What is Bean Cash?
Bean Cash (Ticker: BEAN) is a re-brand of the digital currency and network, previously known as BitBean (Ticker: BITB). The BitBean block chain and network began nearly 3 years ago on February 13th., 2015. It was the first 'crypto-currency' 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 'crypto-currency' 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 hardfork, roll-back transactions, and change their protocol (Bitcoin Segwit), Bean Cash has never had a hardfork or transaction roll-back. Bean Cash (formerly BitBean) had no ICO, pre-mine or swap. Blockchain integrity is one of the defining features of Bean Cash.
Bigger & Faster - How Does That Benefit Me?
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.
Another benefit for merchants, with Bean Cash, there is 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 and Bitcoin (Bitcoin Segwit fees can range as high as $15-$30 USD or more per transaction!).
With Bean Cash, transactions can be as low as a fraction of a cent!
What problem is Bean Cash Solving?
Bean Cash's mission is: "To be an enduring digital currency, with high integrity, a store of value and a means of exchange for every day transactions -- that stands the test of time!"
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 has 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.
Innovative PoB (Proof of Bean) Technology
For both merchants and consumers, Bean Cash offers a technology called Proof of Bean (PoB). PoB gives out rewards called "SPROUTs" to those who provide resources to the network. Merchants and consumers that hold BEANs in an active full node - are able to receive SPROUTs and thus earn interest and retain value. This provides greater value than simply selling BEANs to fiat currencies right away. 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.
For a digital currency to be an effective means of exchange, it must maintain a stable value. For nearly three years, Bean Cash (formerly BitBean) has maintained relatively stable prices in relation to Bitcoin (Ticker: BTC). For example, the price of BITB/BEAN as of December 2017 is in the same price range (measured in BTC) as when it began in February 2015. Further, the PoB model combined with a constant limitation of inflation, has proven to be an effective 'anti-pump' mechanism in the markets, while further aiding liquidity.
The PoB system model has also proven for nearly 3 years, an effective equilibrium between network security and market prices.
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 an alpha level software stack for the v2.X branch in late 2018.
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 comparable payment systems such as Paypal.
- Chat with Team Bean Live!
If you have questions or would like to find out more about Bean Cash, you may reach our development team and community on our own hosted chat and collaboration facility:
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(If your unable to connect to our Live Chat, you may also contact us at: support@beancash.org)
