Difference between revisions of "Why BiblePay"
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However, BiblePay fills a certain niche and provides real value to the space. | However, BiblePay fills a certain niche and provides real value to the space. | ||
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''' A hedge Against Inflation by Central Banks ''' | ''' A hedge Against Inflation by Central Banks ''' | ||
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We have a vision of being a hedge against central bank fiat inflation. We do this by controlling our money supply with a decreasing yearly emission rate (decreasing by 20% per year) according to our schedule found here: | We have a vision of being a hedge against central bank fiat inflation. We do this by controlling our money supply with a decreasing yearly emission rate (decreasing by 20% per year) according to our schedule found here: | ||
https://wiki.biblepay.org/Emission_Schedule_2020 , and the theory is that value locked up in our chain will be independent to moves in fiat currencies, and, we strictly adhere to our emission schedule that is published - and this schedule is designed to pay our miners and sanctuaries. This schedule is in contrast to the way central banks work, who decide to print money based on demands of governments and pandemics and bailouts, etc. | https://wiki.biblepay.org/Emission_Schedule_2020 , and the theory is that value locked up in our chain will be independent to moves in fiat currencies, and, we strictly adhere to our emission schedule that is published - and this schedule is designed to pay our miners and sanctuaries. This schedule is in contrast to the way central banks work, who decide to print money based on demands of governments and pandemics and bailouts, etc. | ||
| + | |||
''' More than $240,000 given to Orphan-Charity directly from our Chain ''' | ''' More than $240,000 given to Orphan-Charity directly from our Chain ''' | ||
Next, our altruistic side has a vision to fulfill James 1:27, help orphans and widows in their distress. From our inception, we have directed more than 10% of our emissions to go to orphan-charity. The way our chain works is we require each sanctuary to sponsor one orphan and in exchange, the sanctuary receives 20% of our coinbase reward. If our price rises, more sanctuaries come online to sponsor more orphans (due to their ability to profit). Each orphan costs a sanctuary $40.00 per month. We have provably sponsored orphans from Cameroon-One. Each Cameroon-One orphan contains the public sanctuary key on the childs bio and is guaranteed never to be sponsored by more than one donor at a time. | Next, our altruistic side has a vision to fulfill James 1:27, help orphans and widows in their distress. From our inception, we have directed more than 10% of our emissions to go to orphan-charity. The way our chain works is we require each sanctuary to sponsor one orphan and in exchange, the sanctuary receives 20% of our coinbase reward. If our price rises, more sanctuaries come online to sponsor more orphans (due to their ability to profit). Each orphan costs a sanctuary $40.00 per month. We have provably sponsored orphans from Cameroon-One. Each Cameroon-One orphan contains the public sanctuary key on the childs bio and is guaranteed never to be sponsored by more than one donor at a time. | ||
| + | |||
| + | |||
| + | ''' Why go through BiblePay to help fund orphan-charity? ''' | ||
| + | |||
| + | For one, if you become a sanctuary, your payment to Cameroon-One is tax deductible. But you also earn BBP rewards for being a sanctuary. Two, even if you buy BBP and hold it, you help fund water wells in Pakistan (we have drilled 13 wells already) and help fund our 95 orphans that we sponsor every month. Also, we are constantly working on new and efficient orphanage relationships, meaning we will pass those savings on to you in the form of BBP rewards. We believe ultimately we will be a more efficient method for orphan-charity than a standalone retail donor. We also are the obvious choice for those already in the crypto space who want to do something good with part of their funds (IE tithe to Gods Kingdom). | ||
| + | |||
''' Decentralized autonomous organization Governance Body (Sanctuaries) ''' | ''' Decentralized autonomous organization Governance Body (Sanctuaries) ''' | ||
| − | Our governance body, being a decentralized-autonomous- | + | Our governance body, being a decentralized-autonomous-organization (DAO), is not subject to government intereference. Each member has the best interests for the community, since they had to make an investment of 4.5MM bbp for the Right to become a sanctuary, and they much sponsor an orphan that is in good-standing, meaning they have a financial investment and a monthly commitment. This gives the member the right to vote on governance issues directly from the sanctuary (they may review and vote on proposals that drive our coin and charity decisions). They are most likely good people on a mission that is Christian oriented. |
| + | |||
''' Spreading the Gospel of Jesus Christ ''' | ''' Spreading the Gospel of Jesus Christ ''' | ||
| − | We are also committed to spreading the gospel of Jesus Christ to new Christians. Our core wallet has the KJV bible compiled in which provides scripture references to various | + | We are also committed to spreading the gospel of Jesus Christ to new Christians. Our core wallet has the KJV bible compiled in which provides scripture references to various functions. In the beginning our original hash algorithm (POBH) used to use the bible for hashing -- however we have decided to move to RandomX merge mining as of 2020, to reduce the electric bills that our miners incur (and make our chain more efficient). This move allows BiblePay to be mined on any commodity PC and prevents our chain from being taken over by ASICs. We also have a combination of merge-mining and chainlocks for block security that virtually prevents 51% attacks (chainlocks, developed by dash, prevent reorgs, and merge-mining ensures no big miners can come in and disrupt our hashpower in a material way). |
| + | |||
''' Foreign Staking Rewards (UTXO staking) ''' | ''' Foreign Staking Rewards (UTXO staking) ''' | ||
Biblepay provides Foreign Staking Rewards giving you the ability to receive ROI for your self-directed long currency positions in other currencies. For example, if you hold BTC, LTC, ETH, DOGE or DASH you may stake those foreign currencies inside the biblepay wallet and you will become part of our leaderboard. This gives you a daily reward from our mining budget called (DWU - dynamic whale unit). | Biblepay provides Foreign Staking Rewards giving you the ability to receive ROI for your self-directed long currency positions in other currencies. For example, if you hold BTC, LTC, ETH, DOGE or DASH you may stake those foreign currencies inside the biblepay wallet and you will become part of our leaderboard. This gives you a daily reward from our mining budget called (DWU - dynamic whale unit). | ||
| + | |||
''' A certified institute - BiblePay University ''' | ''' A certified institute - BiblePay University ''' | ||
We are a certified institute for Gospel Teachings from Harvest Time. In BiblePay University, you can learn college level theological material and even take final exams right in the wallet. | We are a certified institute for Gospel Teachings from Harvest Time. In BiblePay University, you can learn college level theological material and even take final exams right in the wallet. | ||
| + | |||
| + | |||
| + | ''' Read the Bible behind suppressed Firewalls ''' | ||
| + | |||
| + | Our core wallet has the KJV compiled in, and allows you to read the bible in English, Chinese, Ukrainian and Russian. We look forward to adding more languages. | ||
| + | |||
''' Community Based Prayers ''' | ''' Community Based Prayers ''' | ||
| Line 36: | Line 53: | ||
We have a community that prays for you. When you enter a prayer in the blockchain, we pray for you on our weekly prayer calls (on Sunday afternoon). Also, end users can see the prayer in the wallet and pray for you too. | We have a community that prays for you. When you enter a prayer in the blockchain, we pray for you on our weekly prayer calls (on Sunday afternoon). Also, end users can see the prayer in the wallet and pray for you too. | ||
| − | ''' NFTs (Non fungible Tokens) ''' | + | |
| + | ''' NFTs (Non fungible Tokens) - In production in July 2021 ''' | ||
We are the first Bitcoin based coin with NFTs (Non fungible tokens). With NFTs, you can buy, sell, edit and view NFTs. For more information see here: | We are the first Bitcoin based coin with NFTs (Non fungible tokens). With NFTs, you can buy, sell, edit and view NFTs. For more information see here: | ||
| Line 42: | Line 60: | ||
| − | ''' Christian Dashboard ''' | + | ''' Christian Dashboard (Partially available as of April 2021) ''' |
| + | |||
| + | We are committed to providing real value for Lifestyle Christians. Our Christian dashboard is a tool that allows a Christian to come back to BiblePay for real-world use cases, on a frequent basis to the core wallet. The vision is to provide a place to view your dashboard, that contains various metrics and tools. In the dashboard you can see new prayer requests, pray for others, view your portfolio and DWU performance, maintain a salvation dashboard for your relatives, view Christian videos in our Media room, watch sermons, contact other Christians through the Tribulation map, Maintain a Healing diary (street healing), build a decentralized Christian friendly social media platform (similar to Facebook and Twitter and Youtube), use our Chrome plugin to make purchases, attend BBP University to learn more about the gospel for free, learn about foreign-religion apologetics (especially Islam and Buddhism), conduct business transactions for Christian camps, empower the Tribulation Saints, and much more. This dashboard is being designed to truly be recognized as a true tool in the toolbelt for Christians everywhere. | ||
| − | |||
''' Daily Smart Contracts ''' | ''' Daily Smart Contracts ''' | ||
Although we are bitcoin based, we have our own Generic Smart Contract that allows us to settle daily payments for Oracle based campaigns. Our sanctuaries act as Oracles for our project. In our case our primary campaign is to reward those that hold long crypto positions in foreign assets. These daily payments are smoothly delivered via our daily smart contract. Each sanctuary votes to settle the consensus of the contract. | Although we are bitcoin based, we have our own Generic Smart Contract that allows us to settle daily payments for Oracle based campaigns. Our sanctuaries act as Oracles for our project. In our case our primary campaign is to reward those that hold long crypto positions in foreign assets. These daily payments are smoothly delivered via our daily smart contract. Each sanctuary votes to settle the consensus of the contract. | ||
| + | |||
''' Fractional Sanctuaries ''' | ''' Fractional Sanctuaries ''' | ||
For those who cannot afford to invest in a full sanctuary, you can still own a fractional sanctuary at: https://foundation.biblepay.org | For those who cannot afford to invest in a full sanctuary, you can still own a fractional sanctuary at: https://foundation.biblepay.org | ||
| + | |||
''' Mobile Wallet ''' | ''' Mobile Wallet ''' | ||
We have both the android and iPhone mobile wallet available. | We have both the android and iPhone mobile wallet available. | ||
| + | |||
''' Extremely advanced chain features - LLMQ (7 second transactions with instand send), Chainlocks, Deterministic Sanctuaries ''' | ''' Extremely advanced chain features - LLMQ (7 second transactions with instand send), Chainlocks, Deterministic Sanctuaries ''' | ||
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We are also the only coin that supports masternodes on windows. Most currencies require masternodes on linux with python support. | We are also the only coin that supports masternodes on windows. Most currencies require masternodes on linux with python support. | ||
| + | |||
| + | |||
| + | ''' Gen II wallet Design ''' | ||
| + | |||
| + | Our QT wallet is a Gen II wallet, meaning it has a sleek design. We also have made very large strides toward c# integration (to be announced in the future). We also have integrated proposal Add and List. | ||
| + | |||
| + | |||
| + | ''' Fair Weights and Measures (Proverbs 20:23) ''' | ||
| + | |||
| + | In BiblePay we take this not only seriously but base our integrity on this. Every penny received for charity goes directly to charity and we keep zero overhead (in fact we give more than we receive thanks to deliberate excess expenses paid by those processing the donations). | ||
| + | |||
| + | Our RandomX mining is calibrated so closely in the VM, there is no way to receive an 'edge' through any CPU, GPU or ASIC (each platform running RX runs in its own VM meaning they are all equal). Even the RAM and model are taken into account. Therefore our mining rewards are 100% fair. | ||
| + | |||
| + | Our oracles approve every UTXO transaction, and they are all public. This means those earning staking rewards in our leaderboard are publically verifiable day to day. | ||
| + | |||
| + | We run biblepay with integrity based on being watched by God. | ||
| + | |||
| + | |||
| + | ''' Will your market-cap and price constantly go down because you give all of your money away to charity constantly, and if so, why should I invest in BBP? ''' | ||
| + | |||
| + | From this perspective the new investor believes that BiblePay will 'mint' new coins each time an orphan expense is due and simply pay it and devalue our currency. And it would certainly be true that our price would decrease each time we do this, IE vote for a new water well in Pakistan and mint N dollars and devalue it. That would certainly not provide much hope for our investors either. | ||
| + | |||
| + | However we are a different animal. Our emission schedule really is based on a simple algorithm (see https://wiki.biblepay.org/Emission_Schedule_2020 ). We do not mint coins for orphan expenses, nor mint coins for special occasions. Our block schedule is already predetermined. The way it works is our Sanctuaries receive 20% of the block reward (as of July 2021), and are required to sponsor an orphan out of their own fiat currency (or they can optionally pay in BBP since Cameroon-One accepts either). We never mint coins based on a whim. Every charity expense that is paid or voted in is sourced from our existing governance budget or from a donation. Our governance budget is 5% per month as of July 2021. | ||
| + | |||
| + | What this all means is that value stored in BBP is not subject to devaluation in the sense that our board will never deliberately destroy value (or change coin parameters to do so). We strictly demand that our committee adheres to the budget or we do not spend it. We save up slowly for exchange fees, and prefer that a Christian exchange owner lists us for free. | ||
| + | |||
| + | Therefore the hope is very high in the future for BiblePay -- that as new users join our community, we become bigger and this effect offsets the cost of mining (just as in all other utility type coins). | ||
| + | |||
| + | |||
''' A very high-bar in the future vision ''' | ''' A very high-bar in the future vision ''' | ||
| − | We set a very high bar for our future vision. Based on the recent complaints about | + | We set a very high bar for our future vision. Based on the recent complaints about big-tech delisting conservative platforms, and Constitutational rights being suppressed, we are committed to providing a decentralized solution for Constitutional problems. For example, we currently provide decentralized pop3 email delivery. In the future we plan on adding a CDN (content delivery network) for decentralized file hosting (IE Christian content, such as videos and PDFs). We want to provide a backbone that allows developers to write decentralized applications that charge a PPV fee and provide CDN hosted content on demand. This will allow developers to write decentralized platforms similar to Twitter, Youtube and Facebook. |
Latest revision as of 13:22, 16 April 2021
Why is BiblePay Special?
You may ask, why do we need another cryptocurrency? Don't we already have Bitcoin, Ethereum and Ripple?
You are correct in that the world does not need an unlimited amount of cryptocurrencies, because each new chain requires a certain amount of infrastructure to be maintained and energy is consumed by the miners.
However, BiblePay fills a certain niche and provides real value to the space.
A hedge Against Inflation by Central Banks
We have a vision of being a hedge against central bank fiat inflation. We do this by controlling our money supply with a decreasing yearly emission rate (decreasing by 20% per year) according to our schedule found here: https://wiki.biblepay.org/Emission_Schedule_2020 , and the theory is that value locked up in our chain will be independent to moves in fiat currencies, and, we strictly adhere to our emission schedule that is published - and this schedule is designed to pay our miners and sanctuaries. This schedule is in contrast to the way central banks work, who decide to print money based on demands of governments and pandemics and bailouts, etc.
More than $240,000 given to Orphan-Charity directly from our Chain
Next, our altruistic side has a vision to fulfill James 1:27, help orphans and widows in their distress. From our inception, we have directed more than 10% of our emissions to go to orphan-charity. The way our chain works is we require each sanctuary to sponsor one orphan and in exchange, the sanctuary receives 20% of our coinbase reward. If our price rises, more sanctuaries come online to sponsor more orphans (due to their ability to profit). Each orphan costs a sanctuary $40.00 per month. We have provably sponsored orphans from Cameroon-One. Each Cameroon-One orphan contains the public sanctuary key on the childs bio and is guaranteed never to be sponsored by more than one donor at a time.
Why go through BiblePay to help fund orphan-charity?
For one, if you become a sanctuary, your payment to Cameroon-One is tax deductible. But you also earn BBP rewards for being a sanctuary. Two, even if you buy BBP and hold it, you help fund water wells in Pakistan (we have drilled 13 wells already) and help fund our 95 orphans that we sponsor every month. Also, we are constantly working on new and efficient orphanage relationships, meaning we will pass those savings on to you in the form of BBP rewards. We believe ultimately we will be a more efficient method for orphan-charity than a standalone retail donor. We also are the obvious choice for those already in the crypto space who want to do something good with part of their funds (IE tithe to Gods Kingdom).
Decentralized autonomous organization Governance Body (Sanctuaries)
Our governance body, being a decentralized-autonomous-organization (DAO), is not subject to government intereference. Each member has the best interests for the community, since they had to make an investment of 4.5MM bbp for the Right to become a sanctuary, and they much sponsor an orphan that is in good-standing, meaning they have a financial investment and a monthly commitment. This gives the member the right to vote on governance issues directly from the sanctuary (they may review and vote on proposals that drive our coin and charity decisions). They are most likely good people on a mission that is Christian oriented.
Spreading the Gospel of Jesus Christ
We are also committed to spreading the gospel of Jesus Christ to new Christians. Our core wallet has the KJV bible compiled in which provides scripture references to various functions. In the beginning our original hash algorithm (POBH) used to use the bible for hashing -- however we have decided to move to RandomX merge mining as of 2020, to reduce the electric bills that our miners incur (and make our chain more efficient). This move allows BiblePay to be mined on any commodity PC and prevents our chain from being taken over by ASICs. We also have a combination of merge-mining and chainlocks for block security that virtually prevents 51% attacks (chainlocks, developed by dash, prevent reorgs, and merge-mining ensures no big miners can come in and disrupt our hashpower in a material way).
Foreign Staking Rewards (UTXO staking)
Biblepay provides Foreign Staking Rewards giving you the ability to receive ROI for your self-directed long currency positions in other currencies. For example, if you hold BTC, LTC, ETH, DOGE or DASH you may stake those foreign currencies inside the biblepay wallet and you will become part of our leaderboard. This gives you a daily reward from our mining budget called (DWU - dynamic whale unit).
A certified institute - BiblePay University
We are a certified institute for Gospel Teachings from Harvest Time. In BiblePay University, you can learn college level theological material and even take final exams right in the wallet.
Read the Bible behind suppressed Firewalls
Our core wallet has the KJV compiled in, and allows you to read the bible in English, Chinese, Ukrainian and Russian. We look forward to adding more languages.
Community Based Prayers
We have a community that prays for you. When you enter a prayer in the blockchain, we pray for you on our weekly prayer calls (on Sunday afternoon). Also, end users can see the prayer in the wallet and pray for you too.
NFTs (Non fungible Tokens) - In production in July 2021
We are the first Bitcoin based coin with NFTs (Non fungible tokens). With NFTs, you can buy, sell, edit and view NFTs. For more information see here: https://foundation.biblepay.org/NFTBrowse
Christian Dashboard (Partially available as of April 2021)
We are committed to providing real value for Lifestyle Christians. Our Christian dashboard is a tool that allows a Christian to come back to BiblePay for real-world use cases, on a frequent basis to the core wallet. The vision is to provide a place to view your dashboard, that contains various metrics and tools. In the dashboard you can see new prayer requests, pray for others, view your portfolio and DWU performance, maintain a salvation dashboard for your relatives, view Christian videos in our Media room, watch sermons, contact other Christians through the Tribulation map, Maintain a Healing diary (street healing), build a decentralized Christian friendly social media platform (similar to Facebook and Twitter and Youtube), use our Chrome plugin to make purchases, attend BBP University to learn more about the gospel for free, learn about foreign-religion apologetics (especially Islam and Buddhism), conduct business transactions for Christian camps, empower the Tribulation Saints, and much more. This dashboard is being designed to truly be recognized as a true tool in the toolbelt for Christians everywhere.
Daily Smart Contracts
Although we are bitcoin based, we have our own Generic Smart Contract that allows us to settle daily payments for Oracle based campaigns. Our sanctuaries act as Oracles for our project. In our case our primary campaign is to reward those that hold long crypto positions in foreign assets. These daily payments are smoothly delivered via our daily smart contract. Each sanctuary votes to settle the consensus of the contract.
Fractional Sanctuaries
For those who cannot afford to invest in a full sanctuary, you can still own a fractional sanctuary at: https://foundation.biblepay.org
Mobile Wallet
We have both the android and iPhone mobile wallet available.
Extremely advanced chain features - LLMQ (7 second transactions with instand send), Chainlocks, Deterministic Sanctuaries
Since we are based on the 2021 Dash branch, and we are committed to rebasing as necessary (meaning we will keep up with security commitments), our chain already includes LLMQ quorums (for 7 second instant send transactions) and chainlocks (this is being deployed as of July 2021). Deterministic Sanctuaries are sanctuaries that support proof-of-orphan-sponsorship and deterministic payments.
We are also the only coin that supports masternodes on windows. Most currencies require masternodes on linux with python support.
Gen II wallet Design
Our QT wallet is a Gen II wallet, meaning it has a sleek design. We also have made very large strides toward c# integration (to be announced in the future). We also have integrated proposal Add and List.
Fair Weights and Measures (Proverbs 20:23)
In BiblePay we take this not only seriously but base our integrity on this. Every penny received for charity goes directly to charity and we keep zero overhead (in fact we give more than we receive thanks to deliberate excess expenses paid by those processing the donations).
Our RandomX mining is calibrated so closely in the VM, there is no way to receive an 'edge' through any CPU, GPU or ASIC (each platform running RX runs in its own VM meaning they are all equal). Even the RAM and model are taken into account. Therefore our mining rewards are 100% fair.
Our oracles approve every UTXO transaction, and they are all public. This means those earning staking rewards in our leaderboard are publically verifiable day to day.
We run biblepay with integrity based on being watched by God.
Will your market-cap and price constantly go down because you give all of your money away to charity constantly, and if so, why should I invest in BBP?
From this perspective the new investor believes that BiblePay will 'mint' new coins each time an orphan expense is due and simply pay it and devalue our currency. And it would certainly be true that our price would decrease each time we do this, IE vote for a new water well in Pakistan and mint N dollars and devalue it. That would certainly not provide much hope for our investors either.
However we are a different animal. Our emission schedule really is based on a simple algorithm (see https://wiki.biblepay.org/Emission_Schedule_2020 ). We do not mint coins for orphan expenses, nor mint coins for special occasions. Our block schedule is already predetermined. The way it works is our Sanctuaries receive 20% of the block reward (as of July 2021), and are required to sponsor an orphan out of their own fiat currency (or they can optionally pay in BBP since Cameroon-One accepts either). We never mint coins based on a whim. Every charity expense that is paid or voted in is sourced from our existing governance budget or from a donation. Our governance budget is 5% per month as of July 2021.
What this all means is that value stored in BBP is not subject to devaluation in the sense that our board will never deliberately destroy value (or change coin parameters to do so). We strictly demand that our committee adheres to the budget or we do not spend it. We save up slowly for exchange fees, and prefer that a Christian exchange owner lists us for free.
Therefore the hope is very high in the future for BiblePay -- that as new users join our community, we become bigger and this effect offsets the cost of mining (just as in all other utility type coins).
A very high-bar in the future vision
We set a very high bar for our future vision. Based on the recent complaints about big-tech delisting conservative platforms, and Constitutational rights being suppressed, we are committed to providing a decentralized solution for Constitutional problems. For example, we currently provide decentralized pop3 email delivery. In the future we plan on adding a CDN (content delivery network) for decentralized file hosting (IE Christian content, such as videos and PDFs). We want to provide a backbone that allows developers to write decentralized applications that charge a PPV fee and provide CDN hosted content on demand. This will allow developers to write decentralized platforms similar to Twitter, Youtube and Facebook.
