Beam wallet

What is Beam

History

Beam is a privacy-focused cryptocurrency that was launched on January 3, 2019. It was created with the goal of providing a scalable and confidential cryptocurrency platform. Beam was among the first projects to implement the Mimblewimble protocol, a privacy-oriented blockchain design that allows for confidential transactions while minimizing blockchain size. The creation of Beam was inspired by the growing demand for privacy in financial transactions and the limitations of existing privacy coins like Monero and Zcash. Beam's launch was non-ICO (Initial Coin Offering), and it was funded by the Beam Foundation, a non-profit organization dedicated to the development of the Beam ecosystem.

Creators and developers

Beam was developed by a team of experienced professionals in the fields of cryptography, blockchain, and software development. The project was initially led by Alex Romanov, the Chief Technology Officer, who has a background in complex software projects. The Beam Foundation, which oversees the project, consists of several notable advisors and contributors from the blockchain and financial sectors. The foundation ensures that Beam remains true to its mission of privacy, scalability, and sustainability.

Technology

Beam operates on the Mimblewimble blockchain protocol, which is known for its ability to provide enhanced privacy features and reduce blockchain bloat. The Mimblewimble protocol uses a combination of Confidential Transactions (CT) and CoinJoin to obscure transaction amounts and participants, ensuring user privacy. Beam's blockchain does not have addresses, and all transactions are confidential by default. It also employs a mechanism called Dandelion for enhanced transaction anonymity by hiding the origin of transactions. Furthermore, Beam supports atomic swaps, allowing users to trade Beam with other cryptocurrencies directly on the blockchain without relying on a third party.

Mining and issuance

Beam uses a Proof of Work (PoW) consensus algorithm, specifically an adaptation of Equihash called BeamHash III. This algorithm is designed to be ASIC-resistant, promoting decentralization by allowing a broader range of miners to participate. Beam has a total supply cap of 262.8 million coins, with a halving event occurring approximately every four years. Block rewards are distributed to miners as well as the Beam Foundation to fund ongoing development and ecosystem growth.

Networks and support

Beam operates on its own independent blockchain, separate from other networks like Ethereum or Binance Smart Chain. However, Beam has implemented various cross-chain solutions, including support for atomic swaps and interoperability with other blockchain networks. This allows Beam users to exchange Beam with other cryptocurrencies directly from their wallets without the need for centralized exchanges.

Application and usage

Beam is primarily used as a privacy-focused cryptocurrency for secure and anonymous transactions. It is also integrated into various decentralized finance (DeFi) platforms, allowing users to maintain privacy while interacting with financial services. Beam's confidential transactions are appealing for both individual users and businesses that require privacy in their financial dealings.

Popularity and market capitalization

Since its launch, Beam has gained recognition in the privacy coin sector, though it remains less well-known compared to older privacy-focused cryptocurrencies like Monero. Beam's market capitalization has fluctuated, reflecting the broader trends in the cryptocurrency market. However, its strong privacy features and active development have maintained a dedicated user base and investor interest.

Partnerships and integrations

Beam has partnered with various blockchain projects and companies to enhance its ecosystem. Notably, Beam has integrated with several decentralized exchanges (DEXs) and wallet providers to facilitate seamless transactions and atomic swaps. Additionally, Beam has collaborated with projects in the DeFi space to provide privacy solutions for financial applications.

Community and media

The Beam community is active and engaged, with regular updates from the development team through social media channels, blogs, and forums. Beam also hosts community events and bounty programs to encourage participation and development within the ecosystem. The project has received coverage in various cryptocurrency media outlets, particularly in discussions around privacy technologies and Mimblewimble.

Legal status and regulation

As a privacy-focused cryptocurrency, Beam operates in a complex regulatory environment. While Beam itself is not illegal, the use of privacy coins is subject to scrutiny in some jurisdictions due to concerns about their potential use in illicit activities. Beam has taken steps to comply with regulations where necessary, such as implementing opt-in auditability features that allow users to provide proof of transactions if required.