I'm making the case for a change to Biblepay in 2023 that I believe has the potential to make us more valuable and efficient.
It's widely believed that real world use cases are the key to success in this industry and I believe if BiblePay provides a solid real-world use case, it can rise to become a top crypto.
(Aside from the fact that we do have real world use cases for Christians covered, such as funding orphan charity by sponsoring orphans, accepting tithes from crypto users and being a Christan branded wallet) but further from that:
RandomX is good in many ways, its fair and full of integrity because it provides honest rewards for any type of hashing power. But where I see the problems with POW mining: the mining concentration ends up going to these small pockets of consolidated miners in areas where electricity is cheap and ends up being a small handful of people that have the machines and power to mine (not the everyday random user we expected). The original vision was for the small time end user to simply hash the KJV bible and every small random miner gets a reward and thats clearly not happening. Partially because we have discovered you cant trade anonymity for security, and with the POW protocol, the bigger players consolidate into a monopoly because they can afford to.
Enter video-transcoding mining from sanctuaries. Video transcoding is a very popular use of computing power. Look at Transcoding Libx264 HLS transcoding APIs on the internet and see there is a lot of competition and it costs a fair amount of money per video (usually half a cent per minute etc). The idea is to accept jobs for free as a network (emphasizing Christian videos if possible that get uploaded as mp4s to our network) and our sancs process these instead of the mining function (by accessing a backlog queue) and they store these in our dec. storage network for viewing. When our partner sites use these videos and pay for storage fees we keep these otherwise they get purged. (We can discuss storage fees in a different proposal, this proposal is for mining).
The miner in the sanctuary would be modified to run at a non-competitive hashrate (so that some sanctuaries do not act in an arms race fashion to take all the rewards), the rewards would be round robin and fair based on the existing deterministic pay schedule. The mining reward would be reduced by 95% so as to remove this competetiveness but the Sanctuary standard reward would be Raised by the same amount to compensate all Sancs equally for this workload.
The wallet itself would be modified to only accept Sancs as valid miners (blocks would only be solved by sancs). The randomx pool would be retired.
New miners would need to lock funds to run a sanc to be a miner.
For the small investor who does not meet the capital requirements, we will still offer Turnkey Sancs on unchained for that use case so that even the small investors can participate for network rewards.
At the same time, to maximize ROI per sanc, we will retire UTXO staking as well, thus simplifying the IT requirements behind the scenes. Those rewards will also be added to the sancs rewards to make it very lucrative to do video mining.
Thus in the end, our block emission would be: 10% orphan charity, 5% governance, 85% sanctuary-video-mining.
Longer term picture looks like this:
- Companies use BBP to transcode videos and to Store videos
- We as a network bill for transcoding and storage fees for videos stored on our network (real world use case)
- Videos that are not paid for are purged from storage
- We set up a channel for God related videos to be encouraged to be uploaded. They are reviewed by users and if legal, the foundation continues to pay storage fees for those videos so they can be watched on our social media system.
