Bean Cash was previously known as BitBean but it was rebranded to its current moniker when it adopted the latest digital currency tools and network. Bean Cash is a blockchain technology that has been in development since February 2015. It prides itself as the first cryptocurrency to implement a new maximum block size limit of 20 megabytes.
Bean Cash is also designed to fix a common problem with Bitcoin that limits its scalability based on Gavin Andersen’s proposal. The cryptocurrency pioneered the cryptocurrency block rewards system that uses Proof-of-Bean (PoB) to mine tokens while minimizing the energy wastage of Bitcoin’s Proof-of-Work (PoW) system.
Benefits of Bean Cash
- By implementing a larger block size limit in its cryptocurrency mining platform, Bean Cash is a pioneer company to use static blockchain block rewards that are not only power-efficient, but also cheaper, and more scalable than Bitcoin’s.
- Bean Cash has inherited BitBean’s solid and mature blockchain platform that has been praised for being super-green digital cryptocurrency marketplace. While most other chains in the market use the hardfork, transaction-rollback, and Bitcoin’s SegWit to change blockchain protocol, Bean Cash has never hardforked or rolled back transactions.
- To maintain its blockchain integrity, Bean Cash does not plan on an ICO, pre-mines, or swaps. According to most reviewers, this is the cryptocurrency’s most defining feature.
- The bigger block file size limit implemented on the Bean Cash blockchain platform means faster near real-time transaction confirmation. For instance, a single block confirmation may take as little as 15 seconds to be confirmed. This means that the transactions on the blockchain Bean Cash runs on are verified, validated, and settled faster than on any other cryptocurrency platform.
Merchants and individuals using Bean Cash also get to enjoy zero counter-party risks and are protected from commercial charge-backs. The trading platform not only strives to provide real value to the market, it is also evolving to use Proof of Resource (POREs) in the near future to reduce settlement times and cut associated fees even further.