Bible Pay

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  • Rob Andrews
  • Administrator

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    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
Self Directed Portfolios
« on: September 06, 2020, 04:54:24 PM »
This idea is in the concept phase.

Please read this baby level starter:

I plan on adding a section for technical design also, that will elaborate on how we will pull this off. 

To give you some background on this, we have a feature going into production at the end of the month called "Dash Stake Rewards".
The idea with Dash Stake is to attract Dash Investors into BiblePay, as long term BiblePay users and investors.

The way it works is, if you hold a Dash UTXO (an unspent coin), and a BBP UTXO, you may run a command that creates a contract out of those.
This contract is called a Dash Stake Reward Contract, and currently has a fixed duration of 6 months.
The contract locks in a certain DWS reward (this is similar to an APR % ROI on an investment, except since it is a staking reward, we don't call it APR, we call it DWS).
As an example, if you hold a $1000 Dash Coin and a $1000 BBP coin, you can earn about 40% DWS (annualized) on those coins as long as they remain unspent and locked in the 6 month contract.

The contract emits 6 payments, one per month, for the monthly reward amount. 

Expanding on this idea, SDP extends the specification to not just one coin, but to many coins, for example BTC and ETH.

These extended coin contracts would share from our global reward kitty for one (so no, we would not emit an unlimited amount of rewards).  A BTC stake would lower the amount available from the global kitty.

But, to make the idea more sustainable it will also have marketplace elements (as seen in the wiki).

Please feel free to discuss.

My longer term goal is to add enhancements to the idea that contain fees for revenue, that aims to makes our coinbase emission low.