To avoid wasting energy on meaningless SHA hashing, or mining, BiblePay introduces Proof Of Biblehash (POB) – an algorithm that permits the program to run on common commodity PCs and compensates total knots participation. At the same time, it requires total blockchain transaction referencing te the hashing function, along with chained bible verses that make it resistant to porting to GPU movie cards and ASICs.
Te addition to the low energy requirements and high efficiency of POB, the prize vanaf block is set to be relative to the length of time the block took to solve. This means that abusive hash attacks result ter subsidy decreases.
Seven-minute block targets minimize the blockchain verkeersopstopping size, yet BiblePay supports Dash’s InstantSend for speedy transactions.
The network is very efficient with low total energy consumption. Te addition, BiblePay is deflationary, meaning that it commenced by issuing a larger amount of coins vanaf block, and each year the supply is tightened by 10%.
Initiated with best practices ter mind (instant transactions, voting, petite block files, the latest bitcoin technology), sturdy security and sync protocols, enhanced block sync accuracy functions, and a fresh high efficiency hashing algorithm (bible hash), BiblePay has truly began at the forefront of innovation.
Block Emission Level: Variable rate inbetween 20000 and 5000, based on the network difficulty level (higher difficulty, lower block subsidy). 205 blocks vanaf day, 7 minute block targets. The deflation rate of our emission is 1.5% Vanaf Month, or Nineteen.5% vanaf year compounded.
The block prize breakdown is spil goes after:
- 10% is given to Charity (IE Compassion.com) through the sanctuary voted budget
- 5% is allocated to sanctuary voted IT expenses, such spil IT payroll and webstek maintenance.
- Two.5% goes to Peer-To-Peer features, such spil Gospel Verbinding sharing.
- Two.5% is designated for Public Relations (PR)
- The 80% remaining amount is split inbetween 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 commenced with zero, the orphan foundation fund commenced 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 2018, to permit people to prepare and save up the initial requirement. Running a sanctuary is open to anyone.
ACCOUNTABILITY: The wallet has a reconciliation pagina built ter to showcase 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).