Innovating in the cryptocurrency and blockchain industry is not easy. Numerous ideas have been put forward, albeit not all of them are even viable. In the case of Banano, a very interesting, albeit somewhat underestimated project, that innovation has resulted in the launch of BoomPoW. It is a very different take on cryptocurrencies in general, and one that can have very major repercussions down the line.
What was Banano Again?
Although the Banano project was introduced quite some time ago, a lot of people are still unfamiliar with the idea. It is a meme-oriented currency which is more intent on creating a fun ecosystem. It is somewhat similar to Dogecoin in terms of being accessible, although it doesn’t have the necessary traction to rival the king of meme coins just yet. There are some interesting aspects of Banano which make it a viable altcoin, other than the fact of how it is a fork of the NANO project. Being a fork works both ways, though, as all infrastructure developments affecting Banano means they are usually compatible with NANO as well.
The main reason why this project has become of interest in recent months is how Banano offers free transactions and much faster confirmation time. It is not the only currency to become fee-less, although it seems unlikely we will see anything similar among top cryptocurrencies. Additionally, it is one of the few altcoins which can still be mined with a regular computer, as its proof-of-work algorithm is both CPU- and GPU-friendly. The most recent addition of BoomPoW aims to make the project even more appealing in the process, albeit it remains to be seen if that will be the eventual outcome.
The BoomPoW Concept
Unlike what one might think, BoomPoW is not necessarily a change of Banano’s mining algorithm. Instead, the network utilizes distributed proof-of-work, of which BoomPoW will only be a small fact. It is designed to support both Banano and NANo apps and services alike by providing fast proof-of-work solutions. Through BoomPoW, projects and services can “request” a proof-of-work. That request is sent to the eligible contributors and will result in obtaining the resources necessary for that specific task. Everyone who provides this service will be paid small amounts of Banano, depending on the work provided.
Under the BoomPoW ecosystem, all of the proof-of-work requested and provided remains relatively random. Anyone who connects to this network regardless of mining power can participate and thus earn this altcoin in the process. Those who have more mining power dedicated to BoomPoW will earn more rewards, but that is only to be expected. Long-term supporters will receive periodic bonuses and are given out regardless of the mining power users have provided over that specific period. This should get more users excited to mine cryptocurrencies, as they have an “extra chance’ of getting a reward sooner or later.
Services Supporting BoomPoW
As part of the Banano and Nano ecosystem, it is up to service providers to make the most of BoomPoW now or in the future. So far, it seems several services already see merit in this solution, including the Kalium and Natrium Wallets, BananoTipBot, BananoMiner, and BananoBet. It is evident there is plenty of room for future growth in this regard, albeit it is an interesting move in the right direction regardless. As more services and platform shop on the BoomPoW wagon, the ecosystems of both Nano and Banano will continue to grow and evolve accordingly.