Bible Pay

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  • Rob Andrews
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Sanctuary Video Transcoding Mining - 2023
« on: November 07, 2022, 06:40:36 AM »
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.



Re: Sanctuary Video Transcoding Mining - 2023
« Reply #1 on: November 16, 2022, 07:11:18 PM »
What are the current requirements for a Sanctuary? The amount of BBP and minimum server specs?


  • Rob Andrews
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Re: Sanctuary Video Transcoding Mining - 2023
« Reply #2 on: November 17, 2022, 06:10:10 AM »
What are the current requirements for a Sanctuary? The amount of BBP and minimum server specs?

4.5MM bbp, and a dedicated 6core ubuntu 20.04 VMS with at least 400Gb hard drive free.


Re: Sanctuary Video Transcoding Mining - 2023
« Reply #3 on: November 17, 2022, 11:05:48 AM »
4.5MM bbp, and a dedicated 6core ubuntu 20.04 VMS with at least 400Gb hard drive free.

True where is the best deal for a server like that? Do you think it would be better if we raised the amount needed to lock significantly? I personally don't want to have to worry about 20 different servers or pay for that. I like being able to add to my portfolio builder and I can forget about it while it earns.


  • Rob Andrews
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Re: Sanctuary Video Transcoding Mining - 2023
« Reply #4 on: November 18, 2022, 06:20:32 AM »
True where is the best deal for a server like that? Do you think it would be better if we raised the amount needed to lock significantly? I personally don't want to have to worry about 20 different servers or pay for that. I like being able to add to my portfolio builder and I can forget about it while it earns.
The server is about $12 a month at contabo for the Cloud VMS midtier.

I don't think we can change the 4.5MM at this point (there are about 50 dependencies on that in different areas) and its very disruptive and Ive already changed it before :).  But more importantly the 4.5MM is really sized for future growth (not for making it easy for us).  Imagine when the price is 10* higher, it will be $4500 per sanc and just another stones throw away in the future, $10K per sanc then people will want it *lower* at that point; so we have to consider that future.

However we will always try to have fractional sancs available for people who dont want to run all the software.  One benefit to removing PB is the ROI will go up on the fractional sancs so its sort of a consolidation into making something standardized.

Note that you can run 5-10 instances of BiblePay Sanc on one of these VMSs currently (we only have a rule that the BMS must be hosted on this type of hardware, and that the port # is between 10000-10010 something to that effect).  Of course we reserve the right to lower that if this service takes off (from a usage standpoint) in the future but for right now its investor friendly.

« Last Edit: November 18, 2022, 06:26:15 AM by Rob Andrews »


Re: Sanctuary Video Transcoding Mining - 2023
« Reply #5 on: November 18, 2022, 12:39:48 PM »
Ok all valid points and I agree. Thank you for that server recommendation because the ones I was finding had ridiculous prices.


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Re: Sanctuary Video Transcoding Mining - 2023
« Reply #6 on: November 19, 2022, 10:51:22 AM »
Ok all valid points and I agree. Thank you for that server recommendation because the ones I was finding had ridiculous prices.
Looks like it went up $1 a month since the last time I rented one:
https://contabo.com/en/vps/vps-m-ssd/?image=ubuntu.267&qty=1&contract=1&storage-type=vps-m-400-gb-ssd