Bitbeans (Ticker: BITB) is a new crypto currency designed for scale-ability, speed and lightening fast transactions! It features an innovative Proof of Stake algorithm that more closely resembles traditional Proof of Work crypto currencies. BitBean is the first crypto to impliment 20MB blocks, based off Gavin Andersen's proposals to fix Bitcoin's scale-ability limitations.
SHA-256 ASIC mining is energy efficient so it was chosen as the algorithm for the pow period. After initial distribution of 10,000 blocks, to those who mined all around the world, BitBean became a pure Proof of Stake (PoS) crypto currency. PoS was active during the PoW mining period, so about a third of those 10,000 blocks issued were proof of stake blocks. BitBean's money supply is currently over 600 million virtual beans created. The amount of existing BitBeans is still small compared to the maximum cap of 50 billion BitBeans that are yet to be created with pure Proof of Stake. 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. BitBean had no premine or IPO.
BitBeans Proof of Stake is different from other PoS crypto currencies. BitBean requires 6 hours for beans to mature before they are elgible to stake a block. In addition, unlike other PoS crypto currencies, BitBean creates new blocks using a simililar approach as PoW crypto currencies. Blocks which are found are static blocks similar to PoW. Each PoS block reward is 1,000 virtual beans. This is a much better form of proof of stake than determining rewards based on a percentage basis. Crypto currencies are supposed to be a payment system. BitBeans PoS 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.