Bible Pay

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  • Rob Andrews
  • Administrator

    • 4126

    • 97
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
BiblePay Dynamic Sanctuaries
« on: September 18, 2023, 05:08:42 PM »

Our wallet gives you the ability to choose the size of the sanctuary you can afford.  Choose between Altar (455,001 collateral), Sanctuary (4,500,001 collateral), or Temple (45,000,001 collateral).

This gives you the ability to participate in BBP rewards no matter what your budget is: small, medium or large.
The Altar pays at a rate of 10%, the Sanctuary 100%, and the Temple at 1000% of the block reward rate.

You can run your sanctuary in Active or Passive mode.

For active sanctuaries you will receive a 100% reward, while passive sanctuaries receive a 50% reward.
Passive sanctuaries are a good place for people to lock latent BBP funds to earn a reward.
Each sanctuary automatically mines blocks, and only sanctuaries may mine on the BBP network, giving the sanctuary both the mining reward plus the Sanctuary reward.

Sanctuaries perform important functions such as Instant Send Locking (facilitating instant transactions), Chainlocks (preventing 51% attacks), Governance proposal payments, LLMQ Quorums, and they even provide blocks for our network creating a strong backbone for the BBP network.

With deterministic sanctuaries, all payments are stored in an orderly fashion, in an ordered list on chain and paid round robin in order. 

This feature accomplishes a truly decentralized sanctuary network that latent funds can be stored in a safe way, since its Your Key, Your Funds.

I'm excited about this feature for the future of BBP.  This has the potential to attract thousands of users that gave up on mining because of monopolies stealing their hashpower, and also crypto enthusiasts who believe in the future investment power of crypto as an alternative to conventional banking to store latent BBP.