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.
- 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
- Hard Cap 5,200,000,000 BBP by year 2050
- Circulation Type Deflationary
- Circulation Rate Decreasing by 1.5% / month
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.
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.
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.