Bigger & Faster - How Does That Benefit Me?
Transactions on the Bean Cash Network are sent within 0-3 seconds! With a maximum block size of 20MB and a 60 second target block time, 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 time period.
With Bean Cash, merchants have zero counter-party risk and no charge-backs! This provides real value to the market, by improving on the charge-back prone, lengthy settlement times, and expensive fees associated with credit cards. Even compared to other cryptocurrencies, such as Bitcoin Segwit (BTC), where fees can range as high as $15-$30 USD or more per transaction!
Bean Cash transactions can be as low as a fraction of a cent or .01 BITB!
Innovative PoB (Proof of Bean) Technology
An incentive is provided to consumers and merchants who hold BEAN and participate with the network, in a process called SPROUTING. SPROUTING is a process where transactions are verified, sent out on the network, and built into immutable blocks via a public ledger. By participating in SPROUTING and providing computing resources to the network, users can earn 1,000 BITB (1 SPROUT) for each new block their node builds and signs. This provides an opportunity for users of the network to earn rewards from actively holding their BEANs. Currently the average return on BEANs is upwards of 3% per month (depending on current difficulty). For merchants, this provides greater value than simply selling their BEANs on the market, thus encouraging adoption. Merchants can then offer their SPROUTED BEAN to their loyal customers as a reward.
This system, known as PoB (Proof-of-Bean) replaces PoW (Proof-of-Work), by securing the blockchain, using holdings of virtual beans instead of hash power. PoB provides the basis for a real proof-of-work system, since philosophically speaking, money is a a form of of proof-of-work in the past, and thus should be able to substitute proof-of-work all by itself.
What Problem is Bean Cash Solving?
In its mission to be 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 had the capability to 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.
Proof of Resource (POREs)
In addition to PoB, Bean Core is actively developing a new technology, called Proof of Resource (POREs). This technology when fully developed, will allow Bean Cash Core nodes to earn additional BEANs by sharing more resources with the network. POREs is projected to be implemented as a second tier service on top of v2.X Core branch in early 2021.
Bean Cash - An Extension of Satoshi's Vision
Bean Cash builds upon Satoshi's vision for a "Peer-to-Peer Electronic Cash System", as laid out in the Bitcoin whitepaper. When studying the history of Satoshi and Bitcoin, we can discover that it was always Satoshi's intention to lift the block size limit above 1MB in order to scale on-chain as needed -- to meet the demands of adoption. In keeping with Satoshi's vision, BitBean started nearly 3 years ago already with 20MB maximum block sizes. This is 20 times bigger than Bitcoin Segwit's (Ticker: BTC) maximum block size. Combined with a target block time of 60 seconds, Bean Cash is already positioned, to handle over 1,300 transactions per second, allowing it to compete with payment systems such as Paypal.