Polkadot - You Are The Node/Solving Btc Energy Consumption

Welcome back to the channel. I hope you're having a great weekend. So I want to take a moment and talk about some of the energy consumption issues with proof of work. With the Polkadot network, the direction that we're going in with the parachain technology is going to look to solve many problems, but From the, uh, environment standpoint and the practicality of what we got with a cryptocurrency like Bitcoin, um, it has become a big environmental issue with the amount of waste that Bitcoin burns in order to secure the network, right? And so this is a huge problem because on the surface, when you look at Bitcoin, some people describe it as this unnecessary waste of energy to produce nothing more than a lottery ticket, right? And that's seemingly how it plays out with who gets the block reward. And, you know, the— all of the negative impacts of what it takes to do that, right? It's kind of like plugging one hole, solving one problem, and then you got 10 other, you know, holes. You can't stop the water flow, right? So looking at all of this, of course, Ethereum and so on and so forth, they're switching over to proof of stake, and there's a lot of different, you know, of algorithms that are out there to solve the issue, right? Decentralized governance and so on and so forth. You know, there's a great deal of solutions coming out, and we're sure that with so many coming out, somewhere we're going to find a workable solution. But BitcoinMYK, part of Polkadot community, We have already basically started our node, and although we haven't built, started really building things on our parachain yet, what we are doing is we're setting up systems to where people could take full advantage of the BitcoinNYK project and the Polkadot project. All right, and we obviously believe Polkadot's going to be key in the future of, um, you know, what's going to happen, uh, with our, um, uh, scaling and where we're looking ahead with our project. We're looking for a lot of growth, uh, incorporating universal basic income into the project. We think that, uh, the economic times, the geopolitical times we're in now is ideal for fresh new ideas like that, new ways to look at the economy. Um, uh, with the idea that we are going into, we're still in a recession. A lot of people feel like we've recovered, but many economists say what we did was we were already in a recession and we went back further, deeper into a recession, getting on the verge of depression. And, uh, we went, we only recovered back where we were before the pandemic started, right? So it's not that we really recover, we only recover to still be in a kind of pre-recession situation. And so the progress many economists believe are false. And this is all important because there are going to be fresh new ways to deal with our decaying economy. And we believe universal basic income is going to be one, not only for that, but dealing with automation, you know, as we— some predict that automation is going to take over 47% of the most common jobs that are done now, and that people aren't going to be able to, you know, be able to basically be retrained for new jobs, that it's a myth that everybody's going to become a computer programmer, right? So We propose another idea that we're trying out now that we think is going to be quite interesting, and we're looking at people as being the nodes. And we're going to explain, uh, what our network supply idea is, right, and how it works exactly. All right, so we're here on the BitcoinMYK site, and network suppliers— what is it? How does this work exactly? So And the energy consumption issue, you know, one way we found in order to be able to deal with this is what generally happens with the mining community, not only just the energy consumption problem, but also the representation issue. And what I mean by that is that when you mine something like Bitcoin, you have to be supplied with the actual miners, right? So, you know, you still have to go through this type of a central, centralized hub, if you will, to get the miners, right? Who's producing the miners? Who's controlling the miners, right? And then once that's done, once you got your miner and you're, there's a certain mental aptitude, like do you have the expertise to be a miner, right? And so it goes from that point to, so what's happening is the mining pool is kind of being minoritized, right? And why is that a problem? Well, it is because miners aren't really representing you, especially with something like Bitcoin, right? So you're not being represented in that. So, so when we get down to the idea of decentralization, decentralization, it, it, it goes, it gets further away from you, and that's a problem, right? So with a network supplier, if You're an idea sort of like this node, right? In other words, you're going to be responsible for producing this cryptocurrency, and you're going to be responsible for distributing it out, right? Supplying the network. Um, how this would work is, in order to substantiate the value, uh, one, one idea we found in what we call the proof of participation model is that some of the more most important elements in this space is, is not the mining, it's not the amount of energy consumed, uh, but it's actually just— it's actually you, right, that are making up the network that is important to the, the, uh, the, the, the whole, uh, uh, set of circumstances with cryptocurrency. So, um, what we find is How do we substantiate and build a valuable network by making you yourself the value and you yourself the node? So it's kind of interesting. What we found was that the value of a network obviously comes from the participants, but it also comes from the ability of certain people to, to influence and bring in more people into the network, right? So one formula we came up with was that one of the easiest ways to do this is if you're a, uh, a content influencer or your social media, you have a certain amount of influence. One way is to, uh, be able to have you go out and, uh, bring that value to the network of the cryptocurrency. And how that works is very simple, how we set it up. If you have a following across social media, whether it's Facebook or Twitter or Instagram or what have you, right? What we found out was that, um, by being able to transfer that into a valuable cryptocurrency, that influence, you basically give value to the cryptocurrency. As people join the network, it gives the network more value, right? And so based on your social media influence, you're able to basically give out more value, as it were. And so we found that very interesting because not only doesn't it burn or waste energy, it is a good way to value a network, right? Obviously by the amount of people who are on that network. Now, the, the thing we find is that based on your social media followers, right? Uh, friends list and so on and so forth. Um, that's one of probably easiest ways to do it. Now, one big problem that happens in cryptocurrency is if you're using some type of, uh, social media or you're using some type of, uh, uh, service like that, then, um, it's, uh, it becomes, uh non-private, right? And so our solution to that has been over the course of events, we've now established in cryptocurrency space many decentralized social media sites where people have followed, so on and so forth. So for content influencers who wish to remain anonymous, they would be able to use decentralized social media followers, right? And that should solve that problem. Also, one huge problem we have with cryptocurrency is very difficult to determine the value of cryptocurrency, right? Uh, you know, I've realized that many of the decentralized applications only have a very small amount of users, but yet their value balloons up to millions of dollars, right? And, and that's why I think we get such great fluctuations, fluctuations in the price, because when you have a small group of users, you can easily have a lot of manipulation you can have a whale here or there and they could pump up the price, but it's not really a strong user base and it's not, uh, a really a strong, uh, value that's being established there. And I think that can only occur through when the network grows, when there are a lot of wallets, when there's a lot of use and use cases, right? That's going to call for more people using the platform. So what we're saying here is that this is something that— and again, if you want to remain anonymous, if you want to be a network supplier, you're going to be able to basically join us, and basically you'll receive an allotment of the BitcoinMYK cryptocurrency. Now The thing is, um, there is a, um, as part of our wallet, there is a what's called the dividend tool, which is going to allow you to distribute, uh, through the tool out to the users, right? So this is very simple, this process. The, the process of, of being your own node, so to speak, uh, is, is, it's going to be a lot easier than maintaining a server or a mining equipment, right, or monitoring it. Um, it's going to take less than a minute for the whole operation per month. Um, and the way it works is in order for us to determine that you, uh, have the certain amount of followers and influence, uh, you will have to link— drop a link to our site, which will be your affiliate link, and a link to our wallet, uh, on your social media. And, um, uh, basically the allotment of cryptocurrency you're going to be given to be able to distribute out through the dividend to, to the, uh, to the, to the users, um, is going to be based on how many followers you have. So if you're, if you're a content influencer with 100,000 followers, we're gonna give you 100,000 BitcoinMYK cryptocurrencies right now. It will be broken up in quarters over the year, and we will be able to determine through each quarter uh, how, you know, how well you've done a distribution. If you distributed out more, and if you have not distributed out the cryptocurrency you've been given up to that point, if you haven't done it all, then you, you only receive up to that amount to the point you, you distributed the cryptocurrency out to, uh, to, to enough users, right, into enough wallets. Um, and that would be determined by your affiliate link, right? Who registers an account, comes in. So it's a very interesting idea. It's certainly one that solves the environmental problem, uh, and I think it's one that, uh, through the way it's set up, allows, uh, more users to come in, uh, more opportunity to— for people to gain value. And have something to do in cryptocurrency that's of value to them and many others. And I think that can work quite well in this space for many reasons, but I think it'd be a good idea to try this out. You don't need a lot of followers, you know, whatever your follower count, you're going to receive that amount of cryptocurrency spread out over the course of the year. right? Um, and, uh, you'll receive, you know, larger allotments based on, uh, the size of your, your, your content. And the reason this is important, because the, the size of the network and the value of the network is going to be relational to the user base. And so this helps us substantiate the value, right? It helps us, you know, per account. And, uh, you know, again, we believe this is a much easier metric to determine value of a cryptocurrency over, um, basically, uh, uh, you know, what we're getting with our erratic price changes now with DeFi products that, uh, take advantage of arbitrage. But due to wash trading and due to a lot of, uh, false trading, uh, it's really hard to calculate those gains. And then at the same time, the gains that are being projected and people are after are not sustainable, right? So it's not the best value system to use to determine the value of a cryptocurrency. So if you're interested in being a network supplier, running your own, being the node, right, as it were, you can register for our project, get in contact with us. You can reach us on BitcoinMYK.com site or or reach us on our Discord channel, and we'll be more than happy to walk you through that, how to get in. Uh, you'll receive cryptocurrency. The way it works, let's give you a quick example again. If you have 100,000 followers— you don't have to have 100,000, you have 1,000, you have 500, you have 100, right? But whatever the number is, let's just say for example you have 100,000, right? 50,000 of the 100,000 of the cryptocurrency goes to you. So every quarter that you receive an allotment, 50% of that cryptocurrency is yours, right? If you've gotten it out to, uh, wallets from quarter to quarter, you're going to receive more, right, in the next quarter. And that's done that way if a person isn't getting the cryptocurrency out, if they're not being network suppliers, then they won't get any more cryptocurrency until they've completed these, sending out the ones they have, right? And so, uh, you know, again, this will be done with a dividend tool. You hit the button, it takes a— it only takes about a minute and it sends it out automatically. So you're not going to be like handing out these cryptocurrencies. It will be done through an automated machine. Um, but, uh, we, we think it's a very interesting way to build a network and, uh, at the same time, uh, be able to somewhat substantiate that value I think that'd be a lot more closer to accurate and possible of getting the value than what we're doing with cryptocurrency now and our value structure where we have very little dApp uses, but we have these highly overpriced, over-projected values in cryptocurrency that don't hold and generally end up crashing. So we're trying to stop all that with a project like this. Like, this is going to be interesting. And so if you got— so social media followers, no matter how big, you should give us a try. Check this out. I think you'll like, uh, uh, participating in this. That's a good way to earn some of our cryptocurrency that is deflationary. It's only going to be a few of these things left as we're burning them until we get down to like a million or so. So, uh, you know, that way the value is going to be kind of cramped up in there, and I think that's going to be kind of interesting and fun to see the value of the cryptocurrency go out, go up if our theory pans true, and so far it seems to be doing just that. The price seems to be on an incline going up, and that's due to the growth versus the deflationary model. You know, as the project grows more and more, the supply reduces less and less. So, you know, we tried to set this up in a way that investors would be able to achieve some of the ideas and hopes for their investment. So Pretty interesting stuff. Check it out. We'll leave links in the description. If you like, um, uh, content like this, don't forget to like and subscribe. Uh, don't forget to get your BitcoinNYKY to start getting some of our free cryptocurrency today. But that's all I want to say in this video, and until next time, as always, take care.