What is Beam (BEAM)?
Beam (BEAM) is a cryptocurrency that goes all-in when it comes to user anonymity.
Beam, founded in 2018 and officially released in 2019, is a privacy-oriented crypto asset based on the MimbleWimble protocol, which by default provides complete anonymity of transactions. With the help of the Beam protocol, it provides not only confidentiality, but also reduces bloat of the blockchain, which prevails in traditional blockchains and which slows down transactions. To date, only two cryptocurrencies have implemented MimbleWimble, namely Beam and Grin.
MimbleWimble is a blockchain privacy protocol that was proposed in 2016 by a developer under the pseudonym Tom Elvis Jedusor (the French name of Vodermort, a character in the series) on the # bitcoin-wizards IRC channel. It is named after the spell "Tongue Spell" which does not allow enemies to reveal secrets in the popular TV series about Harry Potter.
Who created Beam (BEAM)?
Behind the creation of the project are:
- CEO Alexander Seidelson is the founder of the P2P Narrow file sharing company and the Wikitup desktop dictionary application.
- Technical Director Alex Romanov is also the head of the research and development department and has many years of technical and managerial experience.
- Chief Operating Officer Amir Aaronson is a co-founder of several technology startups with strong entrepreneurial and operational skills.
What is the uniqueness of Beam (BEAM)?
The uniqueness lies in the MimbleWimble protocol. The transactions are based on so-called "confidential transactions" developed by bitcoin developer Adam Beck. Confidential transactions allow users to encrypt their transactions and transaction values using "blind factors". The blinding factor is a string of numbers that encrypts the output and input data of a bitcoin transaction.
MimbleWimble also uses another anonymity technology known as CoinJoin, a cryptographic innovation by Gregory Maxwell. CoinJoin hides the transactions of an individual, mixing them with the transactions of other users. The end result is a "pot" of transactions, the individual origin of which is difficult to track.
How many Beam coins are in circulation?
Having the maximum offer - 100,000,000 of coins BEAM, today there is - 97,629,000 BEAM in circulation.
At the moment, the BEAM price is - 0.534061 USD, with a daily trading volume - 10,307,140 USD, and a market capitalization - 52,139,841 USD.
How is the Beam network protected?
Beam is one of the cryptocurrencies that implements the completely anonymous MimbleWimble protocol, which provides users with secure and untraceable transactions.
To achieve consensus on transactions, Beam uses Beam Hash, which, in turn, is based on Equihash, a proof - of-work mechanism with hard memory, in which the mining of individuals is determined by the amount of RAM they have. In the first 18 months of Beam, the cryptocurrency remained resistant to ASIC in order to promote decentralization. Since then, the network has undergone a hard fork to configure the PoW algorithm to protect against ASIC miners.
Beam aims to completely change the way transactions are recorded in the block chain. In the Beam network, personal information about the transaction is deleted from the network. In addition, it implements the "Dandelion ++ protocol", which is a privacy protection that distributes transactions in such a way as to reduce the likelihood that the sender's crypto address may be associated with his IP address.
Finally, Beam uses a "secure ad system" that allows wallets to exchange encrypted messages with each other, even if they are not connected to the Internet at the same time.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.