Launched in July 2017 with no premine and ICO, BiblePay describes itself as a decentralized autonomous cryptocurrency that gives 10% to orphan-charity (with Sanctuary governance). The project is passionate about spreading the gospel of Jesus, having the entire KJV bible compiled in its hashing algorithm (POBH). BiblePay (BBP) is deflationary, decreasing its emissions by 19.5% per year.
BiblePay project views itself as a utility that provides an alternative method for giving to charity. With Generic Smart Contracts, the project seeks to become the go-to wallet for Christians. In the future, the team intends to lease file space on its Sanctuaries and release corporate integration features, such as c# access to the blockchain. The BiblePay platform is a derivative of Dash-Evolution. Located in Dallas, TX, the team seeks to help orphans globally. The roadmap can be viewed at: https://wiki.biblepay.org/Roadmap.
Proof Of Bible Hash
Proof of Work has been replaced with Proof Of BiblePay Hash (POBH) – a cpu-only algorithm that allows the program to run on common commodity PCs and compensates full nodes participation. This means BiblePay subsidizes full nodes that stay online. At the same time, it requires full blockchain transaction referencing in the hashing function, along with chained bible verses that make it resistant to porting to GPU video cards and ASICs.
BiblePay addition to the low energy requirements and high efficiency of POBH, the reward per block is set to be relative to the length of time the block took to solve. This means that abusive hash attacks result in subsidy decreases.
BiblePay wallet uses the X11 blockhash to maintain the reference pointers for the blockindex map. However, it uses the Bible Hash to regulate difficulty and prove that a full node generated the Bible Hash (by requiring a txindex lookup, a block hash, or a receiving address to be present in the suffix of the hash). In greater detail, see the below points on POBH:
BiblePay mobile wallet will make easy and safe to send and receive BiblePay coins.
Based on the strong Breadwallet client, it connects directly to BiblePay network without requiring 3rd party servers. You will be able to operate 24/365 with any internet connection. Your funds will be safe thanks to industry-leading hardware encryption capabilities, even if you lose your device.
BiblePay is a Christian Charity Cryptocurrency. 10% of funds are donated to charities and nonprofits, and as of March 2018, over 200 orphans are being sponsored monthly. The project rewards contributing computing power to cancer research, writing letters to orphans and learning more about Christianity.
4. Paper Wallets
Although it sounds strange or even funny to talk about paper wallets in connection with a digital currency, they exist – in the form of printed-out private and public keys. Because of their physical (and offline) nature, they provide a very high level of online security.
Tips for securely storing your BiblePay
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.