What is BEAM?

Beam is a cryptocurrency that focuses on privacy and is based on the Mimblewimble protocol. This novel approach prioritizes transaction confidentiality by encrypting values and concealing transactional data. The fundamental purpose of Beam is to provide a safe, decentralized platform for digital assets, DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and smart contracts. Beam features an active community and a governance architecture that fosters user participation. This component is critical since it ensures that the Beam ecosystem’s development aligns with the interests and demands of its users. The community can impact updates, new features, and the project’s overall direction.

What is Beam?

Beam is a cryptocurrency that has piqued the interest of the crypto community, particularly for its emphasis on privacy and decentralized financing (DeFi). Beam is based on the Mimblewimble and Lelantus protocols, which provide great transaction privacy. This focus on anonymity has been a critical element in its growing popularity.

Beam’s recent performance in the cryptocurrency market has been notable. Beam’s worth had fluctuated significantly as of early 2024. While Beam has shown promise, its success compared to other cryptocurrencies, particularly those in the Ethereum ecosystem, has been mixed. Despite this, Beam’s unique market proposition, particularly in secure, private digital asset transactions, DeFi, NFTs, and smart contracts, has led to the company’s growing attention among investors and users.

The Beam Foundation is essential to the Beam ecosystem’s governance and development. It is responsible for steering the project’s vision, managing community finances, and assuring Beam’s long-term viability. The efforts and transparency of the foundation can play an essential role in fostering confidence and stability in the Beam ecosystem.

Source: Beam Blog

While Beam prioritizes privacy, it is also designed to comply with existing finance standards. This dual approach is critical where regulatory compliance for cryptocurrencies is becoming increasingly relevant. It’s a crucial factor that could influence Beam’s uptake and acceptance in different jurisdictions.

History of Beam, Origins and Key Persons

Beam, a cryptocurrency that prioritizes anonymity, debuted in March 2018. The Mimblewimble protocol, a unique method to blockchain-based ledgers that improve transaction speed, scalability, and privacy, is at the heart of the project. Mimblewimble was first presented in a whitepaper by an anonymous entity known as Tom Elvis Jedusor (Voldemort’s French name in the Harry Potter books). This system served as the foundation for Beam and Grin, another cryptocurrency.

Beam’s development began in earnest in March 2018 under the direction of Alexander Zeidelsen. Beam was created by Zeidelsen and a team of engineers, entrepreneurs, advisers, and developers, and it will be the first cryptocurrency to completely integrate the Mimblewimble protocol and be live on January 3, 2019. Unlike many other cryptocurrencies, Beam did not hold an ICO or pre-mine tokens. Instead, a mechanism that allocated 20% of the coins from each block reward to the project’s crew and the Beam Foundation supported its funding and future development.

Beam’s tokenomics are built with a maximum supply of 262,800,000 BEAM and an emission schedule identical to Bitcoin, with halvings every four years. In its first year, the network earned 80 coins for each block, gradually decreasing. This structure is intended to maintain scarcity and value throughout time.

Despite its novel approach, Beam has faced difficulties, including a big issue immediately after its inception when the entire network shut down at block 25709 owing to a critical error. However, the Beam team swiftly recognized and resolved the problem, demonstrating their dedication to the project’s stability and security.

How Does Beam Work?

To fully understand Beam’s functionality, it is necessary to look into the features that distinguish it from other blockchain platforms in the cryptocurrency sector.

Beam’s approach to ensuring privacy while not losing sight of practical usability is critical to its operation. Beam’s implementation of privacy is not an afterthought; it is built into the fabric of its architecture. This method assures that transactions are verifiable and safe and that the details stay private, known only to those involved. This combination of privacy and usefulness is critical in a digital society concerned about data exposure and privacy breaches.

Beam’s reliance on the Mimblewimble protocol isn’t just for anonymity; it’s also for scalability, which is a considerable difficulty in the blockchain world. Beam overcomes the common scalability difficulties that afflict many other cryptocurrencies by successfully compressing transaction data. This compression makes Transactions faster, more efficient, and less taxing on the network. It’s an innovative approach to blockchain technology that focuses on long-term sustainability and efficiency.

Furthermore, using the BeamHash III mining method illustrates Beam’s dedication to preserving a decentralized and inclusive network. Beam ensures that a broader range of players can participate in the network’s security and consensus by using a GPU-friendly mining procedure. This decision symbolizes a democratic culture in cryptocurrency mining, moving away from the centralization that is frequently an issue in other crypto initiatives.

The Beam ecosystem goes beyond simple transactions. Beam moves into the domain of decentralized apps and financial instruments with features like the BeamX platform, establishing its position in the emerging field of DeFi. This expansion into DeFi is a strategic move to position Beam at the vanguard of financial innovation, not just a diversification of its offerings.

Beam’s continued growth trajectory, as well as its strong community involvement, are especially remarkable. It’s a project that doesn’t rest on its laurels but evolves in response to new challenges and opportunities in the crypto sector. This dynamic is an essential aspect of its growing popularity and importance.

Key Features of Beam

Source: BEAM website

Beam is a cryptocurrency and decentralized finance (DeFi) platform focused on privacy that uses powerful cryptographic algorithms to provide anonymity without losing usability. Here are some of its primary characteristics, as well as technical specifications:

Confidential Transactions: By default, Beam transactions are private. Transaction details such as sender, receiver, and amount are not visible to the public. The Beam blockchain does not store addresses or other identity-related information, ensuring users’ transaction history remains private.

Mimblewimble and Lelantus Protocols: On its first layer, Beam combines the Mimblewimble and Lelantus protocols. Mimblewimble promotes compact and confidential transactions, while Lelantus enhances privacy. For increased secrecy, transactions are routed through Dandelion++ and combined in the stem phase on Layer 0.

Beam Wallets: Beam offers wallets for various platforms, including Windows, Mac, Linux, iOS, and Android. These wallets support Beam’s primary features, including private transactions and Atomic Swaps.

Source: BEAM documentation

Atomic Swaps: Beam allows decentralized peer-to-peer trading for other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and DOGE. Atomic Swaps enable users to exchange cryptocurrencies without the use of a middleman, complying with the essential goals of decentralization and resistance to censorship.

Direct Payment Channels (Laser Beam): Beam, like Bitcoin’s Lightning Network, permits the development of direct payment channels between wallets. These channels offer near-instant payments with subsequent on-chain settlement, making them perfect for micropayments and streaming payments.

Beam Confidential Assets: The Beam blockchain allows for the production of Confidential Assets, which are private digital tokens that can be generated and traded with the same level of anonymity as the native BEAM token.

Decentralized Apps (Dapps) and Dapp Store: Dapps are supported by Beam via Smart Contracts. These Dapps can be incorporated in Beam wallets or run independently. A Dapp store is included in the Beam Wallet for quick access and integration of new apps.

Smart Contracts (Beam Shaders): Beam Shaders enable distributed DeFi apps to operate on the Beam Virtual Machine (BVM) embedded into all Beam nodes and wallets. Smart Contracts on Beam can be written in any language that compiles to WebAssembly (WASM), increasing the platform’s flexibility.

Source: BEAM Blog

Beam Ethereum Bridges: The Beam Bridge to Ethereum allows users to transfer assets between the Beam and Ethereum blockchains while maintaining privacy.

Strong Security Practices: Beam highlights the need for strong passwords and secure seed phrase handling in his security practices. The data in the wallet is encrypted, and users are solely responsible for the security of their funds.

Beam’s revolutionary approach to privacy and scalability, combined with user-friendly wallets and a heavy emphasis on DeFi applications, establishes it as a prominent player in cryptocurrencies.

Is Beam a Good Investment?

Beam’s investment potential is determined by various factors, including market movements, the investor’s risk tolerance, and the overall performance and potential of Beam as a cryptocurrency. Consider the following points:

Beam’s value, like any cryptocurrency, can be volatile and subject to market movements. Its price history has shown surges and declines, affected by broader market trends and specific happenings inside the Beam ecosystem. Beam’s emphasis on privacy via the Mimblewimble protocol is a distinct selling point. This focus may boost demand, particularly among users who value transaction secrecy. On the other hand, the regulatory landscape surrounding privacy-focused cryptocurrencies can be unpredictable, which may impact Beam’s acceptance and value.

Beam’s wider acceptance for practical use cases, such as in the gaming sector and decentralized finance (DeFi), may influence its investment potential. Increased adoption often indicates an expanding user base and demand, which has a favorable impact on value. The Beam ecosystem’s continuous expansion and innovation, such as new features or partnerships, might increase its popularity. Investors frequently regard active development as an indication of a strong enterprise with long-term promise.

The overall trends in the cryptocurrency sector are also important. Like other cryptocurrencies, Beam’s value can be influenced by general market mood, regulatory developments, technology advancements, and global economic considerations. Investing in cryptocurrencies, such as Beam, has risks owing to market volatility. To better manage potential hazards, investors should examine their risk tolerance and consider diversifying their investment portfolio.

Investors must perform research considering the most recent news, technical analysis, and market patterns. Staying current on the newest changes in the cryptocurrency sector and Beam’s specialized ecosystem is critical.

How Can You Own BEAM?

One method to acquire BEAM is through a centralized cryptocurrency exchange like Gate.io. First, you must register for an account on Gate.io and complete their Know Your Customer (KYC) process after registering and depositing funds into your account. Then, you can purchase BEAM either on the spot market or futures market, following the instructions provided on the exchange.

Fee structures may differ between exchanges, including deposit, withdrawal, and transaction fees. These fees should be compared because they can affect the overall cost of your investment. Furthermore, exchange rates can vary significantly between platforms, so it’s worth shopping for the best deals.

Enable two-factor authentication on your exchange account for increased security. This adds extra protection to your password, usually using a code produced on your mobile device. Understand the tax ramifications of purchasing, selling, and holding cryptocurrencies like Beam in your country. The taxation of cryptocurrency varies significantly between countries and regions.

Consider the exchange’s advanced trading possibilities if you’re a skilled trader. This can involve futures trading, margin trading, or risk management orders such as stop-loss orders. If you’re using a software wallet, ensure it’s always up to date also, if the wallet permits it, back up your wallet data regularly to recover your assets in the event of device failure or other complications.

The crypto ecosystem is constantly changing and evolving. Keep current on Beam’s newest developments since updates may contain important security fixes or new features. Participating in the Beam community via forums, social media, or other platforms might be advantageous. It allows you to stay up to date on user experience tips and receive direct assistance from the community.

News on BEAM

Release of Beam Wallet 7.5

Beam (BEAM), a privacy-focused cryptocurrency, has made substantial progress in the digital asset market since January 2024. The Beam team announced the new Beam Wallet 7.5 along with an ambitious roadmap for the year to commemorate its 5th anniversary on January 3rd, 2024. This achievement demonstrates Beam’s ongoing development and commitment to improving its platform, emphasizing secure and decentralized platforms for digital assets, DeFi, NFTs, and smart contracts.

Beam’s Price Surge and Market Performance

InsideBitcoins reports that Beam (BEAM) has experienced a significant surge in its market value, with a jump of more than 17% in the last 24 hours. Beam has gained 4.10% in the last week, which extends beyond the daily term. However, Beam’s performance is very moderate compared to other cryptocurrencies in the Ethereum Ecosystem, which witnessed a 12.70% increase during the same period. The price increase reflects growing interest in Beam’s innovative, secure, and decentralized platforms for digital assets, DeFi, NFTs, and smart contracts.

Beam’s Upcoming Halving Event

According to BeInCrypto, Beam is planning its second halving in January. This event is expected to limit the rate of Beam coin issuance from 40 to 20 for each block. The halving corresponds with Beam’s circulating supply reaching 60%, which means that all mining revenues will now go entirely to miners. The halving event is critical for Beam since it follows a deflationary mechanism similar to Bitcoin, which could influence its market value.

Technical Analysis of Beam’s Performance

According to Cryptonews.com, Beam has exhibited indications of recovery following a downturn, with technical indicators indicating an optimistic outlook. The cryptocurrency has recovered from its Fibonacci retracement level, signaling the possibility of more price gains. The approaching halving event is also considered a factor that could enhance Beam’s price, with technical and on-chain developments favoring an upward trend for BEAM.

Roadmap

Beam is getting ready for some big upgrades in the near future, such as a redesigned graphical user interface (GUI) for the Decentralized Exchange (DEX) and improved support for sidechains. Beam is continually working to enhance its usefulness and grow its ecosystem, and these upgrades are a part of that continuing effort. The redesigned DEX graphical user interface (GUI) attempts to improve the user experience in trading by making it more user-friendly and effective. With the support of sidechains, it is anticipated that Beam’s capabilities will be expanded, making it possible for its ecosystem to accommodate a wider variety of applications and use cases. Beam’s commitment to innovation and its status as a prominent player in the cryptocurrency field that focuses on privacy will be highlighted by these planned innovations.

Useful References

For the latest updates about BEAM, you can visit:

• Website
• Twitter
• Documentation
• Whitepaper

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