Bean Cash (formerly known as Bitbean, Ticker BITB) is a digital currency (using cryptographic proofs), designed for scalability, speed and lightning fast transactions! It features an innovative Proof of Bean (PoB: v3.0 of the otherwise known "Proof of Stake" algorithm) that more closely resembles traditional Proof of Work (PoW) cryptocurrencies. Bean Cash is the first cryptocurrency to implement 20MB blocks, based off Gavin Andersen's proposals to fix Bitcoin's scalability limitations.
SHA-256 ASIC mining is energy efficient, so it was chosen as the algorithm for the PoW. After initial distribution of 10,000 blocks, to those who mined all around the world, Bean Cash became a pure Proof of Bean (PoB) cryptocurrency. PoB was active during the PoW mining period, so about a third of those 10,000 blocks issued were Proof of Bean blocks. During the peek of PoW, the Bean Cash network experienced over 2.4 Petahashes per second in it's PoW. At the time this represented a significant amount of SHA-256 hash power worldwide! That energy and tremendous computations is not wasted, as it is now embeded in Bean Cash's mature blockchain, providing an ultra-secure and immutable blockchain (currently over 3 years old). Bean Cash's money supply is currently at over 2.608 billion virtual beans created. The amount of existing Beans is still small compared to the maximum cap of 50 billion Beans that are yet to be created with pure Proof of Bean. Proof of Work is a great way to initially distribute coins. It is certainly better than an IPO or ICO where almost always the developers and insiders buy all the coins. This makes for massively pre-mined coins. Bean Cash had no premine or IPO.
Bean Cash's Proof of Bean is different from other PoS cryptocurrencies, specifically those using what is comonly known as Proof of Stake. Bean Cash requires 6 hours for beans to mature before they are eligible to sign a block. In addition, unlike other PoS crypto currencies, Bean Cash creates new blocks using a similar approach as PoW cryptocurrencies. Blocks which are found are static blocks similar to PoW. Each PoS block reward is 1,000 virtual beans, otherwise known as a Sprout (which is also a monatary unit in the Bean eco-system).. This is a much better than Proof of stake than determining rewards based on a percentage basis. Cryptocurrencies are supposed to be a payment system. Bean Cash's Proof of Bean (PoB) encourages people to actually process transactions instead of hoarding their Beans. Hoarding as simply a store of value, without an active economy of regular transactions and exchange, undermines the value of a commodity over time. Regular use in commerce is what gives value to commodities, as their needs to be demand not just supply. Bean Cash is designed to be more than a store of value, but to be used for daily transactions of value, as "cash", as Satoshi titled in his whitepaper: "A Peer-to-Peer Electronic Cash System"