What is PoW?
BANANO transactions are free and ridiculously fast. However, there is a small cost associated with a transaction known as “Proof of Work” or “PoW.” This isn’t a monetary cost as in a traditional fee, it is instead a computational cost. Meaning, it requires some processing power (typically from either a CPU or a GPU) in order to be computed. The calculation is nothing more than a series of random guesses, similar to mining, to find a value that satisfies a difficulty equation. A computer will calculate some hashes as fast as possible until a valid solution is found, and after that the transaction can be broadcast and confirmed on the BANANO network.
BANANO’s PoW is pretty simple, most average computers can calculate it within a second or two — a high end GPU can typically calculate it in less than 100 milliseconds. Because of the randomness of the calculation the time it will take is unpredictable. NANO’s PoW is similar, but calculations generally take longer because they are 8x more difficult to compute compared to BANANO.
There are many popular BANANO and NANO services that are broadcasting transactions all the time — combined they require more than 10,000 of these calculations every day. Wallets, tip bots, casinos, faucets, and more. All of the services that operate on the BANANO or NANO network benefit from fast, reliable Proof of Work. We want to help these services run as efficiently as possible by providing as much computational power as possible. That’s where BoomPoW comes in.
What is BoomPoW?
Think of BoomPoW as a “broker” of PoW. For example if Kalium needs to make a transaction it will request a PoW from BoomPoW — BoomPoW will then request it from the connected contributors and return the solution back to Kalium once it is complete. The contributor gets paid a small amount of BANANO for his service and the process repeats.
How do I Earn Banano?
Similar to mining, the PoW solution is random. Because PoW is random everybody who is connected to the BoomPoW network regardless of processing power has a chance to win some calculations, therefore earning BANANO. However, higher end processors (primarily GPUs) can guess faster which means they will statistically win more calculations, therefore earning more BANANO. Remember, a guess is referring to a hash calculation, so guessing faster is simply referring to how fast a computer can calculate hashes — traditional mining currencies generally refer to this as the hash rate.
There will be periodic bonuses paid to long-term, reliable contributors regardless of their hash rate. These will be announced as they occur.
How Much Can I Earn?
BoomPoW is initially paying 0.1 BANANO per PoW solution. This is subject to increase or decrease as service demand changes. Rewards are paid once per day and there are opportunities for long term contributors to earn periodic bonus rewards which will be announced as they occur.
Who’s Using BoomPoW?
Some of the most popular BANANO and NANO services are already using BoomPoW!
- Kalium — Banano’s official Mobile Wallet
- Natrium — The Popular NANO Mobile Wallet
- Graham and BananoBot++ — The Popular NANO and BANANO Discord TipBots
- BananoTipBot — BANANO’s Twitter and Telegram TipBot
- MonkeyTalks — On-Chain Chat & Self Sustaining Faucet
- BananoMiner — BANANO Folding@Home 'Mining' Faucet
- Banano Royale — BANANO Discord Casino
- BananoBet — Popular BANANO Dice Game
Are you interested in using BoomPoW for your BANANO or NANO service? Just reach out on the BANANO Discord and we can provide access and instructions for getting started!
How can I see statistics on the BoomPoW network?
The bPow Network has a dashboard that is located at bpow.banano.cc. You can see how many clients are connected, a list of services utilizing the network, distribution numbers, and detailed statistics regarding PoW generation.
Related links and recommended reading
- Banano BoomPoW Dashboard
- Banano BoomPoW at Github
- BoomPoW Client Download
- BoomPoW Service Integration Instructions
- Nano DPoW Dashboard
- NanoCenter DPoW FAQ
What the Fork is BANANO?
For those of you who don’t know BANANO yet, it’s obviously perfect to just read our brand-new animated, meme-rich and interactive Yellowpaper!
BANANO is a cryptocurrency (forked from NANO in April 2018) powered by DAG technology — here to distrupt the meme economy. Yes, BANANO has memes! And also feeless and near-instant transactions, a highly active community, and active technical development! The BANANO community doesn’t take themselves too seriously, but we’re here for the long run and we enjoy what we do. A concise explanation can also be found here at Bitcointalk, or on our official website, and you’ll find help getting started at banano.how.
If you prefer videos, you also can get started here:
On top of this, BANANO is super easy to use and puts an emphasis on free and fair distribution and crypto education. Just try our slick mobile wallet called Kalium and get your first free $BANANO from one of our faucets within minutes!
Join the Banano Republic!
BANANO ($BAN) is a fee-less, instant, rich in potassium cryptocurrency powered by DAG technology disrupting the meme economy.