BiblePay Is Not Centralized

From BiblePay Wiki
Jump to: navigation, search


FAQ:

I am an investor and I'm concerned that your community might be too centralized. Could you explain more about your structure and what would happen if the Founder dies tomorrow?


The aftermath of BiblePay in a Post Founder World


Sanctuaries:

We have 36 sanctuaries that sponsor orphans. If the founder leaves the project, it would actually create a very active investment opportunity (simply because the Founder's sanctuaries would not get paid, and financially would be very lucrative for new ones to come in). Think of 200% ROI, this ROI would quickly fill the void. Also, Cameroon-One makes enough revenue to weather a transition through biblepay orphans to new biblepay orphans. This aspect is POSITIVE if the founder dies.


Exchange Price:

If the founder dies, there would be coins locked in his wallet that cannot be spent; this is positive for the price.


Sporks:

The sanctuaries already have the authority to change the configuration (called x-spork) that will allow them to autonomously vote in new charities, change pools, add orphans, anything that the Founder does can be done now with these keys. The rest of the development team, namely MIP, would be in charge of changing the non x-sporks. NOTE: There is no reason to change the non x-sporks, as they should all be off now.


Github Releases:

MIP has the authority to create github releases. He also has the authority to administer more developers pull requests and release code. We are looking for more Christian, God Fearing developers in this area to give us a more diversified developer presence.


Pools:

The founder only runs foundation.biblepay.org pool (which is less than half of the blocks solved). Song runs miningpool.fun which solves the rest. You would simply need to add another RandomX pool.

Block Explorer:

Our block explorer is run by chainz. No changes necessary.


Locked up funds:

The Founder only controls 5MM BBP in the Foundation wallet. All contributions from the core wallet to orphan charity actually go directly through our DAC Engine to cameroon-one, and Kairos (they do not go to any wallet that the founder controls). Regarding the small 5MM wallet that still receives occasional donations (even though it is not advertised), this is emptied regularly to build a well or to do something small. We don't even advertise the foundation address for charity anymore. In the BiblePay Pool, Fractional Sancs only have 4.1MM locked currently. Those may be lost or may be recovered if the transitioners can recover the old pool wallet.


NFTs:


Our NFTs are decentralized. You can sell an nft from the core wallet, or BUY an nft from the core wallet. All the foundation web site does is List them for sale (its a marketplace). The funds actually flow directly (and immediately) to the seller when you buy one. Other web marketplaces can also list our NFTs (they need to consume the RPC commands to list the NFTs).


Forums:

The founder controls forum.biblepay.org, and that could possibly go down (unless MIP agrees to take a regular backup of the site). But most importantly, we are also on bitcointalk, telegram, and discord, giving us complete continuity in this area.


Mobile Wallet:

MIP holds the keys to deploy the mobile wallet. If either of us dies, another user can branch the repository. But more importantly, we are integrating with TrustWallet now, therefore the code will be in their branch in a few months.


Orphan Integration with Cameroon-One:

Cameroon-One is not associated with our founder. Each sanctuary is required to sponsor an orphan. The way it works is once you bring your sanc online, you are not paid fully unless sponsoring. To start sponsorship, you connect with Cameroon-One, and give them your sanctuary public key. Once they put you in good standing, your sanctuary has a Public BIO (you can see it by clicking Sanctuaries from the core wallet, right click View Bio) and you will see the child each sanctuary sponsors. You can also call cameroon-one and verify this sanctuary is in good standing. Cameroon-One also has a field on the public BIO called "Status:", and if this says "OK", the sanctuary has paid for the orphan. NOTE: We have real time integration with cameroon-one; when a sanc stops paying for an orphan, their sanctuary stops earning biblepay rewards. Our founder has absolutely nothing to do with this integration. If this stops working correctly, the sancs can vote in a new charity provider and simply switch to 10% governance to charity model (if an emergency occurred).


Security:


You have my word that our emission schedule https://wiki.biblepay.org/Emission_Schedule_2020 Is true and correct. We did not have a premine, we did not have an ICO. All blockchain emissions from inception have been earned through Mining, Hosting a Sanctuary, or buying on an exchange. We will never change the schedule, or the block time parameters. We are committed to providing a high quality Christian service with integrity. BiblePay has never stolen, or failed to pay orphan expenses or misrepresented any expense in our accounting records. We have hard to solve blocks secured by RandomX, with ChainLocks. The code has been hardened over time to eliminate any known attack vectors. Our chain has not been compromised, has not been hacked, or materially stolen from (we had a pool break-in incident, and some DWS short payments, but the founder paid for these incidents out of his own pocket and has nothing to do with our block security). The security of the emissions are based on two factors: 1) Solve a RandomX Block or 2) Earn a UTXO Portfolio Builder reward


In order to Hack #1, you would have to invest more hash power than our randomx miners, but would not be able to perform a 51% attack due to chainlocks protection. This gives our chain an extrordinary level of protection (meaning that you should see our emissions increase just as per the scehedule above over time). In order to Hack #2, you would need to compromise the supermajority of our sanctuaries (which cost 4.5MM BBP each to host). It would become extremely hard to buy a substantial amount of biblepay after the Order Book is sold off, making #2 extremely unlikely as well. The higher priced BBP becomes, the more impossible #2 will be.

NOTE: It is not possible for any sanctuary, or x-spork or even the founder to cause emissions to flow out of biblepay to ANY OTHER AREA other than the area above; therefore there are no 'hidden skeletons' in BiblePay.

There are no back-doors in the code that would allow any other emissions and never have been.


If anyone has an assertion based on these facts, feel free to start a dialogue with Rob Andrews: [email protected]


Know that Rob A. is God Fearing, and we are held by the integrity that Jesus guides us in within this community.



SUMMARY

Based on these facts, my assessment is nothing bad would happen. The exchange would keep trading. Our dev team would vehemently try to find another developer to decentralize github releases and have backup developers again. Less coins would be available, therefore the price might rise. The development efforts might increase or slow down depending on the replacement dev(s).

Our Sanctuaries would continue voting on new charities. They might bring back compassion.com, or increase their expenditures with cameroon-one.

The forum may change hands.

The block explorers would still work. The blocks would still mine through Fun, and our community would look to open more pools. Besides, our wallet has solo mining which would keep the chain moving.

With sanctuaries going down, know that we have a dynamic 'governance proposal win factor' built in - meaning that security would NOT be compromised, even if we had less sancs. (For example, if we dropped to 5 sanctuaries, win ratios would be 10% or 1 sanc, and UTXO Portfolio Builder would continue working).

If the sanctuaries fail to vote on the daily contract, the RX mining would still continue, meaning the chain would not go down.


God bless you!