UBI Partnership Offers

Universal Basic Income
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Hello,

I’m Mykos Inglewood, Ceo Bitcoinmyk.com. I want to say i’m very proud to see the rise of ubi projects in the cryptospace. In late 2018 we launched an interesting idea that would take all bitcoin holders and give them a cryptocurrency called Btcmyk, or the Bitcoin MYK token. UBI for bitcoin.

This was an interesting idea that would fork bitcoin. Later we found that this project also needed to be accessible globally to all citizens of the world. As we feel ubi should be a human right. Concerned about the value of a token that would essentially be given away free.

We devised a plan to create deflationary tokenomics making bitcoin myk more deflationary than bitcoin. The process would speed up ideas like the bitcoin halving by making token trades corelational to token burns. When the project reached 21 million coins the burn rate would slow to eventually end up from 21 million tokens to 5 million tokens.

This we felt would give the token the value of scarcity but as well as the network grew the value would be held in the cryptocurrency. A social network platform would give the project " attention value". As the network grows the value would translate into token value for the community.

The bitcoin fork and why it’s important. Creating a fork of bitcoin would mean every bitcoin community member would have vested interest in bitcoin myk. This was important because in ubi projects it is likely that in the experimentation of free or what we call freemium services that communities would not value the token. In some cases they’d value the token at zero. However the strength of the bitcoin community members could be seen as added value.

The partnership offer. Bitcoin MYK is a very scarce cryptocurrency unlike many ubi projects that are more inflationary. The project would offer the Proof of Humanity platform a distribution of tokens to account for every member it has. In addition to that the Proof of Humanity whether, via treasury or foundation would receive a matching token supply to every member that receives tokens.

Why would this be a good idea for the Proof of Humanity project? After carefully examining the Proof of Humanity project. It is our desire to see ubi projects all through the crypto space obtain success and add value to the globe. We feel this will be a great idea for Proof of Humanity because although it has reached great achievements in personal identification over the blockchain.

It still remains a complex process that can cause many in crypto and in the mainstream to opt out. We recommend all verified accounts be submitted to receive bitcoin myk coins. This means that proof of humanity members would be able to conduct essentially free transactions of the bitcoin myk tokens which as well trade on multiple exchanges.

The btcmyk token although a bitcoin sidechain is also a multichain token. So it can be moved on several exchanges through our gateway. Free transactions, ease of use interface, bitcoin fork with potentially value of the bitcoin network. We believe will equal a good partnership for the proof of humanity project.

We can be contacted at bitcoinmyk.com through live support… or our discord channel at: https://discord.gg/n7aCkcr

We’d appreciate you all as partners or let us know anyway we can help. We’d also like to note that projects like Electroneum use an algo called (POR), Proof of Responsibility. We use a similar algo which allows Ngo’s and charities to distribute coins for platforms. So the Proof of Humanity project on all tokens distributed would receive the same amount to the platform foundation or organization of developers to do what whatever they term appropriate. They could sell btcmyk and purchase back ubi coin. They could do whatever they felt was best with our potentially very valuable platform in the future. We’d love to hear from you all.

Sincerely,

Mykos Inglewood, Ceo Bitcoin MYK

1 Like
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Hi Mykos,

The DAO would need to make a bit of due diligence but on the principle of airdropping some coins to registered members it’s definitely one of the envisioned usecases (as it prevents Sybils in airdrops).
If it’s a Bitcoin fork, we would get a different address format, so users would need to claim the airdrop by signing a message giving a BTC address.

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Yes it’s a fork in the idea that it inherits the bitcoin ledger but it would still only be available to verified proof of humanity accounts. So meaning they’d need to hold bitcoin to get in relation to their bitcoin, however all coins not claimed or verified would go to the proof of humanity members.

The token itself would be held in a proof of humanity account… The token is multichain however it runs on bitcoin cash and hive engine. On hive transactions are free. Supply is the same its just transferrable to different chains. So the verification would be two types. Type 1 would mean they are part of the bitcoin community. If they aren’t part of the bitcoin community they’d receive coins for being proof of humanity verified members.

Tokens would be given to Proof of Humanity to supply the dao. As it is multichain an ethereum btcmyk token is coming out soon. So if it had to remain on ethereum we could airdrop on ethereum but still use the bitcoin ledger and remaining unclaimed tokens would go to proof of humanity verified members.

So it wouldn’t be a hardfork in that sense. it would be more like an airdrop that inherits the bitcoin ledger. So the terminology of it being a fork i think is more to do with referencing and less to do with technicalities.

So the closest thing i can factor this to is the (POR) algo or Proof of Responsibility. This is where only charitable foundations mine the tokens and distribute them. So the blockchain verifications are verified only through them. In our case we look for charities, foundations or qualified blockchains to supply our tokens to their members and they in turn collect same amount of tokens to do what as they deem best.

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I would have to dig deeper to see exactly what you are proposing. My initial question would be why do you need a partnership? And with $UBI? PoH is powerful and could be used by any project to airdrop and democratize (sybil resistant). Bitcoin myk doesn’t need permission to do this. You could leverage PoH as part of your solution, and it seems like a great match!

Awesome! You could set this up and allow all registered humans to collect your token! No need for any work on PoH’s side - unless I am missing something?

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Awesome question justin and i have an answer for you. So i don’t know if you’re familiar with a project called Electroneum. Electroneum uses an algorithim called Proof of Responsibility, or (POR). This is where they enlist NGO’s… non government organizations to mine their coins for them and secure an energy efficient network.

This mostly ranges from charitable organizations. In fact some of the largest ceo’s of charities in the world are part of the Electroneum team. So this solves the mining issue and efficiency issue for them. Bitcoin MYK has it’s own blockchain and is a multichain cryptocurrency. Whereas, per se energy concerns aren’t our main concern because we use DPOS, (Delegated Proof Of Stake on many chains. Decentralization is a problem.

You see if we drop coins ourselves. That is saying one entity produced the coins and dropped them from one source. That could verge on the line of maybe legal issues. It’s certainly not decentralization because you are both issuer in a sense and the main issuer. However if the tokens belong to other entities and several dozen distribute the tokens then we’re more decentralized and it can work for everyone as entities who partner with us can simply sell the coins and put that value into their own systems and development to some degree.

In retrospect as its a bitcoin fork and we use that term loosely as its not a hardfork but we go on definitions presented like by fork.io of any cryptocurrency that inherits the bitcoin ledger could be termed some type of fork… Also the irs i believe uses a similar idea of any airdrop or fork is seen by them as essentially the same and is under any of the same taxable liability.

So we absolutely could just give it to bitcoin. The problem is we don’t just wanna give it to bitcoin users. We wanna give it to bitcoin users who claim the token. Those that don’t claim the token we want to give to the rest of the crypto community in the form of ubi payments monthly.

So can we exist without a partnership? Absolutely, we could and it would work primarily the same. However we’re a ubi project. Ubi projects want to spread as much economic prosperity as possible. So if you can take a token with some value and sell it and use the funds for some everyday issue or some site development. I think thats a good idea. Also ubi projects occupy a very special place in cryptocurrency unlike never seen before.

For example i can go to ethereum or bitcoin … doge coin… encounter bitcoin maximalist and there is a severe tribalism. Now i believe that exist because in a small trading pool like cryptocurrency some believe that a new coin that does well kinda steals the thunder of another one. However, ubi projects are different. Generally a ubi project will have the very same participants as they run on a freemium service model. As to say you offer me a dollar here. You offer me the same dollar over yonder. I’m not going to refuse that dollar if you understand what i mean. So most ubi projects will work out that way.

I’ll also be very honest with you all. I support all ubi projects. I want to see them all succeed. However running on ethereum is very inefficient. Bitcoin MYK transactions are free. So what this means is Proof of Humanity could in retrospect mingle their value with us and through our gateway use bitcoin myk as a conduit to free transactions without foregoing its currency value. That is possible through a partnership. If that is not done then that means that ubi coin recipients will be plagued with horrible expensive fees.

That is counterproductive to a ubi project. If a person is receiving ubi free. Then to have them pay incredibly high fees on the ubi coins doesn’t make alot of sense. Now i do understand the technical sophistication of proof of humanity. The bitcoin myk verification system is alot more lax. Thus if a person is sought on gaming us it is impossible to say they can’t. So it is likely as we get more valuable we’ll have alot of potential theft. This is where a partnership with proof of humanity could really work for the both of us. Free transactions meets top level verification.

I hope that answers your question. I very much appreciate it

Sincerely,

Mykos Inglewood, Ceo of Bitcoin MYK

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Did you name this after yourself? Is it a vanity project?

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No sir it’s called Bitcoin MYK, the (MYK), anagram is "(M)aking (Y)our crypto with (K)nowledge. Bitcoin in the front is to denote it being a bitcoin fork if not in technicality in idea. In the philosophy of the bitcoin maximalist to which i am not. They believe that every crypto that proceeded bitcoin is yet but a dilution of bitcoin. That there is only bitcoin. Whereas i don’t agree with that it is interesting that in a small pool all these cryptocurrencies are very much connected.

To ignore that i think is not to state the facts. So whenever a new cryptocurrency project is created that moves new money. When it leaves out the biggest cryptocurrency i can see a creation that is not going to be harmonious and in some cases not well for that project. Which is why no project seemingly can flip bitcoin no matter how good it is.

We include the bitcoin network by giving ownership of the network to them foremost. The unclaimed coins go to everyone else in the form of ubi that claims along our network. So i can understand the confusion. Many do find the commonality of the name in addition with my handle which isn’t my actual full real name. So no its not a vanity project.

It is very difficult for ubi projects to survive and have a presence in a space dominated by greed and ponzi and pyramid schemes year after year. We need to stick together if we are to survive around here. People equate free anything with no value. It’s going to take alot to bring them out of that mindset and i hope we succeed in this place and not just end up another 500 place coin. I’d much rather ubi coins occupy those top 10 positions than what i see now.

I appreciate your question and i hope you have a pleasant day.

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