Bean Cash (BITB) formerly known as Bitbean, is a full-distributed peer-to-peer system. It is a near complete Graph Network. As such, there is no single point of failure, or central authority, unlike banks. Bean Cash is one of the older classes of cryptocurrencies, intending to become the world’s most ‘super-green’ digital currency.
Bean Cash is a re-brand of the digital currency and network, previously known as "BitBean". In 2018 a private company (unrelated to the cryptocurrency previously known as "BitBean") began using US Trademark authority to usurp the "BitBean" name for its use. Pre-empting this action, in late 2017, it was decided by Bean Core to rebrand to Bean Cash to avoid unnecessary conflicts.
It was the first 'cryptocurrency' to implement a maximum of 20MB block sizes, based on Gavin Andersen's proposals to fix Bitcoin's scalability limitations. BitBean was also the first "Cryptocurrency" to pioneer the use of static block rewards in a Proof of Bean (PoB) system -- which now makes energy-wasting PoW (Proof of Work) systems, inefficient, expensive, and archaic.
Bean Cash inherits BitBean's mature blockchain and rock-solid network, becoming one of the most super-green digital currencies on the market today. While other blockchains continue to a hard fork, roll-back transactions, and change their protocol (Bitcoin SegWit), Bean Cash has never had a hard fork or transaction roll-back. Bean Cash had no ICO, pre-mine, or swap. blockchain integrity is one of the defining features of Bean Cash.
Bean Cash uses a system of strong cryptographic proofs based on encryption technology. Keys based on cryptographic proofs are needed to spend or move BEANs on the network. Bean Cash has embedded in its blockchain a significant amount of computing power. During its Proof-of-work distribution, a peak of 2.4 Petahashes, using double sha256. Even with many of the top supercomputers in the world today, it would be an extremely difficult undertaking to change a transaction on the Bean Cash network after 6 confirmations. Because of the highly decentralized and distributed nature of Bean Cash, even if a block rewrite were to occur, it would have a difficult time becoming accepted by the rest of the network.
In 2018 Bean Cash launched a new algorithm, called Proof of Resource (POREs) to let its users earn additional BEANs by sharing resources with the network through the Bean Cash Core nodes. POREs are expected to be implemented as an alpha-level software stack in the v2.X branch.
- block can be staked in 6 hours using the Proof-of-stake/Proof-of-Bean algorithm. users have been rewarded 1,000 virtual beans for every static block. So users can process transactions but not hoard them as coins can either be staked or minted upon opening the wallet.
- Bean Cash verifies, validates in 20 seconds, and settles transactions in less than 60 seconds. It also lets users transact amounts that can be as low charges can be as a fraction of a cent.
- Bean Cash transactions prevent third-party risks as there are no chargebacks or delays in payments since once the payments are processed, they cannot be reversed.
- Low transaction fees and provision of quantifying profit via staking are the main value propositions offered to merchants using Bean Cash as a payment method.
Advantages Of Bean Cash
Bean Cash enables near real-time confirmation of transactions in blocks. A single confirmation can take as little as 20 seconds to become confirmed. Within a minute or less, Bean Cash verifies, validates, and settles transactions in near real-time, something many other leading 'crypto currencies' fail to do in the same period.
With Bean Cash, there is zero counter-party risk and no chargebacks. This provides real value to the market, by improving on the charge-back prone, lengthy settlement times, and expensive fees associated with a Credit card and Bitcoin (Bitcoin SegWit fees can range as high as $15-USD 30 or more per transaction). With Bean Cash, transactions can be as low as a fraction of a cent.
Bean Cash aims to be an enduring digital currency, with high integrity, a store of value, and a means of exchange for everyday transactions - that stands the test of time. Bean Cash is free from the control of central banks and is also not affected by exchange rate fluctuation.
A transaction-centric digital currency with real-world use, one of the main goals for Bean Cash, is to solve the "last mile" issue in the digital currency space. Instrumental in achieving this objective, will be to partner and work with companies that implement Bean Cash at the Point of Sale/Service. Bean Cash builds on the original Bitcoin Protocol, which is Turing complete and can handle "Smart contracts". To realize this potential, Bean Core will be working to fix and re-enable the dormant Op-codes in its protocol. With the original Bitcoin, Op-codes restored, along with new ones added, it will be possible to build a higher-level language and environment on top, allowing Bean Cash to reach a wider market of developers and adoption.
There was no fund-raising or pre-mine; the blockchain (then named BitBean) was launched on 13 February 2015. After a SHA256 proof-of-work phase, Bean Cash became a pure PoS currency; the block reward is fixed at 1000 Beans plus any transaction fees attached to the transactions included. This was the first instance of this version of PoS, which the Bean Cash community calls "Proof of Bean" (PoB). Bean Cash's target block time is one minute, with a maximum block size of 20MB. It is projected to reach its maximum supply of 50 billion beans in 2111.
Bean Cash Team
The known team members are Tom C. of Albany, NY, and Shawn K. of New Hampshire. The other team members have been kept anonymous to maintain security. Also, volunteers from around the world donate time and resources to the project. Team Bean is the greater Bean Cash community, consisting of anyone who has an interest in the technology. Anyone who can prove they hold 1% or more of the current outstanding Bean Cash may join Bean Core and have a vote in the direction Bean Cash development takes. The Executive Board consists of 3 Bean Core members who hold 5% or more of the current outstanding Bean Cash. They rule by consensus. If a vote is not unanimous, it does not pass. The Board may overrule suggestions coming from Bean Core or put forward its suggestions. The Board can, likewise, be overruled by a 2/3 super-majority of Bean Core.
Did you find this article interesting?