BitBean (Ticker: BITB) is a crypto currency designed for scale-ability, speed and lightning fast transactions! It features an innovative Proof of Stake algorithm that more closely resembles traditional Proof of Work crypto currencies.
Additionally, BitBean is the first digital currency to implement a 20MB maximum block size limit. This is 20 times bigger than Bitcoin’s maximum block size.
Its target block time is set at 60 seconds, with a confirmation time more than 10 times faster than Bitcoin! A single confirmation can sometimes occur in as little as 20 seconds!
Crypto currencies are supposed to be a payment system. BitBean utilizes the Proof of Sprout algorithm which 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.
However BitBean was initially launched with a proof of work phase whereby 10,000 blocks were distributed to people mining all around the world. PoS was active during PoW so about a third of those 10,000 blocks were Proof of Stake blocks. Thereafter it transitioned to PoS.
BitBean is currently being maintained and developed by Bean Core, a virtual company, comprised of top BitBean holders and developers – who have a vested interest in its success! After being abandoned by the original developer, the community (Team Bean) and a dedicated team of developers (Bean Core), came together to form a plan, to continue development and take BitBean to the next level! Updated wallets have been developed for many platforms and are available for free download.
HOW IT WORKS.
In BitBean’s Proof of Stake, which is called Proof of Sprout, BitBeaners may only stake or “mint” coins if their wallet has been opened within the last six hours.
In addition, sprouting is like PoW whereby you mine a block and earn the full reward unlike other POS coins where you earn a certain percent on the amount of coins you stake. Say for example 10% per year on your coins while BitBean doesn’t have this so you can earn a lot more coins. The reward is set at 1000 coins.
This is more effective at providing an incentive to secure the network, than other digital currencies that give rewards based on a percentage method.