What is Beam Coin?

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. Beam is a fairly new cryptocurrency in the crypto market, since its launch and the release of its own mainnet, Beam coin has been given many interesting names by the community such as anonymous, top-secret, nontraceable… BEAM does not conduct an ICO or Pre-mine, and the project’s operating costs will be covered by the treasury. The amount of this fund comes from the fact that Beam will collect 20% of the block rewards in the first 5 years.

What is Mimblewimble?

Mimblewimble is an anonymous and highly scalable protocol founded by an anonymous developer on June 19, 2016. Although Mimblewimble makes the transaction more anonymous, it would have to change almost the entire structure of Bitcoin. Therefore, the Mimblewimble protocol did not receive the consensus of the Bitcoin network in applying this protocol to the Bitcoin Blockchain.

Features of Beam

Confidentiality

All transactions are private. No information about participants of the transaction is stored in the blockchain.

Versatility

“Scriptless Script” technology allows to perform many different types of transactions in addition to simple transmission of value; eg: atomic swapping, escrow, and time lock transactions.

Opt-in auditability

In order to comply with the relevant regulations, a wallet can be configured to attach digitally signed documents (e.g. invoices or contracts) to all transactions in a cryptographically unforgeable way. In return, specific auditors may be authorized to check a complete list of transactions along with all documentation attached.

Confidential assets

Many types of assets (for example, real estate tokens, corporate debts, and simply new currency) can be created and exchanged through BEAM confidential transaction mechanisms.

Scalability

Mimblewimble’s “cut-through” feature avoids excessive computation costs, making BEAM blockchain orders smaller than any other blockchain implementation.

Sustainability

Open source, deployed from scratch, community-managed and powered by the Cluster Growth Team: 20% of the block mining rewards will go to this team to encourage BEAM development and promotion.

Usability

Desktop and mobile wallets, designed to support everyday use for both personal and small business users. Built-in dashboard for easy budget management, with actionable income and expenditure insights.

Compatibility

An industry-proven Equihash algorithm has been chosen to ensure the widespread adoption of existing GPU miners. BEAM comes with an extensive toolkit for running and managing mining nodes.

What is BEAM token used for?

Beam Coin (BEAM) plays a core role in the blockchain Beam network.

BEAM is designed to be used for a number of purposes:

Block Rewards

BEAM is used as a block reward for miners to validate transactions as well as improve the security of the network.

BEAM’s first-year block reward will be 80 BEAM/block.

From year 2 to year 5, the block reward will be reduced by 50% to 40 BEAM/block.

From year 6 to year 129, the block reward will be reduced to 25 BEAM/block.

And by 133, BEAM will be dug up.

Gas Fees

BEAM is used to pay transaction fees, create and execute Smart Contracts in the Beam blockchain network.

Confidential Payments

BEAM functions as an anonymous means of payment.

In addition, BEAM is also used to create and exchange Confidential Assets on the Beam Blockchain platform.

Team

Guy Corem

Professionally involved in the crypto industry since 2013, Guy co-founded and is the CEO of Spondoolies-Tech. Additionally, Guy co-founded the DAG Laboratory.

Wilke Trei

Wilke Trei is a discrete computational mathematician and free mining software developer with a focus on memory-heavy algorithms on the Graphics card.

Bo Dong

Bo Dong is a veteran crypto trader/entrepreneur since 2016. Dong has a deep understanding of the token economy and liquidity. Dong is the founder and CEO of Altonomy, a renowned liquidity provider in the crypto space.

Conclusion

Beam Foundation’s primary mission is to create and foster a global community of researchers, developers, and activists that will maintain, develop, and advance the Beam ecosystem. Its mission also includes promoting the values of privacy and finance in general as well as supporting research and awareness in the space. The Foundation’s goal is to make the Beam ecosystem as decentralized as possible and ultimately provide the community with full control over the management of the protocol.

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