What is Beam?

What's Beam All About?

Beam is all about keeping your transactions hush-hush. Launched in 2018, this cryptocurrency uses the Mimblewimble protocol to keep everything under wraps. Whether you're doing an escrow, atomic swap, or time-locked transaction, Beam's got your back with top-notch privacy and security. It's like the secret agent of the crypto world.

Here’s the lowdown on Beam:

• Launch Date: January 3rd, 2019
• Consensus Algorithm: Proof-of-Work (BeamHash III)
• Emission Model: Deflationary, with halving every four years
• Mining: GPU-based, no pre-mine or ICO
• Privacy Features: Transactions are private by default, with an option for Beam Opt-on Auditability

Beam's Big Idea and Growth

Beam’s goal is simple: make privacy the default. Unlike other privacy coins, Beam ensures every transaction is private, giving users stronger privacy controls. The blockchain uses the Mimblewimble protocol to stay slim by only keeping track of unspent transaction outputs that matter for current transactions, thanks to a feature called Cut-Through.

Beam’s development is managed by the Beam Foundation in Singapore. They hire full-time developers and contributors, funded mainly by venture capitalists. They also offer an auditing feature for businesses that need to show financial trails to regulators or auditors.

Beam Features and Functionality

Beam cryptocurrency packs a punch with its privacy, security, and user-friendly features. These make Beam a standout choice for crypto enthusiasts and investors.

Proof-of-Work Consensus

Beam uses a Proof-of-Work (PoW) consensus algorithm called BeamHash III. This algorithm is designed for GPU mining, making it accessible to more miners. Beam is a deflationary coin with a capped supply and undergoes halving every four years, just like Bitcoin. Beam started with zero emissions, meaning no pre-mine or Initial Coin Offering (ICO).

Privacy Protocols and Atomic Swaps

Beam takes privacy seriously with Mimblewimble and Lelantus protocols on Layer 1. Transactions are routed through Dandelion++ and merged in the stem phase on Layer 0, ensuring all transactions are private by default. No addresses or identity-related info are recorded on the blockchain.

Beam also offers Atomic Swap functionality, allowing peer-to-peer trading of Beam with Bitcoin, Ethereum, Litecoin, and DOGE. This decentralized method cuts out exchanges or third-party intermediaries, boosting decentralization and censorship resistance.

Confidential Assets and BeamX

Beam supports creating Confidential Assets, which are private by default, just like Beam itself. Unlike Ethereum, where new tokens are created using smart contracts, Confidential Assets on Beam are a Layer 1 implementation with native support from all nodes, wallets, and Dapps. This simplifies asset creation and ensures security and reliability.

The BeamX rollout on October 21st, 2021, let users stake their idle $BEAM tokens to earn $BEAMX. Participants could earn $BEAMX by being a liquidity provider (LP) to DeFi apps governed by the DAO or by participating in governance voting. The staking campaign lasted for three months from the rollout date.

What Makes Beam Special?

Beam isn't just another face in the crypto crowd. It's got some standout features that make it a go-to for privacy, security, and speed.

• Privacy: Beam uses the Mimblewimble protocol to keep transaction details like the sender, receiver, and amount under wraps. Plus, with the Lelantus protocol, you can create and burn anonymous coins, taking privacy up a notch.
• Security: Beam's got your back with the Dandelion++ protocol, which stops anyone from tracing where your transactions come from. It's also tough against 51% attacks and double-spending, so you can rest easy knowing your transactions are secure.
• Scalability: Beam can handle a ton of transactions without breaking a sweat. Thanks to the Beam Hash 3 algorithm, transactions get processed faster, making it perfect for high-traffic applications like gaming. Even as more people use it, Beam stays quick and efficient.

Beam's mix of privacy, security, and speed makes it a solid choice for anyone looking to keep their crypto dealings on the down-low.

Beam's Privacy and Security

Beam cryptocurrency is all about keeping your transactions private and secure, using some pretty slick tech to make sure your business stays your business.

Mimblewimble Protocol

Beam uses the Mimblewimble protocol to keep transactions secure. This means no one can see who sent what to whom or how much was sent. By cutting out the extra data, Mimblewimble not only boosts privacy but also makes the network faster.

Lelantus Protocol

On top of that, Beam adds the Lelantus protocol. This lets you create and destroy anonymous coins, making it even harder for anyone to trace your transactions. Lelantus breaks the link between sender and receiver, so good luck to anyone trying to follow the money.

Security Features

Beam is built to be tough against attacks and hacks. Here’s what’s under the hood:

• Dandelion++ Protocol: This keeps your transactions from being traced back to you, adding another layer of anonymity.
• Resistance to 51% Attacks: No single entity can take over the network’s mining power, so double-spending attacks are a no-go.
• Equihash Proof-of-Work Algorithm: This makes it hard for attackers to control the network, adding an extra layer of security.

Beam’s all-in approach to privacy and security makes it a solid pick for anyone who wants to keep their cryptocurrency transactions under wraps.

What's New with Beam Cryptocurrency?

Beam cryptocurrency has been making waves lately with some exciting updates and partnerships. These moves show Beam's dedication to growing its network, making things easier for users, and rolling out cool new projects.

Leveling Up in Gaming

Beam's been busy in the gaming world, moving from Avalanche to Immutable zkEVM. This shift has boosted Beam's value by 20%, proving the market's thumbs-up. Plus, Merit Circle, a big name in the DCG portfolio, is launching a gaming subnet called BEAM, making Beam's mark in gaming even stronger.

Fresh Launches and Projects

Beam's not stopping there. They've got new launches and projects in the pipeline. One standout is the PLYR Gaming Blockchain, which uses Avalanche Subnet tech to create a cross-chain gaming world. This project aims to make gaming and blockchain work better together.

These updates and partnerships show Beam's commitment to pushing its tech forward and making a splash in the crypto and gaming scenes. By staying ahead of the curve, Beam is setting itself up for more growth and success down the road.

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