Proof Of Orphan Sponsorship
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Abstract: A mining algorithm that rewards miners for personal orphan sponsorship through various partnered charities.
The concept of orphan mining has the following pros:
- In contrast to wasting heat, the algorithm makes it easier to mine blocks based on the monthly-orphan-commitment-amount of the end user.
- BiblePay currently has approx. 3000 modern PC's running PODC (proof of cancer mining) - (this number is based on 2000 RAC per PC) running 24/7, which commands an approximate $60,000 per month electric bill (based on $20 per PC/month). This means we could potentially shift this mining expense into personal orphan sponsorships, sponsoring 1,578 children monthly! The impact could be unbelievable. (In general terms, BiblePay would shift to controller wallets only, with green Orphan mining, reducing the team electric bill by 90%, freeing up the expense to be spent on the orphan sponsorships - which would potentially be recouped by mining rewards).
The concept has the following cons:
- PODC would need to be eliminated to raise the POOS budget.
- More administrative burden for each sanctuary owner (approving mining permits monthly).
- Stringent verification requirements to prevent fraud.
First, a miner sponsors N number of orphans at home personally. This number of orphans is multiplied * the monthly commitment amount to arrive at the OMP - the "orphan mining power". The higher the OMP, the easier to solve a block.
Let us assume Miner A sponsors 5 children personally at home. This miner has a monthly expenditure of 38*5= $190.00. This results in an OMP of 190.
Each month, a miner must apply for a mining permit renewal. To do this, they submit a PDF to BiblePay in the "Permit" page of QT, and for easy administrative work, this page will include an add-attachment button. The PDF is stored in IPFS and attached to the transaction and a proposal is created automatically. Note that we will require the miner to stake an amount with the transaction (called the orphan permit stake) which will fluctuate depending on market conditions (via community spork changes), reviewed bi-annually, that will require approx $38 per orphan sponsored to be staked. This is so that BiblePay may revoke and keep the stake if fraud is detected.
Next, sanctuaries will review and approve or deny the submission. If approved, the mining permit becomes valid and allows Orphan Mining with the appropriate OMP power level.
During the month, if fraud is detected while a miner is mining, the Sanctuaries will vote to revoke the mining permit. If revoked, the orphan-stake will be kept by biblepay and not refunded. This will be the risk a miner takes to provide a step of confidence that the child s/he is sponsoring is real.
At the same time, Sanctuaries will verify the picture of the orphan (from the BIO), the orphan URL, the statement of giving and check for anomalies. The sanctuary can verify if the statement is cohesive and continuous, among other things, and that the miner has a history of being honest.
We will also work with compassion to request an API that may allow us to electronically check the authenticity of the sponsorship.
The charity budget is decreased by 10%, to allow a bigger block reward. The PODC feature is suspended to allow a bigger block reward.
PoBH (heat mining) is modified to still allow a block to be solved by a non orphan sponsor, but it is 9,999% harder, unless the block is late (IE more than 15 minutes old, then any miner can solve a block).
During the normal block emissions, the hardness to solve is based on :
- How large the OMP power level is (IE an OMP of 38 equals 38 PCs, an OMP of 160 equals 160 PCs) and an OMP of zero equals 1/9999th of a PC
- If the block is over 15 minutes old - all users are equal so that our blocks are on time, and also so that if we run out of sponsors the chain continues (IE testnet)
- The hardness is affected by how many blocks you have solved in the last 30 days - each successive block solved doubles your POOS difficulty - this is to prevent the POOS algorithm from becoming power hungry
- Ask vendor to provide API for verification of OMP per account number
- Ask for API to provide Organization ID per Orphan ID
- Ask for a hex-code to be printed on statement for BiblePay manual verification
- Benefits to us as a DAO:
- - No concentrated vendor credit risk (IE a vendor running away with our credit buffer amount)
- - No concentrated foundation risk (IE being a government lightning rod)
- - No fiat liquidation risk (IE requiring BiblePay Central to have a coinbase audited account)
- - No volunteer fiat liquidation tax risk (for personal social security numbers and write offs for our volunteers)