Many altcoin have come and gone. Some were good but they all have/had problems.
Bitbeans is the result of wanting to create a real alternative currency.
About Bitbean's Proof of Work phase:
SHA-256 asic mining is energy efficient so it was chosen as the algorithm for the pow period.
After it's initial distribution of 10000 blocks containing 100000 coins each to people mining all around the world, Bitbean becomes a pure proof of stake coin. PoS was active during PoW so about a third of those 10000 blocks were proof of stake blocks so the money supply is less than 1 billion.
Proof of Work is a great way to distribute coins to people. It is better than making an IPO where almost always the developers and insiders buy all the coins from them selfs making them essentially massively premined coins. Bitbean had no premine or IPO at all!
About Bitbean's innovative Proof of Stake:
Its Proof of Stake is different from other coins. In addition to only giving all coins that have over 6 hours age only 6 hours of age in the PoS calculations, the blocks which are found are static blocks similar to PoW. Each PoS block is 1000 coins.
This is a much better form of proof of stake than giving % interest.
Coins are supposed to be a payment system. Bitbean's PoS encourages people to actually process transactions instead of hoarding their coins and only process a transaction once in a blue moon to only collect their interest which is not a good method for making a payment system.
Scalability:
Bitbean is pro Gavin's proposal for the Bitcoin 20 megabyte fork.
So Bitbean already made it's maximum block size 20 megabytes!
Other info:
The community has chosen BITB as the ticker
Transaction fee is 0.01 BITB
Target Blocktime is 1 minute
Time to Maturity is 110 Confirmations
Port is 22460.
And default RPC port is 22461.
