TLDR;
This YouTube video presentation by Jadren explains Texacoin, a cryptocurrency, and the opportunity to participate in crowdsourcing funds to build a decentralized mining operation. It covers the basics of crypto mining, the differences between Texacoin and Bitcoin, the benefits of Texacoin's community-driven approach, and the compensation plan for those who promote the coin.
- Texacoin is a layer-one cryptocurrency, built on the Bitcoin protocol, but with improvements.
- Mining Texacoin involves solving mathematical problems using specialized computers, with rewards distributed to all mining share holders.
- The project aims to build a large decentralized mining operation in the US, promoting transparency and community involvement.
Introduction [0:00]
Jadren introduces a presentation about Texacoin, addressing common questions about the cryptocurrency and its mining process. The goal is to simplify complex concepts, though he acknowledges the information may be overwhelming due to its depth. The main objective is to crowdsource funds for building a large, decentralized mining operation in the United States.
Understanding Crypto Mining [2:21]
Jadren explains cryptocurrency mining using specialized computers called "Ant miners L9" that verify transactions and secure the network. These machines solve mathematical problems, a process managed by the crypto network's protocol or software. The first machine to solve the equation receives a reward, which is how new TXC coins are created. Approximately 95,000 TXC coins are mined daily.
Texacoin vs. Bitcoin [4:46]
Texacoin is presented as a clone of Bitcoin, enhanced with technological advancements and designed to support layer-two applications. While Bitcoin has roughly 27 million competing machines worldwide, Texacoin distributes mined coins into a pool, shared equally among mining share holders. This fosters a cohesive community, driving up the coin's value due to increased belief and scarcity.
Mining Operations and Technology [11:37]
Traditional Bitcoin mining operations are noisy and generate a lot of heat. Texacoin uses immersion technology, submerging machines in oil to regulate temperature and reduce noise by 99%. The mining facilities use custom-made containers, each holding about 200 machines, designed for easy plug-and-play operation.
Layer One vs. Layer Two Cryptocurrencies [15:06]
Texacoin is a layer-one cryptocurrency, which is more difficult and expensive to create but designed for long-term sustainability. Most cryptocurrencies are layer two, or "memecoins," created easily and often without underlying value. Jadren warns against memecoins, which are prone to scams and market manipulation, contrasting them with Texacoin's mining-based creation and transparency.
Transparency and Liquidity [22:29]
Texacoin emphasizes transparency, with founder Bobby Gray accessible and receipts for purchases publicly available. The project has generated $111 million, with $44 million paid in commissions. 10% of the funds go towards promotion, including billboards and sponsorships. Over $10 million is set aside for liquidity to boost the coin's price, aiming for $16 by February of next year.
The Founder's Vision [28:01]
Bobby Gray, the founder of Texacoin, has a long history in alternative currencies. He aims to build a network for "downtown digital dollars," enabling cities to create their own digital currencies on top of the Texacoin network. This vision involves cities using TXC coins to pay gas fees for transactions, driving demand and value for the coin.
Future Plans and Mining Machines [33:45]
The goal is to have 36 mining containers across Texas to expand the network. A smaller, self-contained mining machine is being developed for placement in city halls to educate the public about cryptocurrency mining.
Compensation Plan [36:02]
Participation in the compensation plan is optional. The "One Two Free" program rewards users with free mining shares for bringing in new members. The binary compensation plan involves building a left and right leg, earning points based on mining shares purchased by new members. Accumulating three points on each leg earns a $1,000 commission or two mining shares (BOGO). The BOGO offer is set to expire after the project reaches 50,000 members.
Binary Structure and Pyramid Scheme [40:59]
The binary structure involves building two legs, with points accumulating as new members join. This is not a pyramid scheme because earnings are capped at $3,000 per week per position, ensuring that not only those at the top can make money. Points from new members travel up the legs, benefiting multiple participants.
Conclusion [47:20]
Jadren concludes by encouraging viewers to reach out with questions and thanks them for their time. He mentions upcoming events in Granberry and Arlington.