Bible Pay

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  • Rob Andrews
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    • June 05, 2017, 08:09:04 PM
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Video Transcoder Mining - Red Sea Changes for March 2023 Release
« on: November 26, 2022, 07:30:38 AM »
This proposal summarizes the changes to be made in Red Sea for our March 2023 release:

The preproposal discussion thread was here:
https://forum.biblepay.org/index.php?topic=913.0

Summary of changes:
- Add Video Transcoding/processing to our suite of services that the sanctuary will be executing. 
- Remove the necessity to have a RandomX pool.
- Remove the RX pool and the UTXO staking pages from unchained.biblepay.org.
- Make the mining non-competetive (this is so one sanctuary will not attempt to hog all of the rewards).  The video transcoding will be done in a non competetive way, rewarding the sanctuaries in round robin fashion using the deterministic rewards schedule already in place (the sanctuary block reward schedule).
- Decrease the Mined block reward by 99%, while increasing the sanctuary reward by that same amount (this removes the competetiveness of mining).  Two rules maintain block security:  One, we have chainlocks already in place (so there is no 51% attack).  Two, only sanctuaries may solve blocks, therefore the network cannot be attacked by external parties.
- Remove the UTXO staking reward, and increase the sanctuary reward by that same amount.
- Make the Sanctuary nodes assess Storage utilization (of videos and files) per BBP key, and bill for that usage monthly. 
- Block emission:
10% orphan charity, 5% governance, 85% sanctuary-video-mining.
- Sanctuary min server specs:  6 core processor, 400 gb hard drive :
https://contabo.com/en/vps/vps-m-ssd/?image=ubuntu.267&qty=1&contract=1&storage-type=vps-m-400-gb-ssd
- BBP core wallet will be modified to generate storage keypairs.  Anyone with a balance can store files or videos in our storage network.  The sancs will still act as CDNs.