BeanCash – A Blockchain Solution for Everyday Transactions

The BeanCash (BEAN) model focuses on creating an actual alternative currency that offers the advantages of digital payment systems as opposed to creating a store of value. It was designed as a solution to most of the problems that plague the Bitcoin network including block size and transaction processing speeds.

In fact, it was the first model to implement Gavin Andersen’s proposal of 20MB blocks that were meant to address bitcoin’s scalability issues allowing for near real-time transaction confirmations. The network seeks to solve last mile issues in the cryptocurrency space and allow for Point of Sale/Service implementation.

Unlike most other digital currencies, BEAN uses a Proof of Stake (PoS) consensus algorithm known as Proof of Bean PoB that draws on the positive features of the Proof of Work (PoW) concept. It had an initial PoW phase that allowed for mining of 10,000 blocks after which the system completely shifted to PoS.

This three-day phase allowed for the wide distribution of the tokens, unlike the popular ICO or IPO approach that usually has insiders and developers buying up all of the initial supply of coins. The maximum capitalization of the token is supposed to reach 50 billion BEANs.

An Innovative PoS Approach

The PoS algorithm used on the BeanCash network is outstanding in a number of ways. First, in order for the beans to qualify for staking block on the network, they require a maturation period of about six hours. This means that users can only stake after having their wallet open for at least six hours.

Another distinct feature is that the algorithm uses an approach that closely resembles PoW to create new blocks. New blocks are static just like on PoW systems but every one of them comes with a reward of 1,000 digital beans. This system is quite an improvement over the regular PoS system that determines rewards using a percentage system.

This PoS approach is in fact what encourages network users to process transactions instead of simply hoarding their coins, as is the case with most other crypto networks. Also, this makes it easy for the BEAN currency to function on payment systems.

Implementation of the Sprouting Feature

The coin, which recently rebranded to BeanCash from BEANean, has made a spectacular rise in the past few weeks due to the implementation of a new feature known as sprouting. For an investor who is looking to earn a passive income from digital currencies, this network presents a unique opportunity.

An investor would simply need to purchase a minimum of 1000 BEANs and send them to the official wallet. They would mature in six hours and join the network. The higher the investment value, the higher the possibility of having it sprout and make a reasonable profit. Investing the value of at least one bitcoin could yield up to 3 sprouts a day, and this would be equivalent to almost 1.4BTC within a year in passive income.

The unique staking and sprouting models used on the BeanCash model make it a great investment opportunity for anyone looking to increase their stack but cannot access high-end mining equipment. It has an enthusiastic development team behind the project and an active community of supporters. The developers are currently working on an updated management system to get the project further traction in the global market.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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