New to Bean Cash? Here you'll find in detail what makes Bean Cash unique.
Bean Cash is a re-brand of the digital currency and network, previously known as "BitBean" (Ticker: BITB). The "BitBean" blockchain and network began on February 13, 2015. In 2018 a private company (unrelated to the crypto currency previously known as "BitBean") began using US Trademark authority to usurp the name "BitBean" for it's own use. Pre-empting this action, in late 2017, it was decided by Bean Core to rebrand to Bean Cash to avoid unecessary conflicts. Bean Cash (Ticker: BITB) is a crypto currency designed for scalability, speed and lightening fast transactions! It features an innovative Proof of Stake algorithm that more closely resembles traditional Proof of Work crypto currencies. Bean Cash is the first crypto to implement 20MB blocks, based off Gavin Andresen's proposals to fix Bitcoin's scalability limitations.
About Bean Cash Proof of Work phase:
SHA-256 ASIC mining is energy efficient so it was chosen as the algorithm for the PoW period. After initial distribution of 10,000 blocks, to those who mined all around the world, Bean Cash became a pure Proof of Stake (PoS) crypto currency. PoS was active during the PoW mining period, so about a third of those 10,000 blocks issued were proof of stake blocks. Bean Cash's money supply is currently over 3.1 billion virtual beans created. The amount of existing Bean Cash is still small compared to the maximum cap of 50 billion Bean Cash that are yet to be created with pure Proof of Stake. Proof of Work is a great way to initially distribute coins. It is certainly better than an IPO or ICO where almost always the developers and insiders buy all the coins. This makes for massively pre-mined coins. Bean Cash had no premine or IPO.
About Bean Cash innovative Proof of Stake:
Bean Cash's Proof of Stake is different from other PoS crypto currencies. We call it "Proof of Bean" (PoB). Bean Cash requires 6 hours for beans to mature before they are elgible to stake a block. In addition, unlike other PoS crypto currencies, Bean Cash creates new blocks using a similar approach as PoW crypto currencies. Blocks which are found are static blocks similar to PoW. Each PoB block reward is 1,000 virtual beans. This is a much better form of proof of stake than determining rewards based on a percentage basis. Crypto currencies are supposed to be a payment system. Bean Cash's PoB encourages people to actually process transactions instead of hoarding their coins. Hoarding coins and only processing transactions rarely to collect an interest payment, does not make for a good payment transaction network.
