BoomPow v2.0.3 Released! Earn BANANO by Providing Proof of Work to (BA)NANO Services!
Apr 24, 2020 • 4 min read
In September 2019, we’ve announced BoomPoW (bPow), BANANO’s peel of the distributed proof of work (DPoW) system created by members of the Nano community. Now, we’ve updated our BoomPow client to version 2.0.3 — and this is a mandatory update! Read more about the new release below.
BoomPow v2.0.3
BoomPoW is being migrated to a new server, there may be downtime during this transition. Some services may also experience slowness in processing transactions (including Kalium, tipbot, Natrium, etc.). In addition, BoomPoW payments will be delayed by at least 1 day due to the migration. Payments should resume on Saturday at their usually scheduled time.
This update requires a mandatory client upgrade:
https://github.com/BananoCoin/boompow/releases/tag/v2.0.3
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 the BANANO Discord in #frankensteins-lab.
How Much Can I Earn?
BoomPoW is paying 8000 BANANO daily, distributed based on how much people contribute. This may be 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
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Official Website: banano.cc
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