CategoriesCryptocurrency exchange

BEAM: Confidential DeFi & Crypto

What is BEAM coin

Thus, Beam (BEAM) is a blockchain and cryptocurrency that offers completely private and confidential trading and crypto asset storage. Currently, about 40–60 blocks are confirmed every hour, generating a minimum of 19,200 coins per day for the treasury. At today’s exchange rate, the treasury will generate USD 10 million in a year. This should be enough to sustain project development, given the number of people on the team (there are 22 members as of now).

What is BEAM coin

This foundation is set up in Switzerland and is actively looking for VC investors and development partners to help them out. MimbleWimble looks to solve Bitcoin’s problems with privacy and fungibility by utilizing new technological solutions that are designed to change how Bitcoin transactions are constructed and made. Additional benefit of this protocol is its ability to reduce the data footprint of Bitcoin transactions, leading to improved scalability. Technological solutions we mentioned include Confidential Transactions and Pedersen Commitments.

What Is BEAM Coin – How BEAM coin works & how to mine

Beam is the top Mimblewimble L1 privacy blockchain, completely concealing transactions. Download Beam Wallet for the ultimate confidential DeFi experience. The only difference is that this version supports all algorithms that are supported for AMD GPUs.

The concept of a foundation with a treasury is reminiscent of Zcash. BEAM is a confidential, scalable cryptocurrency based on the MimbleWimble protocol. The project is evolving and acquiring new features, such as DEX, atomic swaps, smart contracts, and shaders that are already available – all with increased privacy. Beam utilizes the Equihash PoW mining algorithm for block creation.

What is the BEAM Coin? Mimblewimble & Grin vs Beam

The blockchain grows at a significantly reduced pace, enabling the more practical operation of full nodes, which has a positive long-term impact on the decentralization of the network. Additionally, Mimblewimble uses a transaction aggregation method similar to CoinJoin that removes the need for storing much of the past transaction data in the blockchain. Transactions within a block in Mimblewimble instead look like a random mix of inputs and outputs, rather than a block iterating a list of correlating inputs and outputs. Mimblewimble uses a combination of Confidential Transactions (CTs) and Pedersen Commitments to allow the receiver of a transaction to generate a ‘blinding factor’ as the signing key for a transaction. Like other privacy-focused transaction methods, CTs are more cumbersome than standard cryptographic transactions in Bitcoin because of the proofs that need to be added to each transaction. According to the information on the project’s official GitHub page, BEAM users can decide what information regarding transactions to share with the other participants and what to hide.

  • Grin draws more from cypherpunk roots and is focused on a clean and minimal Mimblemwimble implementation with some more experimental components part of its design.
  • Beam is a Proof of Work (PoW) blockchain, and users with the requisite hardware and software can join the platform and earn mining rewards.
  • Beam’s approach to governance is similar to a startup just like Zcash.
  • Dong has a deep understanding of the token economy and liquidity.
  • This was based on a method known as ‘CoinJoin,’ except it voids the need for private and public keys as well as addresses.
  • This is because the nodes receive and forward a lot of individual transactions.

This model allows the privatization of multiple asset types, new currencies, real estate tokens, and other various cryptocurrencies. Many entities, including institutional investors, can use the Beam platform to keep their transactions and assets private. Beam is a highly scalable anonymous cryptocurrency that is based on the Mimblewimble protocol. Beam (BEAM) was released on January 3, 2019, by Beam Development Ltd. The amount of this fund comes from the fact that Beam will collect 20% of the block rewards in the first 5 years.

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It uses a Radix-Hash tree structure for some of their trees which are a modified Merkle tree that is also a binary search tree. This offers different features that the standard Merkle trees does not have which they exploit in the implementation stage. BEAM launched in early January and was the first full Mimblewimble implementation to go live, followed by Grin a couple of weeks later.

  • We have concerns alluding that the Beam project may potentially be vulnerable to machine-learning analysis.
  • This website is using a security service to protect itself from online attacks.
  • Beam is a blockchain that has implemented a mixture of two privacy-oriented blockchain protocols – MimbleWimble and Lelantus.
  • It all takes very little time, and if you have ever bought shares or fiat money, the procedure of buying cryptocurrencies will be very clear and familiar to you.
  • Desktop and mobile wallets, designed to support everyday use for both personal and small business users.
  • However, a big issue that Beam might face is the potential to become a “blockchain of choice” for illicit activities and transfers.
  • BEAM cites several of the more experimental initiatives of Grin as one of the differentiating features between the two cryptocurrencies.

One of the primary differences between BEAM and Grin is their inception and general community/governance approach. The technical similarities between BEAM and Grin are apparent, as they are both Mimblewimble-based protocols, so evaluating the other areas in how they differ is the best means for distinguishing the two projects. Finally, Beam also implements the Secure Bulletin What is BEAM coin Board System (SBBS) which makes it possible for the wallets to exchange encrypted messages in a secure manner without the requirement to be online at the same time. Dive into the world of Beam mining and learn how to contribute to the network’s security and growth with our step-by-step guide. All content on CaptainAltcoin is provided solely for informational purposes.