What is BiblePay?
BiblePay (BBP) is a Christian Charity Cryptocurrency. 10% of funds are donated to charities and nonprofits, and as of March 2018, over 200 orphans are being sponsored monthly. The project rewards contributing computing power to cancer research, writing letters to orphans and learning more about Christianity.
Our focus is on the following things:
Spreading the Gospel
We are passionate about spreading the Gospel in Jesus' name, and have incorporated many novel ways of doing this.
Giving 10% of all generated coins to Charity
BiblePay is currently sponsoring 200+ orphans each month, and as our value grows, we will be able to help much more people! The primary charities are Compassion International and Bloom World Wide, with 100% allocated to sponsoring orphans.
90% of our miners processing power goes to helping researchers find cures for AIDS/HIV, malaria, cancer, and Alzheimer’s. This also makes our coin incredibly environmentally conscious.
Being ASIC and GPU resistant
Our mining-algorithm is called Proof of Bible Hash, and it is unique in that every miner has the entire KJV Bible integrated. This makes BiblePay virtually impossible to port to GPU or ASIC mining, making it CPU-only.
Having a monthly self-funding budget and a decentralized governance
Biblepay has features built-in that enables it to be self-funding and self-governing. MasterNodes - called Sanctuaries - came online during Christmas 2017.
New website is coming soon!
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.
For more info see the Emission Schedule.
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).
For more information, please read the BiblePay WhitePaper.
Please reach out to us if you have any questions. We are happy to receive feedback.