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Summary of Bean Cash
- Mission: to be an enduring digital currency with high integrity, store of value, and means of exchange.
- Guiding principle: original Bitcoin white paper.
- Launched on February 13, 2015, as BitBean, with no fundraising or pre-mine.
- Transitioned to pure proof-of-stake (PoS) currency, with a fixed block reward of 1000 Beans plus transaction fees.
- Target block time: 1 minute, maximum block size: 20MB.
- Projected to reach maximum supply of 50 billion Beans in 2111.
- Team: volunteers from around the world, with a decentralized governance model.</li
About Bean Cash: Empowering a New Era of Digital Transactions
Bean Cash’s mission is to establish itself as a timeless digital currency, distinguished by its unwavering integrity, serving as a reliable store of value and a convenient medium of exchange for everyday transactions, with the resilience to stand the test of time!
Bean Cash draws inspiration from the seminal Bitcoin white paper, and its architecture is rooted in core bitcoin technology, incorporating valuable insights from Peercoin to form the foundation of its proof-of-stake (PoS) feature.
In the absence of fundraising or pre-mining, the blockchain, initially dubbed BitBean, was launched on February 13, 2015. Following a SHA256 proof-of-work phase, Bean Cash transitioned into a pure proof-of-stake (PoS) currency, with a fixed block reward of 1000 Beans, supplemented by any transaction fees associated with the transactions included. This pioneering implementation of PoS, dubbed “Proof of Bean” (PoB) by the Bean Cash community, marked a significant milestone. The target block time for Bean Cash is one minute, with a maximum block size of 20MB. According to projections, the maximum supply of 50 billion Beans is expected to be reached in 2111.
The team comprises volunteers from around the globe who generously contribute their time and resources to the project. The Bean Cash community, collectively known as Team Bean, encompasses anyone with an interest in the technology. Notably, individuals who can demonstrate ownership of 1% or more of the current outstanding Bean Cash are eligible to join Bean Core, thereby securing a vote in shaping the direction of Bean Cash development. The Executive Board, comprising three Bean Core members who hold 5% or more of the current outstanding Bean Cash, operates by consensus. In the event of a non-unanimous vote, the proposal does not pass. The Board reserves the right to overrule suggestions emanating from Bean Core or propose its own initiatives. Conversely, the Board can be overridden by a 2/3 super-majority of Bean Core.