TECHNICAL DETAILS
Below are four aspects of how we use technology to make a difference.
10% of all generated coins go to Charity
Biblepay has sponsored hundreds of orphans each month, and as our value grows, we will be able to help many more!
CPU only
Our POW mining-algorithm is called Proof Of Bible Hash. It integrates the KJV Bible and ensures that only full-nodes can solve hashes. This makes BiblePay virtually impossible to port to GPU or ASIC mining.
WE BELIEVE IN YOU
We are convinced that the aspects shown above are the foundation for our future growth. For example, this website came to be because of our self-funding and self-governing features. The words that you are reading right now were written by somebody who created a proposal and received the blessing of the community to go forward with the plans outlined in this persons proposal. In the same spirit, you or anyone else can help BiblePay improve and expand, not as an institution, but as a gathering of individuals that may never see each other in person, but can still rock the world!
Satoshi Nakamoto’s invention of the blockchain, with all it’s inherent implications, has given people a new possibility to grab hold of personal sovereignty. BiblePay is here to spread that sovereignty in the form of freedom, opportunity and choice, and we would like to connect with people that want to act out of love in the time they spend on earth.
OVERVIEW
BiblePay is not a token, but a clear cryptocurrency. While the coin itself has many of the same properties as other cryptocurrencies, and is intended to be utilized for payments and exchange, there are other features of the BiblePay system that are worth discussing in greater detail. The following sections give some basic statistics and overview information of BiblePay.
Basic Characteristics
- Go-Live Date July 23, 2017
- Ticker BBP
- Sub Unit 1 mBBP=0.001 BBP
- Lowest Unit 0.00000001 BBP
- Mining Strategy ASIC/GPU resistant – CPU only
- Blocktime 7 minutes
- Base Platform Dash
- Algorithm Proof-Of-Bible-Hash
Circulation Characteristics
- Hard Cap 5,200,000,000 BBP by year 2050
- Circulation Type Deflationary
- Circulation Rate Decreasing by 1.5% / month
Fairness
One of the fundamental principles in designing and creating BiblePay was that of fairness. To that end, there was absolutely no pre-mining, and no Initial Coin Offering. There is no reserved supply and no inconsistent rewards – every participant has the same ability to reap the benefits of BiblePay.
Wallet Features
BiblePay incorporates a significant number of exciting, distinguishing features into its wallet. Some of the features, such as InstantSend and PrivateSend, are derived from Dash, although others such as native e-commerce, prayer requests and tithing are unique to BiblePay.
Economics
The block reward is carefully structured to both serve the BiblePay mission and to appropriately reward effort. To that end, the basic block economics breakdown is:
- 20.0% to Monthly Budget
- 10.0% to Exchange Fund
- 5.0% to Information Technology (IT)
- 5.0% to MISC
- 38.0% to Generic Smart Contracts (GSC)
- 60.0% to Science Research
- 35.0% to Charity
- 5.0% to Healing
- 7.0% to Proof-Of-Bible-Hash (POBh, Proof of Work)
- 35.0% to Sanctuaries (Masternodes)
Sanctuary and Treasury
The BiblePay network is self-regulated by a series of masternodes known as Sanctuaries. These masternodes enable the PrivateSend and InstantSend capabilities, as well as serve as a Decentralized Autonomous Organization (DAO), collectively. They vote on proposals and on distribution requests, and with the high stake requirement, help to ensure the security of the overall network.
The treasury completes the DAO – it is simply the portion of funds which are spent according to the budgets voted on by the sanctuaries. Treasury distributions require minimum voting of a net 10% of sanctuaries, and all IT, PR, and Peer-to-Peer budgets are funded out of the treasury block rewards.
MEET THE TEAM
