Proof Of Humanity Review Vs Bitcoin MYK

Welcome back to the channel. I hope you're having a great day. I want to talk about the Universal Basic Income coin, Proof of Humanity, done by the Kleros organization. Um, and I had talked about there's going to come a time in cryptocurrency where Universal Basic Income cryptocurrencies are going to lead the pack. They're going to be the cryptocurrencies that make the most sense, have the most incentive. And as we march into an uncertain future economically, where artificial intelligence is outpacing humanity, we're going to have to explore technologies and ideas that deal with universal basic income as a way to address that. That is, uh, my fundamental belief. And what better way can that be done than on the blockchain? Uh, so today what we're gonna do, we're gonna do a review on the project known as Proof of Humanity versus the BitcoinNYK universal basic income project. To date, I haven't seen any universal basic income projects, uh, on the level of what I'm seeing with Proof of Humanity and the BitcoinNYK project. And we're going to, uh, do a head-to-head on that, and we're going to see what are the advantages of using these universal basic income projects. But we also, just as a reminder, want people to understand that universal basic income projects occupy a unique space in cryptocurrency, and that is they aren't very tribal or competitive. If one universal basic income project wins, they all technically win, right? Because that's the idea. These freemium services, these free cryptocurrencies that have value and create these economies, these ecosystems, that create economic prosperity for people around the globe. So it's not a competition, but I think the smart thing to do with universal basic income projects is use all of them that are done in a way that is going to be worth your time, that it is going to give you some value. Because let's face it, there are universal basic income projects, they don't really go anywhere, and, uh, people don't get value from them. They can't trade them. Uh, and in those cases, um, those universal basic income projects, whereas, uh, we want to support them all, we can kind of see why you might want to— why you might not want to lend over too much time to them. But for the ones you can get some money from, why not just do them all? Uh, especially if it's not going to take you that much time. And, um, in the future, I think these are going to create some very valuable economies and not just cryptocurrency, but just the way we view our economies. So let's, let's take a look at it. Um, Universal Basic Income. Now it runs on the Ethereum blockchain, as we can see, and the trading price right now is about 53 cents. It's up 31%. That is impressive. Of course, that has a lot to do with Ethereum exploding, the price of Ethereum running up. So Very good situation for, uh, the UBI coin, the Proof of Humanity project. In the last 24 hours, over $85,000 in trade volume. Now, I have been looking at their trade volume the last few days. Uh, some days they were around $300,000, some days around $200,000. That is very impressive for a universal basic income project. I haven't seen anything do thousands of dollars per day like that since BitcoinMYK, uh, which has had days like that. But prior to that, the, um, universal basic income project that had any significant value was MANA token. I believe they did over $11,000 in one day in trade volume. What we have to keep in mind is that universal basic income projects are not a business-to-business or a business-to-consumer model. For the most part, and they do run on, uh, this type of freemium service idea. What I find interesting about, uh, the Proof of Humanity, uh, project is much like BitcoinNYT, I think they understand that, uh, universal basic income doesn't have to be an either-or situation. You don't have to just do universal basic income You can do a menagerie of ideas and projects incorporated into universal basic income that gives it value and that gives your token holders value. And that could be on the cusp of some type of business, or it can be some type of tokenomics, or whatever the case may be. Um, these projects find a way to create more value, um, for the cryptocurrency itself and And of course that makes everybody happy because it gives the cryptocurrency value. In saying all of that, you know, I think what's also important to note is that the framework that the proof of humanity concept is built on is going to deal a lot with identification. Now, how important is identification? It can be very important on the blockchain. Some need to identify yourself as authentic. That may— there may be a need for that. Now, we have a variety of ways of doing that. Uh, this isn't something that's written in stone, and we're going to get into that now here at the head comparison in a moment, but it does have to exist. And if you can prove authenticity and that people exist on the blockchain, you can also prove votes. Uh, uh, you can solve the, the issue, rather, voting, right? And especially at a time in our, uh, history now where voting has become something that could be gamed, something that could be hacked and manipulated by foreign powers. Identification, uh, and securing a voting system can become a very important ordeal. Uh, and so the Proof of Humanity project, uh, they're focused on frameworks that, uh, solve that problem. And we're going to go over to their website now, talk a little bit about that, because that's very, uh, interesting. And, uh, I believe that's going to give this project, you know, value. as it goes forward. So let's just read a little bit about the Proof of Humanity project right off. You see, they have a type of, uh, they're calling it the Internet of Humans. Proof of Humanity, a system combining webs of trust with reverse Turing tests and dispute resolution to create a simple proof list of humans. So they have this, um, governance system, um, that is able to— or resolution system that's able to question the authenticity of the individuals who occupy it. And by using this technology, Turing test-like technology, to tell if you're dealing with a bot or AI or a person, all of these things are, uh, right along the lines of solving, uh, not just, uh, problems, uh, as far as to who to get the universal basic income to. And one of their projects is dealing with universal basic income. But, uh, as we mentioned, other problems that could be very, very important problems to solve in the future, like how are we going to vote and secure our votes. Uh, as many of you all know, within the United States there was an insurrection. There were people who said the voting system had been fraudulent, right? Um, now Was it ever resolved that it wasn't or was it? Um, most people have come to the conclusion that it was, but there are still some people who says it's a fraudulent system. In the future, these ID systems are going to be very important to, to, uh, solving that. And that's also very important because a lot of times in cryptocurrency, what we get, especially from a lot of naysayers about universal basic income, is that this technology Um, they all work on a type of authen— authen— authentication system, right? And so because of that, that's going to solve a lot of problems. Your digital identity, right? And then it's showing, uh, these, uh, methods that they use. Now that, that's going to be all very interesting and valuable, right? You can build UBI projects on this, such as Proof of Humanity does, and, and, and you can deal with those situations. Now we know Ethereum to be a very secure chain, so I can understand why they want to build it on that. But clearly what's happening with the Proof of Humanity, uh, project or the Kleros organization is that they're focused on several things and not just one, UBI being one of them. For the sake of this video, we're going to focus more on the UBI portion because that's one of their applications, uh, in action. And, uh, that's going to be, uh, important to how we're going to use this technology. Because it doesn't matter what you build, the need for people to use it and who uses it is what's going to be very important. So those are all the pros of the, uh, Proof of Humanity project. Uh, let's talk about the cons now, and then we'll make some comparisons with the BitcoinNYK project. And again, at the end of this video, what you should take away from this, whether you're in the Proof of Humanity project or whether you're in the BitcoinNYK project, that it is a good idea to use both of these services. These are, uh, freemium service models, right? So you're not going to be harmed. Nothing is going to be taken away from you. What value is going to be put in, um, and it's not going to cost you anything. So those reasons alone are reasons I think you should use them, but also just the fact that universal basic income may be, uh, one of the most important ideas in history that's going to solve many of our economic woes going forward into the future. So let's talk about the cons of Proof of Humanity. We got the good, uh, identification system, authentication systems, Universal Basic Income, economic prosperity, all. Let's talk about some of the cons. One of the cons, uh, so far has been that within this system, uh, it's just very difficult to use. Uh, even if you take out the fact that it's just, uh, it's on Ethereum, which is a problem in itself, um, there are many problems with getting authenticated. There are many steps, there are many hurdles. People have to vouch for you in, in many cases. Um, the process of how to use the system is quite difficult and a hurdle. Um, and this could be a problem especially to a lot of mainstream people who would be interested in universal basic income. The next part, it being on Ethereum. Ethereum is, uh, very inefficient when it comes to handling costs. Uh, Ethereum is very difficult to use as far as wallet syncing and, uh, relaying this to, uh, the average run-of-the-mill user. So you gotta be pretty techy to use it. Um, And, uh, um, you know, when you're dealing with something like universal basic income, which is predicated on the idea that you're going to receive this universal basic income, uh, primarily free, but the cost to, to move the crypto— you know, for example, the token's like 50 cents. You're getting not sure how many you're getting. I don't think you're getting many, maybe like one a week or something. But the cost to move this across Ethereum chain is very, very expensive. So you're gonna— it's gonna take you forever to, to gain enough of these cryptocurrencies. Then when you get ready to move them, it's gonna cost you a fortune. Um, and so that's a problem. It would almost seem the Ethereum blockchain doesn't really match up with Universal Basic Income. So those are the most of the cons I can discover. Also, Proof of Humanity is in the branding area. I think that might be a little bit of a problem. I think it's well branded calling it the Universal Basic Income coin. Um, but then at the same time, um, you know, again, it runs on Ethereum is quite a problem. And the cost of the cryptocurrency, is it going to even be worth it to collect these things? What else can you do with them besides collect them for universal basic income, right? Is there infrastructure to it? Are there vendors accepting it? What's the story with that? And of course, maybe all those questions will be answered in the future. Many changes will come. We have to look at it now as it is, and if that's going to be, uh, something that's going to be advantageous to people trying to collect Universal Basic Income. Let's make some comparisons with the BitcoinNYK project. I'm going to talk about what the BitcoinNYK project gets right, and then we're going to talk about, uh, what the BitcoinNYK project, um, doesn't exactly get right. All right, here on the BitcoinNYK site, the BitcoinNYK project, uh, you know, uh, to sum it up simple, simply what it is: a Bitcoin sidechain universal bridge cryptocurrency, right? It is a fork of Bitcoin that's aim and goal is to supply universal basic income to over 80% of the global population. Uh, it is multi-chain, which means the same supply moves from chain to chain, and so you could be on many major chains, uh, using the BitcoinMYK cryptocurrency, right? It is deflationary in its nature, and there are some applications that go along with it, such as microblogging in addition to, uh, free transactions and, uh, basically, uh, being a very interesting project. And that is because of its multi-chain function. Um, it, it is, um, used on the Hive blockchain, the Steem blockchain, and the Bitcoin Cash blockchain. Um, and these are very fast transactions over these chains, and, um, it, uh, distributes universal basic income, uh, to cryptocurrency holders. It runs on a freemium service model. So again, that's going to equate to free transactions, and basically, uh, it's going to equate to a freemium service model in its entirety. Um, so that all sounds pretty good. The other pros about the BitcoinNYK project, you can literally have a wallet in 30 seconds. If you compare that to, uh, cryptocurrencies like Ethereum and many others, uh, it's very difficult to learn how to use a wallet. And, uh, the BitcoinNYK project is designed to be very as easy to use as possible for anyone to come into cryptocurrency and within 5 minutes be able to possess it and transfer. Use very simple user interfaces that look comparable to what you might get with PayPal or Cash App. And that those things are all done on purpose because its main objective is to be— is monetary, right? For it to be this money to act and function as a currency. Um, and so its native cryptocurrency works in conjunction with something called the Bitcoin MYK-backed dollar, which is this version of a stablecoin, but instead of being backed up by fiat currencies, it's backed up by the native, uh, token, the Bitcoin MYK token, uh, that can be used on the platform, uh, basically, uh, in upvotes. It can be used Uh, you know, in your social media posts and the content, it can be used for marketing and advertising on the site. So it does have an application and a function, um, that's attention value based, kind of reminiscent of what you might get with our, uh, basic attention token, right? And there are many other, uh, things that go along with the project. Um, so, um, basically those are many of the pros, right? That is deflationary, is going to be more deflationary than Bitcoin, that it forks Bitcoin so it can bring in much of the Bitcoin network. But now let's talk about some of the cons, right? Uh, what are going to be some of the problems with, uh, the Bitcoin MYK project? Well, the one problem with the Bitcoin MYK project in comparison to what you're going to get with, um, uh, something like Proof of Humanity, the UBI coin, where it's going to be easy to set up an account, uh, where it does use, um, authentication methods similar to what you get with, uh, um Well, many other of the universal basic income projects, um, they use something called a social media verification key, and they use something called the L. Drake equation, which is a way to discern who is real and who is not, kind of similar to how the proof of humanity model is using a Turing test method, right? With the use of these social media verification keys, uh, that we're using it links other social media accounts to your main account, and in doing that, we can identify that there's an actual real person. Now, there are many methods to authenticate who's real on the blockchain. There isn't just one. So it's not like there's a technology that can do that and it's the only technology could do that. There are many hybrid means and ways to do that, and that's also a con for the BitcoinNYK project in that The Bitcoin NYK project is less technical and is more based on people, right? So a lot of distribution that happens with the Bitcoin NYK price is going to be done by what we call network distributors, which are not nodes but people who distribute the cryptocurrency. Now, some of the problems Bitcoin NYK can have with that, even though it's kind of forming a consensus model in that now you're going to have a variety of people distributing out cryptocurrencies, and these people that do that will be able to execute and exercise their own judgment on how to do that to a great degree, it could still be deemed that there's a great deal of centralization working, at least in the beginning parts of the Bitcoin NYK project. Something I don't see happening with Proof of Humanity. I see Proof of Humanity as purely technical And that can run on just the technical aspects, but you got to deal with the barrier of Ethereum, whereas there is no barrier with BitcoinNYK. It's pretty easy to get a wallet, get an account set up, link it to, uh, the blockchain, and, uh, you're off to the races and using a BitcoinNYK project. But getting around that, uh, that issue of, um, is it decentralized or is it centralized, uh, I would say it's definitely a con for the BitcoinNYK project. But I would say that in the end, where it matters, the best distributed cryptocurrencies are going to end up being the cryptocurrencies that are the most, uh, decentralized, right? As to say, doesn't matter if automation can distribute without an actual person if the distribution model is not well done and put together, for all intent and purpose, that's still not going to be a decentralized cryptocurrency. So that's definitely a con to the BitcoinNYK project. Um, I think the other is just that right now in these stages BitcoinNYK isn't listed on many exchanges. It, uh, is not listed on CoinMarketCap and and getting a lot of that notoriety. But I think with the project BitcoinMYK, what's being looked at is that because the Universal Basic Income project works on freemium services, that is going to probably have a lot of accounts. It's going to get a lot of notoriety into the future. So those are just some of the things to look at. You know, again, I think you should use them both. I think you're going to get tremendous value in using both of these projects. Uh, If you're a universal basic income person, use all universal basic income projects, or at least check them out. If they're not worth your time, maybe you can move on to something else, but I think BitcoinMYK would certainly be something that's worth your time. What else do we have about Proof of Humanity? I just think it's a great project so far, and I will certainly be using it. As much as I can stand Ethereum, I would say the only thing that would stop me from using it is using it on Ethereum and the very high fees. Whereas Bitcoin MYK, you can use on Hive blockchain, you can use on Steem blockchain, essentially free transactions to move this cryptocurrency all across the globe. And so that's a very strong plus to that, to this project. But that's all I want to say in this video. Don't forget to check out both these projects, set up an account, try them out. If you're into Universal Basic Income, I'm sure you're gonna like it. If you like content like this, subscribe, share this video around cryptocurrency. And until next time, as always, just want to say take care of yourselves. And if you have any questions, feel free to leave them in our comment section or visit us at BitcoinNYK.com. We have live chat support. Visit our Discord channel. We'll be more than happy to assist you. But until next time, as always, take care.