BiblePay was primarily created as a way of spreading the Gospel, the good news of Jesus. It is a secure deflationary blockchain developed to benefit those in distress.
BiblePay currently sponsors over 200 orphans worldwide per month!
At our core, we have chosen to allow 10% of the blockchain to pass through directly towards sponsoring orphans in 3rd world countries. This sponsorship activity changes a child's life: a starving child with no direction can now thrive while attending church, school, and the child development center.
For the first 6 months, 10% of each block was allocated to the foundation, for sponsoring orphans at 100%. Once per month, anything over $40 was cashed in on an exchange, and orphans were sponsored on volunteer time.
We have set a precedent to only partner with charities over 75% efficient, meaning over 75% reach the end-user.
10% of the emission of the blockchain went directly to sponsoring Orphans, with provable contributions, contributed to an organization (Compassion.com) that is more than 75% efficient.
MasterNodes - called Sanctuaries - came online during Christmas 2017. Our sanctuaries have now become a decentralized charity governance committee. This allows our community to take over the day to day operations of the charitable aspect: voting on where the money is spent, and how much is spent. In essence, this allows BiblePay to run by itself.
BiblePay automatically allocates 10% of each block subsidy to our DAO governance committee, with 100% of that being spent on charity. The primary charities are Compassion.com and Bloom.com, with 100% allocated to sponsoring orphans.
The expenses are audit-able, and there is a web page with pictures of the sponsored orphans clickable from the wallet to show our investors some of the good we are doing.
Expense receipts - proving the sponsorship of new orphans - are accessible from inside the wallet. Phone numbers are available for auditors to prove 100% of charity expenditures.
Our Path To Success
Why Another Block Chain?
This blockchain serves as a decentralized autonomous charity, yet is still an investment.
It benefits orphans and those in distress at 100% tithe pass-through efficiency, while it is a deflationary investment.
To avoid wasting energy on meaningless SHA hashing, or mining, BiblePay introduces Proof Of Biblehash (POB) - an algorithm that allows the program to run on common commodity PCs and compensates full nodes participation. At the same time, it requires full blockchain transaction referencing in the hashing function, along with chained bible verses that make it resistant to porting to GPU video cards and ASICs.
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. This means that abusive hash attacks result in subsidy decreases.
Seven-minute block targets minimize the blockchain file size, yet BiblePay supports Dash's InstantSend for speedy transactions.
The network is highly efficient with low total energy consumption. In addition, BiblePay is deflationary, meaning that it started by issuing a larger amount of coins per block, and each year the supply is tightened by 10%.
Initiated with best practices in mind (instant transactions, voting, small block files, the latest bitcoin technology), robust security and sync protocols, enhanced block sync accuracy functions, and a new high efficiency hashing algorithm (bible hash), BiblePay has truly started at the forefront of innovation.
Block Emission Level: Variable rate between 20000 and 5000, based on the network difficulty level (higher difficulty, lower block subsidy). 205 blocks per day, 7 minute block targets. The deflation rate of our emission is 1.5% Per Month, or 19.5% per year compounded.
The block reward breakdown is as follows:
- 10% is given to Charity (IE Compassion.com) through the sanctuary voted budget
- 5% is allocated to sanctuary voted IT expenses, such as IT payroll and website maintenance.
- 2.5% goes to Peer-To-Peer features, such as Gospel Link sharing.
- 2.5% is designated for Public Relations (PR)
- The 80% remaining amount is split between a chosen sanctuary, who provides POSE (proof of service) that has waited longest to get paid, and the miner who found the block.
NO PREMINE - the lead dev started with zero, the orphan foundation fund started 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 were deliberately delayed until Christmas 2017, to allow people to prepare and save up the initial requirement. Running a sanctuary is open to anyone.
ACCOUNTABILITY: The wallet has a reconciliation page built in to show all charitable income and expenses.
TECHNICAL: (From the rpc, type 'run contribution' to see the tithes into the foundation for a time period. Click the wallets 'Accountability' button to see a list of orphans, expenses, sponsorship dates, amounts, the charity phone number, and txid).
Please reach out to us if you have any questions. We are happy to receive feedback.