BEAM (BIM) is a confidential scalable cryptocurrency implemented on the MimbleWimble protocol. It is a global payment platform.
Cryptocurrency BEAM – what is it
Beam’s key goal is to provide direct and secure communication between clients and projects. With the help of this platform, all stakeholders and companies from the value chain will be able to set measurable goals with adequate remuneration for performance and thereby stimulate the desired customer behavior.
Description of the project, history of creation
The Beam team initially consisted of 18 people, they launched the platform in March 2018. The developers are quite experienced, many of them dealt with startups, participated in software development, but none of them worked in large corporations, which to some extent scares off investors.
In addition to the platform itself, Beam also issues a digital coin based on the Bitcoin blockchain. The creators thought about creating this asset only in 2018 year and decided to take on the basis of the MimbleWimble protocol, presented in 2016 by them, which is also used in the work of the GRIN project. The cryptocurrency runs on the Equihash hashing algorithm.
Characteristics of BEAM cryptocurrency
As of November 2021, the Beam cryptocurrency has the following indicators:
✅ Market cap – $ 67 902 256
✅ Cryptocurrency rate to dollar – $0.66
✅ Current issue – 101 722 000 BEAM
✅ Project website – www.beam.mw
✅ Explorer – explorer.beam.mw/blocks
✅ Mining Algorithm – Equihash
✅ Block creation time – 1 minute
✅ Cryptocurrency exchanges: Bitforex, Gate io, Hotbit, Bisq.
BEAM is a limited emission deflationary coin. Block rewards will be halved every four years. In 133 years, all coins will be mined. Each BEAM is subdivided into smaller elements – 100,000,000 Groth.
Course, price and schedule
Below is the current BEAM cryptocurrency rate in real time. As of 23/11/2021, the price of the crypto coin is $ $0.66.
BEAM cryptocurrency rate against the ruble, dollar, euro:
Feature of BEAM cryptocurrency, technical implementation
Key features for which users liked the coin:
✅ absolute confidentiality of transactions and protection of personal data of each participant;
✅ each of the transactions is private by default;
✅ audit is always available on demand;
✅ no personal information is stored in the blockchain, including addresses;
✅ due to the previous paragraph, the blockchain is compact and the network scales perfectly;
✅ information about assets is confidential;
✅ both online and offline payments are supported;
✅ integration of hardware cold wallets is available;
✅ there is an application for desktop and mobile devices.
If you believe the information located on the official page of the project in GitHub, then users of Beam can decide for themselves what information about transactions to provide to the rest of the participants, and what to hide. That is, the emphasis is on absolute control of personal data and flexible adjustment of the level of transparency.
Another interesting feature of Beam is that there are no addresses here. Coins are controlled by users using sets of secret keys. And Dandelion’s optional technology makes transaction routes arbitrary, thus hiding network traffic.
How Beam works:
- The wallet owner creates a new transaction using a secure channel, regardless of whether the recipient is online or offline. Both wallets must sign the transaction using the protocol
- The wallet sends the transaction to the node. Each payment contains a list of inputs and outputs, as well as core and commissions. In addition, the payment contains zero range proof – this is a means of verifying that the output transaction has a positive value.
- The transaction is confirmed by the nodes. The payment is checked against the recent state of the blockchain, which is stored as a Merkle tree. The root hash of the tree is written in the block header, in the same place as the proof of work. Periodically, each node creates a compressed history to speed up synchronization between the old and new nodes.
- The transaction is sent to the mining pool. Blocks are mined every 60 seconds and sent back to the node for inspection and distribution.
- The mined blocks with new transactions are sent to known nodes. Valid blocks expanding the chain are accepted and spread further until full consensus.
- Fast sync. When a new host first joins the network, it can request a compressed history – it contains only headers and information about the state of the system. There is no need to download absolutely the entire transaction history.
Advantages and disadvantages
Users highlight the following advantages of the BEAM cryptocurrency:
✅ Dandelion privacy protocol. Dandelion (“Dandelion” is a lightweight network layer protocol that was proposed in 2017 to improve the privacy of Bitcoin. Since the original version contained a serious error that could de-anonymize transactions over time, a patch was released called Dandelion ++. Beam uses the protocol as a way to minimize the risks of IP detection Dandelion ++ is also used in Zcoin.
✅ Auditing capabilities. Beam offers an additional verification function – users can create audit keys and send them to auditors, accountants, tax authorities or other organizations of their choice. The auditor gets the ability to verify the user’s transactions on the blockchain network. Retroactive auditor access is not possible.
✅ Savings tool. It is noticeable that the project team is focused not on making Beam a means of active exchange, but on making it convenient to store savings in it. Both at the moment and in the future, Beam will not be able to be used as a global digital currency due to limited scalability, but work is underway in this direction.
✅ Non-profit foundation. Instead of pursuing an ICO, STO, or other funding format, the Beam developers created a startup called Beam Development Ltd. The official website of the project lists 13 institutional investors who initially funded the platform. In order to continue developing the coin and paying employees’ salaries, Beam created a “treasury” that receives 20 BEAMs from each block created during its early years. In five years, this amount will be reduced to 10, and then the Treasury will no longer receive awards.
At the moment, about 40-60 blocks are confirmed hourly, thereby generating at least 19,200 coins per day for the treasury. Provided that the number of transactions remains unchanged. At today’s exchange rate, the Treasury will receive $ 10 million per year. This should be enough to continue the development of the project, given the number of people in the team (now there are 22). The idea of creating a fund with a treasury resembles Zcash.
As for the disadvantages, to date, there are no obvious weaknesses in the cryptocurrency. Only the roadmap raises questions – it is very ambitious, and this is good, but will the team be able to achieve the set goals?
Also in early January, the developers notified users that a serious vulnerability was found in software wallets, urging them to immediately remove the software and download the new patched from the official website. The users were reassured that no keys, passwords or other private data of the wallets were affected, and the problem has already been resolved.
The official website offers options for wallets and miners for all popular operating systems.
Instructions for using a desktop wallet for BEAM:
- Download and install the application. After the first launch, a welcome screen and a “Create new wallet” button will appear.
- There are three options for how to connect a cryptocurrency wallet to a node: start a local node, use the built-in miner node in the program, or connect to a random remote node.
Next, you will need to remember the seed phrase and create a password.
The main screen shows the balance, transaction history, the number of unconfirmed transactions. It is possible to send or receive BEAM. You can attach a comment to the transaction and edit the commission before submitting.
BEAM mining is carried out using the program downloaded from the official website. The recommended pool is https://beam.leafpool.com/ because it has low fees and is verified by experienced crypto enthusiasts.
Before you start mining cryptocurrency on video cards, it is important to make sure that the latest drivers are installed. In addition, antivirus programs often mark mining programs as viruses, so you need to exclude the software folder from the scan area.
BEAM Outlook and Forecast
Now, most people are already fed up with ICOs that do not give investors any reporting. BEAM acted differently – without pre-mining, without saving anything for themselves, they have already launched the project and the treasury. It is respectable to start the process straight away with hard work, without expecting millions of dollars in investment.
Of course, due to its youth, the project does not work flawlessly yet. But the team announces problems and vulnerabilities in a timely manner and fixes them. It all looks pretty transparent. And the developers have already achieved a lot. They have an incentive to do their job – only by remaining successful will they receive money. Therefore, BEAM is considered a promising coin in many ways and has already attracted a lot of people.