The Best Crypto Exchanges to buy and hold Beam (BEAM)

The Best Exchanges to buy and hold Beam (BEAM)?

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With blockchain technology and decentralized finance ( DeFi ) apps, more people are enjoying the benefits of peer-to-peer (P2P) transactions. However, one might think that the biggest drawback of blockchain lies in the nature of all transactions being made publicly. However, BEAM is a completely private blockchain and cryptocurrency that can proceed without anyone knowing.

Currently, the benchmark Beam is trading at $0.86 (USD), with a total supply of nearly 1 million coins and a market cap of around $85 million (USD).

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What is BEAM?

Beam is a blockchain implemented by mixing two private-based blockchain protocols, MimbleWimble and Lelantus. All transactions on Beam are completely private. All information about the parties to the transaction, such as wallet address and remittance amount, is not recorded on the blockchain. Mimblewimble and Relantus protocols allow Beam to maintain transactional privacy without compromising operational performance.

Beam is a proof-of-transaction ( PoW ) blockchain, where users can join the platform at any time and enjoy mining rewards as long as they have the necessary hardware and software. When first launched in 2019, Beam rewarded 80 Beam coins per mining block. From 2020 to 2023, the mining reward is set at 40 beams per block. Starting in 2024, the reward will be 25 beams per block, after which the halving will occur every 4 years.

The reward halving schedule is very similar to Bitcoin (BTC). Like Bitcoin, the largest cryptocurrency, Beam aims for a coin with deflationary characteristics.

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What is the beam principle?

When transacting on Beam, only the sender and recipient of cryptocurrency assets can see each other’s addresses. The address you see here is also usually a temporary address. Whenever a new transaction is created, Beam creates a new address, but there is absolutely no ability to track the transaction history of platform users.

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Normal trading process

The recipient of the transaction creates an address in the wallet and forwards it to the sender via off-chain means (such as email or messenger app). The sender then creates a temporary address in their wallet and then sends the assets to the recipient’s address.

Before sending an asset, the recipient must (usually) keep their wallet online and accessible. As soon as the asset is transferred and the network validates the transaction, the recipient can go offline right away.

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Transaction type

There are a total of three types of trades you can do on Beam.

Online trading:

This is the most commonly used trading method and has the lowest transaction fees. Transactions must be executed while the recipient and sender remain online, or must be online at least 12 hours after the transaction. Beam defines this transaction as the least certain in terms of confidentiality.

Offline Transactions:

This type of transaction does not require the recipient to be online at the time of the transaction or within 12 hours of the transaction. The sender sends the assets to the address previously forwarded from the recipient. The sender executes the remittance, and the recipient can later access the wallet online to confirm that the asset has been received.
Beam defines offline trading as more private than online trading.

Fully Private Transactions:

This is the most private type of transaction. Similar to offline transactions, but users can set specific “lock” times to keep transactions private. Lock time refers to the amount of time an asset can be placed in a shielded pool before it is transferred to the recipient’s wallet.

The longer the lock time, the higher the transaction security in terms of confidentiality.

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Address type

Like transaction types, Beam also has different address types. Beam addresses can be divided into three types:

• Base Address: Base address supports online/offline transaction types. This is a temporary address with a fixed expiration date.
• Anonymous Addresses: Unlike primary addresses, anonymous addresses support a completely private transaction type.
• Public offline addresses: While primary addresses have an expiration date, public offline addresses can be used permanently. In general, Bib recommends using public offline addresses only when transacting with users who rarely access online, and not in normal circumstances.

Beam actively utilizes the above mentioned transaction and address types to provide a very high level of transaction confidentiality. All information required for a transaction (eg address, remittance amount) is stored in the transaction wallet and is never disclosed on the blockchain ledger.

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Atomic Swap

In addition to the three standard trading types, Beam also supports atomic swaps. Atomic swap refers to the P2P cryptocurrency transfer between two blockchain users through a smart contract. Two parties to a transaction can be on the same blockchain or on different blockchains.

Beam currently provides the beta version of the atomic swap function. Currently, Beam supports swaps with two networks: Bitcoin and Litecoin ( LTC ).

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Confidential assets

For blockchain users who value privacy, Beam provides a private transfer service as well as a private function for storing cryptocurrency assets. The name Confidential Asset is used to create and store Beam special tokens (eg loyalty points) that represent some valuable asset on the blockchain.

Beam provides a quick guide to creating confidential assets. 3000 beams must be locked to generate for each Classified Asset type. If you can no longer keep your assets in Beam, you will liquidate them and get your deposit 3000 Beams back.

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Beam DApps

Beam has announced plans to launch a variety of decentralized haps available on its platform. This app can be downloaded from the Beam DAAP Store. The platform said it will launch games and DeFi apps first.

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How to start a beam?

A Beam wallet is required to use the platform. Currently, you can download the Vim wallet for desktop, and it supports Windows, Mac, and Linux-based operating systems. The mobile wallet is available for both Android and iOS.

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Who invented Beam?

Beam Development Ltd., in charge of the Beam project, was started in 2018, – by Alex Romanov and Alex Zaidelson. The mainnet of the project was opened in early January 2019.

Romanov currently serves as CTO and Zaidelson serves as CEO. The project’s top management also includes COO Amir Aaronson and CMO Benni Issembert. Beam Development’s headquarters are located in Tel-Aviv, Israel.

Beam received a total of $7 million in VC through two funding rounds. Most of this money, about $5 million, was invested in the first round by Japanese investment firm Recruit Strategic Partners, a major investor. The remaining $2 million was invested in the second round from top 10 institutional and individual investors.

In addition, the Beam project is supported and guided by a non-profit entity called the Beam Foundation, which is also responsible for the governance of the platform. The Foundation is a temporary entity in charge of Beam and will step down when the BeamX DAO system, a blockchain-based decentralized governance system, is completed.

Beam Foundation itself is registered in Singapore. It is managed by the 7-member Board of Directors.

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Beam price trend

For most of the period after being launched on the market, Beamcoin has shown great stability despite not being a stablecoin. Beam went to market in January 2019 for around $0.80. After its release, its value was quickly recognized, and it soared to a high of $2.94 as of the end of January.

However, it did not hold its high for long and fell below $1 in a matter of days. Excluding two short-term spikes (mid-2019, around $2.3, and around $1.9 in April 2021), Beam is trading below $1 for most of the time.

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What is the future of Beam?

Beam’s future prospects are somewhat uncertain. While the transaction concept or store-of-value privacy is an attractive point for many users, a platform that maintains such complete confidentiality has the potential to always be a playground for cybercriminals.

Due to its complete confidentiality, the platform can attract criminals who have laundered money. What matters is whether Beam can ensure that it is not accidentally exposed to such scenarios while maintaining a privacy-enforced operating model.

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Conclusion

Many blockchain enthusiasts consider privacy to be paramount. Beam provides an ideal platform for them to trade and store cryptocurrencies.

It has been on the mainnet for almost 3 years so far and has ambitious plans to launch a game app with DeFi in the future. As the platform is armed with more features and apps, the value of Beam will increase.

However, a potential risk that Beam will face in the future is that it could become the “blockchain of choice” for illegal activities or transactions. Existing similar privacy-guaranteed platforms such as Monero have also faced this problem, and the platform status issue is an irrelevant part.