that. So the 5% we will hold, what will be done with that? Let's say that 5% is what we can sell. We can go on the open market and sell those 5% that we're going to be holding, right? Well, in our view, it won't be necessary to do that because as Miko's Coin grows, we'll be able to just trade that 5% for a cup of coffee. Uh, we'll be able to trade it for— if we want to buy, go shopping with it. And the way we'll be able to do that is through direct interaction with the community, right? Because they'll know Miko's Coin has value. We can do a direct distribution or direct trade between Miko's tokens. We wouldn't have to go on the market and dump, dump coins on the market, which caused the price to significantly fail and fall and cause all types of problems like that. We won't have to do that because we'll be long on Miko's Coin, and which means well, it'll be a constant cycle of buying Miko's coin to supply the demand. And so that's why that wouldn't be necessary to do that. And like I said, guys, it might take a few times to read this and watch the video maybe and understand exactly this concept. And I'll be more than happy to take some of your questions, but just want to try to address some of what I think is going to be the more complicated issues. That's why the title of the video is Miko's Token Explained, so in the model explained, so people could kind of grasp what it's talking about here. So, um, let's see what else I think is going to be very important. We talked about that. Let's look at infrastructure of Miko's Coin. Those are some questions I've gotten. Miko's Coin plans to deal with server congestion and slowdowns from possible large uses by moving pages and sections of websites to other servers. The idea is to segregate the most popular sections of the website to areas where more resources can be consumed, although the additional sign-in should not be necessary. So that's just a way of saying that if— because let's face it, if people can come participate and receive tokens, uh, which in their mindset might not be— might be free, but they're really not free we can make an assumption that we could attract a lot of people. And at this point in time, resources that are allocated to these projects— we've done no ICO, we don't plan to do an ICO, we don't plan to sell any tokens on the open market. Um, and so the idea is the resources that we use We would much rather give it back to the community. We think it's going to value more to them in that way. That said, we still need a usable structure and system that doesn't greatly impair the user experience so we can get stuff done, obviously. So one solution for that is just segregating. You, you'll still be entering the Miko's Coin website, but segregation of other links to other pages on different servers. So the most popular ones that gets the most visits, that way when we see that occurring, uh, those will know which pages need to be on their own server, and so the network won't be as suggested. And so, uh, I just want to address that because get that quite a bit with some, um, uh, people in the community who want to know how we deal with that and the cost of this and various things. like that. Um, what else, what else can we cover on this real quick? Uh, to, uh, because I don't want the video to go too long. I don't want to spend the whole time. I just want to address the, the direct issues with this. Um, let's see, the Miko's Coin Model, or rather the structure to make Miko's Coin Model As close to decentralized as possible balances the concept of not buying tokens. This allows a push-and-pull mechanism against proof-of-work or proof-of-stake models. Participation counters direct market stakeholders or mining monopolies. So, um, and after this I'm gonna talk about the understanding of speculators in the public market provides liquidity and is allowed as it's a public market independent of any centralized authority. So let me separate those two. I want to talk about speculators after the— after this point we just read, which is the structure going from centralized to decentralized. So I want to talk a little bit about— and it being fair and a push-and-pull mechanism against proof-of-work and proof-of-stake. So what that basically is saying, guys, is that In a proof-of-work model, although the idea is this work has been done and so the reward of verifying these transactions is going to this pool or going to this group of miners, uh, and that's a, that's a needed component to blockchain, but we know that it can create monopolies, meaning people can just, you know, uh lock it down to the point that it's just one big group that's verifying the transactions, and a lot of problems can occur with that, as we've seen over the years. And with proof of stake, it's a kind of oddly similar issue, you know, although different. You're staking the tokens, but you're staking more tokens, and so you're getting more control over the network as well. Um, and so with proof of participation, as it's creating value, um, indirectly on another end, as those type of hybrids enter into this design, uh, to keep it fair as— and to keep a healthy, uh, market distribution model people being able to exchange their, their social energy, their social capital, and their human energy in this proof of participation model, I think we'll be able to kind of balance it out to a way where we have a well, um, a network of distribution. And I'm just going to tell you guys right now, I don't care what you're doing, if your distribution is not good, you're never going to have a healthy market. You're never going to have a healthy economy and you're going to constantly have problems with your pool, your size of your pool and your growth of that pool. And that's been one major issue I think we've had in cryptocurrency and many elements of what we're getting in proof of stake and proof of work, I think have contributed greatly to that. And so these are solutions that create a much more fair distribution system by converting your, your, your social and human energy and your participation into the same level of work. I think that's all I really want to cover, guys. The rest you can read the white paper. I think this will pretty much answer many of your questions about the distribution, how we plan to move this token on the open market, and various things like that. And, or that we won't be moving it on the open market rather, and how we plan to use it and trade it. And, and you go to the homepage if you want to get started and it'll show you just simple concepts and ways how we go about this. And I think it'll make a whole lot more sense to you guys. But at this point in time, I'm going to end the video there because I don't want this to run hours and hours. Uh, and I, I, I'm— and this model, this proof of participation model in Miko's Coin, is really meant to be super, super easy, simple, uh, for the, for the end user, right? And for mass adoption purposes, we want it real easy. Oh, I did want to talk about speculators. Let me throw that in right quick before I end this video. Speculators have driven the cryptocurrency market uh, to a fault, right? It's been— it's provided liquidity for us, but it's also been a very negative thing for us because what speculators tend to do is they get involved with the market just based on the idea that the token will go up in value and it'll be valuable. So, so they're looking to get rich, basically. In short, that's what speculators do. But they help us at the same time by providing liquidity for us. The proof of participation model is not speculator-free, unfortunately, because exchanges are third party and they're open to the public, meaning once you get our tokens, you can do whatever you want with them. However, I think it's very important to note that this system is sustainable without speculators, and this is not an anti- speculator message because speculators can be a good thing for people who, for whatever reason, they get these tokens, they just want to trade them for something else. They see an opportunity somewhere else, uh, they see, uh, something else they want to invest in from the energy and work they put into something and the participation they put into it. And so that's fair and that's fine, but I just want to make it clear that this is supposed to be a new type of model. You know, we're trying to— this tries to separate itself from that model that needs speculators in a sense. Um, not saying we don't need them at all, but saying that we can sustain without them and, uh, and the market can remain healthy without them to a great effect. Because I think that's been a huge problem that we have need to rely on speculators and people getting rich to drive up the price. And unfortunately for many of them, that's the only reason that they are in cryptocurrency at all. They, they're not in it for some time to, to make monetary policy better for us as a whole and to invent a new money system that serves the betterment of mankind. Unfortunately, if they can just, you know, get rich and go buy a Lambo, that's all they need it to do in the monetary system can stay the same because they'll probably just cash it out to fiat anyway. So speculators, we have nothing to do with them on third-party exchanges and such. But this system, if you, if you really study what it is and you see what it is and see the benefit of being able to convert your participation in use cases to energy, you'll begin quickly to understand, uh, why this is beneficial to you and why I think it will work quite well and present an option to some of the proof-of-stake and proof-of-work models that if you study them fully, you will see the problems with them. And also, there have been many debates you can find online about— between very smart people, very smart tech people, about both models, and they debate back and forth. And so you can very quickly see what the issues are. But guys, anyway, that's all I want to say with that. I want to end this video now. And, uh, if you have any questions, please feel free to leave them in the comment section. Uh, if you have any problems at all, we have a live chat support up, uh, that you can use. You can leave questions there as well. Guys, that's all I want to say. If you like content like this, don't forget to like, subscribe, and until next time, take care.