Announcing BoomPoW —Earn BANANO by Providing Proof of Work to Your Favorite Services!

Banano
Banano
Sep 24, 2019 · 5 min read

Today we’re announcing BoomPoW (bPow), BANANO’s peel of the distributed proof of work (DPoW) system created by members of the Nano community.

Image for post
Image for post

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?

BoomPoW (bPow) is a peel of the Distributed Proof of Work System (DPoW). The aim is to provide reliable, fast proof of work to not only BANANO apps and services, but also to NANO apps and services.

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.

Instructions for setting up a BoomPoW client and contributing are available HERE. If you need further assistance, you can get support on Discord in #frankensteins-lab.

Image for post
Image for post
BoomPoW Client Running on Linux

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?

Image for post
Image for post
Natrium is one of Many Services Using BoomPow

Some of the most popular BANANO and NANO services are already using BoomPoW!

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.

Image for post
Image for post
The BoomPoW Dashboard Shows Statistics Related to the BoomPoW Network

Related links and recommended reading

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.

See current BANANO price and market data at Coingecko. All current trading pairs and exchanges here.

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!

Image for post
Image for post
Kalium — BANANO’s mobile wallet (download)

Join the Banano Republic!

BANANO ($BAN) is a fee-less, instant, rich in potassium cryptocurrency powered by DAG technology disrupting the meme economy.

Official Website: banano.cc
Yellowpaper: https://banano.cc/yellowpaper/
Help getting started: banano.how

Join our social channels for updates & giveaways:
Discord | Reddit |Telegram
Medium | Steemit | Publish0x
Twitter | Instagram | Facebook
Youtube | Github | BitcoinTalk

Overviews:
BANANO News | BANANO links | BANANO events

Banano

Information and updates on Banano

Sign up for BANANO Newsletter

By Banano

Get all BANANO news via email Take a look

By signing up, you will create a Medium account if you don’t already have one. Review our Privacy Policy for more information about our privacy practices.

Check your inbox
Medium sent you an email at to complete your subscription.

Banano

Written by

Banano

BANANO is a feeless, instant, rich in potassium cryptocurrency powered by DAG technology to disrupt the meme economy. Official Website: https://banano.cc

Banano

Banano

Information and updates on Banano

Banano

Written by

Banano

BANANO is a feeless, instant, rich in potassium cryptocurrency powered by DAG technology to disrupt the meme economy. Official Website: https://banano.cc

Banano

Banano

Information and updates on Banano

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store