|BIBLEPAY||10% Charity, Masternodes (Sanctuaries), ASIC-Resistant, CPU-Mining, 10% to Orphans|
|Mint||Decentralized Proof Of Work|
|Launch Date||August 2017|
|Developed by||Robert Andrews|
|Lowest Unit||0.00000001 = 1 BBP|
|Operating System||Windows, Linux, macOS|
|Current Version||Client v220.127.116.11 mandatory|
|Release Date||July 23rd, 2017|
|Blocktime||avg 7 Minutes|
|Reward||20,000 Decreasing by 1.5% per month (Approx 19% per year)|
LAUNCH DATE: JULY 23, 2017 at 17:00:00 CST
BLOCK TARGET RATE: 7 MINUTES
ALGORITHM: PROOF OF BIBLEHASH (POBh) ** NEW **
First coin with the KJV Bible compiled in the source, and utilizing the Bible in the hashing algorithm, while spreading the gospel throughout the IT community. The blocks also hash to chained bible verses.
TRANSACTION SPEED: SUPPORTS INSTANTSEND
MASTERNODE(SANCTUARY) SUPPORT: Supported after Christmas 2017
SANCTUARY SUBSIDY BREAKDOWN: 10% TO CHARITY, 10% TO MASTERNODES, 80% TO MINER
Exchange Go Live Date: August 15th 2017
INCONSISTENT REWARDS: NONE
CIRCULATION CHARACTERISTIC: DEFLATIONARY
CIRCULATION RATE: DECREASE BY 10% PER YEAR
TOTAL CIRCULATION: 5.2 BILLION BY 2050, DECREASING BY 18% PER YEAR
A secure blockchain benefiting those in distress - 10% of the emission goes to sponsoring Orphans, with provable contributions, expenses contributed to http://compassion.com - and future charities that are more than 75% efficient. ** NOTE: THE COIN HAS RPC COMMANDS THAT PROVE 100% OF CONTRIBUTIONS ARE SPENT THE WAY INTENDED **
Proof of Work has been replaced with Proof Of Biblehash (POBh) - an algorithm that compensates full nodes participation, while preventing GPUs and ASIC by requiring full blockchain transaction referencing in the hashing function, along with chained bible verses. This means biblepay subsidizes full nodes that stay online.
Seven minute block targets minimize the blockchain file size, yet BiblePay does support Dash's instantsend for speedy transactions. MasterNodes (called Sanctuaries) will come online after Christmas, allowing all expenses to be voted on and approved.
Expense receipts, to prove the sponshorship of new orphans, will be accessible from inside the wallet and we will even provide phone numbers for auditors to prove
100% charity expenditures. (From the rpc, type 'run contribution' to see the tithes into the foundation for a time period, and to see the outgoing sponsorship click the wallets 'Accountability' button to see a list of orphans, expenses, sponsorship dates, amounts, and the charity phone number, and txid).
For the first 6 months, 10% of each block will be allocated to the foundation, for sponsoring orphans at 100%. Once per month, we will cash in anything over $40 available on an exchange, and sponsor orphans on our volunteer time. After the sanctuaries go live, the 10% tithe will be diverted to an ongoing budget with DAO governance, voting, allowing the coin to function as a dectralized autonomous charity; at that point the lead dev and volunteers will become a normal part of the community allowing the coin to run by itself.
To avoid wasting energy on meaningless SHA hashing, (or mining), biblepay introduces the BibleHash algorithm, that allows biblepay to run on common commodity PCs, since the algorithm is resistant to porting to video cards and ASICs and is resistant to running in non-full node environments.
In addition to the low energy requirements and high efficiency of POB, the reward per block is set to be relative to the length of time the block took to solve, (meaning that abusive hash attacks result in subsidy decreases).
The network will be high efficiency with low total energy consumption, and the charities sponsored must also be high efficiency (over 75%). Next, we are deflationary, meaning that we start by issuing a larger amount of coins per block, and each year we tighten the supply by 18%.
The schedule is here: (205 blocks per day, 7 minute block targets): EMISSION SCHEDULE PROJECTION: http://wiki.biblepay.org/Emission_Schedule
The block reward breakdown is as follows:
After our sanctuaries go live, we allocate 10% of each block subsidy to our governance committe (a DAO), automatically, with 100% of that being spent on charity. Over time, our sanctuaries will become a charity governance committee, to allow our community to take over the day to day operations of the charity: voting on where the money is spent, how much is spent. This way, we will not be centralized.
We only partner with charities over 75% efficient, meaning over 75% reach the end-user.
the lead dev starts with zero, the orphan foundation fund starts with zero, the distribution is entirely fair. NO ICO. The distribution curve is evenly declining with no hidden bumps early. The self-governance committee and masternode payments are deliberately delayed until Christmas, to allow people to prepare and save up the initial requirement. Running a sanctuary is open to anyone. The lead dev will sponsor the first 10 orphans out of his own pocket.
The wallet will have a reconciliation page built in at go live, to show all charitable income and expenses.
The expenses will be auditable - to prove the money actually was spent on orphans.
This will be accomplished through the use of : an RPC audit command that tallies the orphan income from the blockchain, and secondly, an API connection to a database that stores the Compassion expenses (until sanctuaries go live), with auditable backing contact info for each expense. We will also provide a web page with pictures of the sponsored orphans clicable from the wallet to show our investors what good we are doing. And finally- we will maintain a copy of receipts in order to maintain 100% accountability.
Future Feature: Pay to Preach, in wallet ineractive prayer rooms.
JULY-DECEMBER 2017: GO LIVE, SPONSOR ORPHANS MONTHLY
JANUARY 2018: MASTERNODES (SANCTUARIES) GO LIVE
FEBRUARY 2018: MARKETING, IN WALLET PRAYERS
MAY 2018: MARKET BIBLEPAY AS A 401K ALTERNATIVE
Novel distinct features of BiblePay:
Proof of Bible Hash algorithm (POBh), getblockinfo shows the chained bible verses required to solve the block, sending money exposes a Tithe checkbox - allowing 10% to be gifted to the orphan foundation, wallet has an in-wallet prayer system, allowing a user to send out a prayer request to the network or store prayers in the chain for the community to pray for from the overview page, Transactions support in-chain messages, Instant Send, Voting, Decentralized Automated Charity Governance Committee, Repentance of Sins, Contributing to the orphan foundation checkbox, and reading the sin list and various staple prayers in wallet.