Bean Cash (Ticker: BITB) is a re-brand of the digital currency and network, previously known as "BitBean". The "BitBean" blockchain and network began on February 13th., 2015. 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 own 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 '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 '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 and expensive!
Bean Cash inherits BitBean's mature blockchain and rock-solid network, becoming one of the most super-green digital currencies available today! While other blockchains continue to hardfork, roll-back transactions, and change their protocol (BTC Bitcoin-Segwit), Bean Cash (formerly known as "BitBean the Cryptocurrency") had no ICO (Initial Coin Offering), pre-mine, or swap. Blockchain integrity is one of the defining features of Bean Cash.
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!
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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!
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.
Bean Cash transactions can be as low as a fraction of a cent or .01 BITB (or even as low as 1/1000 of a cent in $USD)! By comparison, transactions on the BTC (Bitcoin) network can range from a few (USD) Dollars to sometimes over $60!
An incentive is provided to consumers and merchants who hold BITB 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 (data that doesn't change) blocks via a public ledger. By participating in SPROUTING and providing computing resources to the network, users can earn 1,000 BITB (1 whole BEAN) 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. An average return of 2% per month or 30% per year can be earned, 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 expensive PoW (Proof-of-Work systems often require lots of electricity and expensive hardware that goes out of date rapidly.), by securing the blockchain, using holdings of virtual beans instead of lots of energy-wasting hash power! PoB provides the basis for a real proof-of-work system, since philosophically speaking, money is a form of proof-of-work in the past, and thus should be able to substitute proof-of-work all by itself.
In its mission to be a transaction-centric digital currency with real-world use, one of the main goals for Bean Cash is to build on the original Bitcoin protocol. The Bean Cash network is very green and doesn't require the electricity of an entire country to operate. Beans are vegetarian! Bean Cash improves the economic model, providing an incentive model that maintains a strong network of full nodes around the world (more full nodes than the Bitcoin network)! Bean Cash also improves on the transaction speed enabling transactions at the Bean of Light! Bean Cash transactions are cheap and won't cost you, your arm, and leg to send. Bean Cash is an affordable Digital Currency for all of humanity, not just the top 1%. Finally, Beans are fun!
Bean Cash is more than Digital Cash! 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 computing resources with the network, creating a distributed cloud computer (Without the Gas issues, like in other cryptos. But be forewarned, if you eat too many beans...you will get gas!) POREs will work with the SAFE network and use it as a data store. POREs is projected to be implemented as a second-tier service on top of v2.X Core branch in 2022, utilizing Smart Contracts.
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 over 6 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 on course to soon handle over 1,300 transactions per second - far exceeding Bitcoin's 3-7 transactions per second, and compete with payment systems such as Paypal, VISA, and Mastercard!