What is BEAM Cryptocurrency?

Confidential scalable BEAM based on the MimbleWimble protocol is another attempt to create serious competition for bitcoin. The project is positioned as a global platform for truly anonymous payment transactions. Let us recall the main characteristics of the token and where to buy the beam cryptocurrency.

  • Confidentiality is built-in by default, there are no “open” transactions, users independently choose the level of “transparency” for their transactions. Beam uses Dandelion technology to hide active network traffic, which means that the transaction path looks random from the WAN perspective.
  • Beam has no addresses: in order to buy a beam cryptocurrency, the user only has a set of keys to control not transferred assets (unspent outputs – UTXOs). “Reading” the blockchain does not provide any information to the observer. Blockchain size does not grow with the number of transactions, but with the number of coins, which is much slower overall.
  • There is an on-demand audit function: the user can create audit keys and send them to any controlling organizations to verify transactions. Retroactive auditor access is not possible.

The Beam cryptocurrency is billed as an open-source private alternative to Bitcoin and includes monetary policy, mining, a developer community, and general governance.

Recall: MimbleWimble is a short version of the Bitcoin protocol, designed to change the method of constructing transactions, which, according to the developers, should significantly increase the level of privacy.

The opportunity to buy BEAM cryptocurrency first appeared on January 3, 2019 on the Bisq decentralized exchange. So far, the system works as a classic start-up with hired employees, but within a year after the launch, it is planned to transfer the overall management of the protocol to the Beam Foundation. The developers plan to combine beam with the Ethereum network, and a little later the LN network will be implemented. The project development team is publicly available.

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Mining and capitalization of BEAM

The Beam coin runs on the EquiHash algorithm (150.5) and is mined using video cards. ASIC miners have little interest in this asset so far. The project offers a Desktop application with a built-in CPU mining node, a multi-platform storage client, as well as separate solutions for running network nodes and two different mining clients. Hardware cold wallet integration available Market cap as of 03/10/2019 – $ 7,352,771. Beam issue volume – 262,800,000 coins. Beam Privacy Coin block creation time – 60 seconds, 1440 blocks per day. A block reward is offered: during the first 365 days after launch, miners will be paid 80 BEAMs, and the project team – 20 BEAMs. During this period, it is planned to generate about 52,560,000 BEAM; further, the premium is halved every four years.

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Where to buy and sell Beam cryptocurrency?

Beam is mainly traded for Ethereum, Tether and Bitcoin. At the moment, none of the cryptocurrency exchanges offers to implement Beam for fiat.

Few speculators still prefer to buy and hold Beam cryptocurrency, because the dynamics of its price depends too much on Bitcoin. The project team is actively investing resources to increase hashpower to ensure the stability of the Beam network. In the next 6 months, Beam is gearing up to include a number of technology features such as Bitcoin atomic swaps, a mobile wallet, and API payment platform integration.

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