Translation
saying, “We give you thanks, LORD
GOD
Almighty,
the one who was,
and is, for you have taken your power
and begun to reign.
Paraphrase
saying, “We give you thanks, O SUPREME RULER, CREATOR AND OWNER OF ALL THINGS, the All-powerful One, the one who has proved trustworthy in the past, and the one who is also available to us right now, for you have begun to use your complete power to rule more completely.