What is being used in the video is a garda hitch. It has fallen out of favor in the hammocking community. The reason is that it tends to flatten and possibly damage cords under 4mm. A second word of caution is that rope book that I was reading had a recommended maximum load of 100 kg (220 lb).
It's not necessarily a bad method. It just has limitations that need to be understood to prevent possible problems.
That strap system looks really nice. The problem is they are nylon which tends to stretch. So, you might be quite a bit lower in the morning.
Thanks! For the info.
Have not had the problem with the straps