Alex is a Research and Development manager with a strong technical background and managerial skills. Alex has worked on many complex projects with large distributed teams. The Beam development team consists of roughly What is BEAM coin 20 individuals as of this writing, as well as an additional 13 advisors to the project. In the Mimblewimble protocol transaction receivers are able to generate a blinding factor when signing a transaction.
- Grin and Mimblewimble both consistently reference Harry Potter, and many of its lead developers use pseudonyms from the fantasy series.
- BEAM is up 3.63% against Ethereum and down -7.81% against Bitcoin in the last 1 month.
- To add even better privacy protections, Beam has implemented the Dandelion Protocol too.
- Further enriching its ecosystem, Beam announced the launch of its gaming blockchain.
- Beam cryptocurrency packs a punch with its privacy, security, and user-friendly features.
- Privacy will remain the top priority, but this feature also complies with existing regulations through the support of unforgeable digital wallet signatures.
Who are the founders of Beam?
Beam’s current circulating supply is 49.47B BEAM out of max supply of 62.43B BEAM. Importantly, BEAM issues rewards on a per block basis to the BEAM Treasury that are paid out on a monthly basis to the BEAM Foundation including investors, developers, and advisors. This model is similar to ZCash’s Founder’s Reward and is used for funding the ongoing company-based approach of the cryptocurrency.
- BEAM using POW consensus algorithm called Proof of Work to secure its network and validate transactions.
- This is made possible through the use of a combination of Pedersen Commitments and Confidential Transactions.
- Two weeks ago SunPump flipped Pump.fun in daily meme coins created, a sign it had stolen the attention of traders.
- For its consensus mechanism, Beam utilizes the Equihash proof-of-work (PoW) algorithm.
- 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, a privacy-oriented cryptocurrency, is designed to address the inherent public nature of traditional blockchain transactions which can compromise user privacy.
- On Saturday, Pump.fun was responsible for 5,388 new tokens created on Solana, according to Dune data.
Beam Monetary Policy
In the early years of the industry, transactions with public-blockchain cryptocurrencies like Bitcoin (BTC) were thought to be untraceable. With developments in blockchain analysis, it became clear that transactions can actually be traced back to the senders, posing a great threat to users’ privacy. The main Mimblewimble feature is the ability to get rid of the major part of data about old transactions. This feature lets the blockchain remain private and light, so users don’t have to spend several days to download it. In addition to its strong privacy features, BEAM also offers scalability benefits over other blockchains due to its compact blockchain size. This allows for faster transaction times and lower fees than many other cryptocurrencies.
The CoinCodex Cryptocurrency Price Tracker
This feature sets Beam apart in the realm of digital currencies, focusing on enhancing privacy for its users. Beam represents a multifaceted cryptocurrency project, intertwining the realms of privacy, gaming, and decentralized governance. At its core, Beam leverages the Mimblewimble protocol, ensuring transactions on its network are private and secure.
Confidential Assets and BeamX
This toolkit empowers developers with the flexibility to incorporate blockchain elements into their games, enhancing the overall gaming experience. In summary, Beam’s security is multifaceted, relying on advanced cryptographic techniques, a robust consensus mechanism, and a community-driven governance model to protect users’ assets and information. This comprehensive approach to security makes Beam a secure platform for conducting confidential transactions and engaging with DeFi applications. In addition to its privacy features, Beam has expanded into the gaming sector, powered by the Avalanche network. It provides a sovereign network specifically designed for gaming, offering a suite of tools for developers.
Transactions within a block in Mimblewimble instead look like a random mix of inputs and outputs, rather than a block iterating a list of correlating inputs and outputs. Mimblewimble uses a combination of Confidential Transactions (CTs) and Pedersen Commitments to allow the receiver of a transaction to generate a ‘blinding factor’ as the signing key for a transaction. Like other privacy-focused transaction methods, CTs are more cumbersome than standard cryptographic transactions in Bitcoin because of the proofs that need to be added to each transaction.
The security of the Beam network is a multifaceted approach, leveraging advanced cryptographic protocols and algorithms. At its core, Beam employs the Mimblewimble protocol, which is renowned for its ability to ensure both privacy and scalability in transactions. This protocol facilitates confidential transactions, where the values transferred are encrypted, yet verifiable by the network to prevent double-spending or fraud.
How Is the Beam Network Secured?
Such initiatives not only foster community engagement but also drive innovation within the Beam ecosystem. Beam supports custom transactions of different types, such as escrow, atomic swaps and time-locked ones. Alex Romanov, the CTO, has worked with large teams on several complex projects. Beam runs on the Mimblewimble protocol and was launched in March 2018. With this, we predict the BEAM price to conclude the year with a potential high of $0.0310 this year.
