Part 8:
Robert: [00:33:50] Amazing. So right after the SIP paragraph comes the the first anatomical token.
Matt: [00:34:00] Very good. You've noticed this front. It's yeah, we always like to name things you know, in this crypto world. Most, most things in the crypto world are named after Norse gods, from what we can tell. So we thought we'd go for anatomical items that support the voice for these tokens. And that's all there was to it, really. So the minus tokens are minor tokens, which means what we've effectively tried to do. Where is in bitcoin? You have a physical mining rig, so you go out, you buy your mining rig and plug it into the bitcoin network. It supports the network and you receive some bitcoins every whenever you whenever you hit the hit the nonce right. With this, instead of having physical miner rigs, you have your own servers or your own computer hard drives, and you'll have to stake a mining token that effectively acts as a digital rig and you get those tokens mostly by paying into the sip. If you let's say that day, there's 10 tokens available and you pay $5 into the sip and someone else pays $1000 into the sip, they're going to get the majority of those tokens that day because you didn't put as much into them. But basically, once you've got the tokens, you stake them and if you've got the latest tokens. So in the same way that a mining rig is issued from a factory and every year or so they improve the performance of the mining rig. So there's a certain point where you need to update your mining rigs in the physical world to mine bitcoin. It's the same here will mimic that relative efficiency by effectively depreciating the value of the current miner, not the value depreciating the mining efficiency of the current mining rigs. Mining tokens and every year will issue a new updated miner token. That means no, there's a demand. So the idea is it flows the demand of money into the SIPP as people want to update their tokens, the mining tokens to the most efficient current tokens so that effectively it's just an incentivized way to make sure there's liquidity flowing into the city permanently. That's one one reason for them.
Robert: [00:36:07] What's the relationship between the larynx minor token and actual hardware doing the the storage and retrieval and everything of the content itself?
Matt: [00:36:20] I mean, basically, if you've got a really massive set of hardware behind you or big, you know, web cloud based servers, whatever it is that you're using, you'll of course, be able to process more content and store more content and deliver more content. So in theory, if it's just you and a guy on his computer, you would overwhelm that person because you've got much, much more serious mining system. That's still the case. But with the mining tokens, if he's got loads and loads of mining tokens and you're only staking one miner token, then he still won't earn as much as you, of course. But he will relatively earn more because he's he's more vested into the miner system than what you are. The other thing that happens there is I'd like to look at more from the point of view. If you've got two guys that are kind of equal technically, so you've got an equal infrastructure for support in the network, and one guy's got a thousand minor tokens staked and the other guy's got 100 miner token token status. The guy with the thousand mining tokens will probably earn somewhere in the region of about 15 percent more rewards from the system than what the guy with almost no tokens states. It's really just, you know, partly it's skin in the game. It's like, are you a serious person here? Are you actually staking for the long term? Are you actually putting some money into this and then kind of portraying yourself as a behaving as a serious vested person's this network? Or are you just here to stake a couple of mining tokens for a few days and leave and try to earn as many rewards as possible, which in theory, this system should help remove that behavior from from the system?
Robert: [00:37:52] Ok. And so then if I'm coming at this from like I've been a bitcoin miner all my life and I've got some hardware and I've got networking set up and I'm thinking, Hmm, do I want to mine in this new system? How how should I be thinking about the hardware network and staker token mining token relationship is I'm I'm a little confused as to what the what the target hardware is. I mean are, is any of this mining going to be going on on people's laptops? You mentioned cloud computing, but cloud computing is usually not suitable for actual like proof of work mining. You get shut down. Would I actually be able to do a digital ocean drop to participate?
Matt: [00:38:44] Most likely, yeah. I think that's where this is going to go. So basically, we want we want it to cater for everyone. So all of this will happen on the back end of the desktop app. So there'll be a section of desktop app, it'll either route you. We don't know for sure yet, but it'll either route you to a location on the internet where you can download this stuff, or it will actually have the nodes embedded inside the desktop app itself. So you can go there and you can you can download the node package that will allow you access to the storage node package, the encoder node package, the content delivery node package and the validation node package, right? And then you'll be able to basically auto run those on your local computer at the same time, when you press play on the desktop app, you you're in the background of the desktop app. There is an IPFS node that's running from your computer and it automatically any video that you watch. It gets stored to your APFS node. So now you effectively just by having that alone, you've effectively become a miner in the network because you are storing someone else's video. If that video is incentivized, then the network will have a way to distribute rewards to you for being for storing that video and that that basically applies to people on their local computers. If you've got a really big local computer, then you can separately have a storage node set up that you. Points to your local computer's hard drive, and you can show how many videos you've got. And it does what's called a proof of access algorithm, which is very similar to the weave model to prove that YouTube, to request and then prove that you have that video that you say you're storing at random once every few weeks or months, hopefully. And then on top of that, you've got people who've got physical services. So this is what we saw on three speak. We already have like a physical server. We have web servers and we we do some of the storage on those and we really want any of the video platform that is already doing this work anyway on its centralized system to be able to plug into this network and keep basically doing the same thing it was doing before. But now it's now it's appear in the network, so it's able to leverage the IPF network and earn rewards from effectively what it was doing before. And so, yeah, I mean, ultimately, as far as I'm aware and I'm not the technical wizard on this, but as far as I'm aware you can use a web server, you can use a cloud server, you can use a physical server to store these videos and also your local computer