Hi, I was wondering how many sanctuaries the network will need to operate efficiently?
I was looking thorough the richlist
http://biblepay.inspect.network/richlistI guess top 3 wallets are CCEX, the pool, and the wallet for charity. With a number of 1.1 million needed for a sancuary, currently that would only be 20 sanctuaries.
(a requirement of 500,000 would currently give just over 60 sanctuaries, should every eligible wallet be converted to one).
First the list you are seeing is only the top addresses. Since many people use different addresses you're not seeing the total wallet. For instance, my Logo Fundraiser has received just under 300K BBP, but my wallet shows I truly have my total balance from mining/donations/c-cex purchases. Secondly, we've got two more months to mine (or buy) so another 180 Million coins into the system by Christmas, give or take. A lot of people I imagine are getting close to the 1M target at this rate will be able to hit it. Third, the C-cex wallet is very fat, a lot of the sell orders are very modest in price, so if the Sanctuary testing goes well, you'll see some of that be sold/bought.
I'm estimating that at least 15-30% of the total supply will go into Sanctuaries within a short period of time from the start. If you estimate there will be roughly 400M coins at the end of the year, a 1.1M cost would mean 54 to 108 Sanctuaries at the 15-30% range. Could be a lot more since it seems supporters of this coin are pretty dedicated.
The thing about Biblepay right now is the network operates efficiently because most everyone is running the full wallet. Masternodes were in part invented to get around the issue Bitcoin has, most miners not contributing to the network and no incentive to run relays. In Biblepay, the basic relay function isn't likely as important for the Sanctuaries. Immediately the benefit is the governance function. Not to diminish the relay function, but as long as there is no other mining software, it's not such an issue.
