|The analysis of Cryptocurrency Dimensions
Dash (digital-cash) has solid use cases: ATMs, buying/selling goods, instant send; pegging the currency to a valuable price level as hundreds of transactions occur per hour. Dash has innovated with governance, masternodes, IS and PS. Although their originality and innovation is low in mining (embracing ASICs), their choice of POW and the standard and sheer volume of miners gives them a high grade. Dash gets a positive for altruism in that they have governance available, but generally a low score based on how it is spent (spent on growth through Mammon, in contrast to growth through God).
|Bitcoin, the Godfather of cryptocurrencies, has solid use cases: Buying/Selling goods, the bellweather of pricing and exchange of most other cryptos, storefronts, and almost all use cases a crypto can be used for pegs Bitcoin to a valuable price, and also arbs Bitcoin close to the price of electricity required to mine it. I give Bitcoin a very high innovation score, because the devs have been nimble at solving problems, and they are the creator of the entire protocol. I give Bitcoin a high score in mining, because POW was invented by them, and their POW difficulty ensures a high currency price due to the high cost of electricity to mine it. It could be argued that bitcoin should be docked for wasting energy and stagnant innovation on the mining side, we will deduct 25%. Regarding altruism I view bitcoin as neutral, the devs have done an astounding job creating bitcoin to be a tool for public use.
|BiblePay (10% to orphan charity), Sactuaries. Biblepay has very few use cases currently: We are not in a mainstream store, therefore our users must convert to BTC to buy things. DSQL is in its infancy, data-services tokens are miniscule. Although we take no credit in Inventing the first cryptocurrency, and, we did not invent Masternodes, we still have a very high level of innovation. We have invested extensively in R&D, and have produced BIPFS/BMS/DSQL/PODC/GSCs, and we believe our ideas are slowly breaking in and are valuable. We've covered the mining side exhaustively, expirimenting with everything from POG, POS, POW to PODC, finally settling on PODC and GSCs (primarily due to accepting a balance between POW-style electricity costs and altruistic mining). This gives BBP a very high mining rating, as we satisfy the altruistic use case (cancer mining, disease research), the POW use case (spending electricity for effectively good work), and security (POBH and chainlocks). Altruism: This is where Biblepay shines, but the world does not accept us (yet). BiblePay intends to fully automate and decentralize the orphan-charity aspect. We are very good at fulfilling James 1:27, and providing a feel good 'utility investment' for those seeking Crypto exposure.
We recently completely a study called CDSS (Crypto Decision Support System), and this removed the veil on many of our challenges. While analyzing the aspects of the components of the project dynamics regarding money supply some of the 'dimensions' were made clear. Crypto projects can (partially) be evaluated by measuring their effective dimensions. I believe the dimensions above are valuable to evaluate, primarily the first three: Use Cases, Innovation and Mining. The fourth is obviously important for the real world, but it is a 'fruit' that is added when the project is successful.
Moving on I believe it is severely important for us to strive to achieve 100% on each of the three dimensions above, to make our project as successful as Bitcoin or Ethereum. We obviously lack the most in Use-cases. It's not enough for us to simply apply for a debit card. I feel a distinction needs to be made between 'use cases that spend biblepay' vs 'use cases that spend the currency'. Another words, people are looking for solid real world value-added use cases (such as requiring a BBP token through an rpc command to send out a greeting card or tithe to an online church) - in contrast to simply spending the currency. BiblePay needs a niche that causes users to desire to spend *our* currency on a value-added use-case, in contrast to converting to Bitcoin first.
In light of this we are creating a study of solid use cases that require the user to spend the BBP currency primarily. So far, we have some examples including: Integrating with a direct mail company to deliver invoices, customized letters, statements, checks, greeting cards via home delivery funded with BBP. Delivering gift cards. Starting an online church with congregation tithes and supporting guest pastors. Our next step will be community feedback for all of these ideas.
Wrap Up: What this study shows is that Dash achieves an 80+ rating when analyzing the top 3 dimensions, Bitcoin an 80+ rating, but with BiblePay - only 2 out of 3 dimensions are successful. It can be argued that to be a success, we must achieve our 'solid use case' that spends the crypto (and even possibly re-brand after that to appeal to the mainstream). We will not water down our zeal for our Jesus based orphan-charity side however, but we will become more accepted as a partner with top corporations and institutions, and a broad user base by doing this. Therefore we must create a solid-use-case-project next, then target our success in this area, and finally: succeed.