Bible Pay

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  • Rob Andrews
  • Administrator

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    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
Release POG Mining to Prod
« on: January 19, 2019, 04:10:00 PM »
This proposal authorizes the BiblePay Dev Team to release a mandatory upgrade that includes a change to our primary mining algorithm:

We will switch our primary heat mining algorithm to POG (Proof-of-Giving), which includes our existing POBH (proof of bible hash) heat mining algorithm, but changes the payout mechanism to use an in-wallet pool.

This means that 80% of the Heat Mined Rewards (POW) will go into the POG pool (in contrast to being given to the POW miner who mined the block).
20% of the Heat Mined Rewards (POW) will be given to the Reaper (the one who mined the block).

BiblePay POBH has an inherent 51% attack prevention mechanism called nonce-limiting that helps prevent a 51% attack.  We also have DGW (Dark Gravity Wave).

On a related side-note, in the future, we plan on implementing the 51% attack eliminator (being released in Evolution) which is technically viable since we have Sanctuaries, therefore we embrace the idea.

This proposal does not eliminate the PODC (proof-of-distributed-computing) budget - we will enter a separate proposal for that.

In approximately 30 days our mandatory release will enable us to go live with POG.  This proposal authorizes POG daily pool payments to go live with the characteristics outlined above.