What is Beam Coin (BEAM)? All about BEAM virtual currency

By Le Anh | Coins & Tokens

Beam Coin (BEAM)

Sequence of articles about Coin and Token Of the Coin98, today, let's find out about Beam Coin (BEAM)!

Let's start!

Beam (symbol: BEAM) is an anonymous, highly scalable cryptocurrency that is based on the Mimblewimble protocol.

Beam (BEAM) was released on January 03, 01 by Beam Development Ltd.

Like Ravencoin, BEAM not implemented ICO as well as Pre-mine and project operation costs will be paid by Treasury funds.

The funds come from Beam making 20% ​​of the block rewards in the first 5 years.

What is Mimblewimble?

Mimblewimble is an anonymous and highly scalable protocol founded by an anonymous developer on June 19, 06.

Although, Mimblewimble makes the transaction more anonymous, it will have to change almost the entire structure of Bitcoin.

As a result, the Mimblewimble protocol did not receive the Bitcoin network's agreement to apply this protocol to Bitcoin's Blockchain.

For further knowledge, I would like to share more details about this Mimblewimble protocol in another article.

What is beam (BEAM)?

Confidentiality

All transactions in Beam are private and users have full control over their personal data.

Versatility

BEAM has high flexibility when supporting many different types of transactions such as escrow transactions, escrow transactions, time locked transactions (time locked), Atomic Swaps ...

Auditability

Auditing feature is an extension added by BEAM compared to the original Mimblewimble protocol.

This allows individuals or businesses to report financial history to auditors or any third party in a secure and verifiable manner.

Confidential Assets

BEAM allows the encryption of many different types of assets on their Blockchain platform.

With its anonymity, BEAM will make information about asset transactions absolutely confidential.

Only the parties involved in the transaction know the amount of the assets involved.

scalability

The "Cut-through" feature in Mimblewimble eliminates redundant outputs used as inputs in the same block thereby freeing up space in a block.

At the same time, it reduces the amount of data that needs to be stored on the Blockchain while maintaining a level of security.

Beam Coin (BEAM) 1

Basic information about Beam Coin (BEAM)

  • Ticker: BEAM
  • Type: Coin, Mineable
  • Blockchain: Beam blockchain
  • Consensus: Proof of Work (PoW)
  • Algorithm: Modified Equihash
  • Block time: 60 seconds
  • Block reward: 80 BEAM
  • Avg. Transaction Time: 20 TPS (Maximum 1000 TPS after upgrade)
  • Total supply: 262,800,000 BEAM
  • Circulating supply: 21,975,360 BEAM

Beam Coin Rates (BEAM) today

What is Beam Coin (BEAM) used for?

Beam Coin (BEAM) plays a core role in the Blockchain Beam network.

BEAM is designed to be used for several purposes:

Block Rewards

BEAM is used as a block reward for miners to validate transactions as well as improve network security.

  • The block reward for the first year of BEAM will be 80 BEAM / block.
  • From year 2 to year 5 the block reward will be reduced by 50% to 40 BEAM / block.
  • From 6th to Year 129 block rewards will be reduced to 25 BEAM / block.
  • And by 133 BEAM will be dug up.

Gas Fees

BEAM is used to pay transaction fees, create and enforce Smart Contract in Beam's Blockchain network.

Confidential Payments

BEAM functions as an anonymous means of payment.

In addition, BEAM is also used to create and exchange Confidential Assets on Beam's Blockchain platform.

How to mine Beam Coin (BEAM)?

BEAM uses Proof of Work (PoW) consensus mechanism with Equihash mining algorithm. It allows miners to mine BEAM using a GPU / CPU or ASIC miner.

However, in the first 12-18 months. BEAM is ASIC resistant because it has to change the algorithm 1 to 2 times during that time.

If you are interested in BEAM training please refer to the detailed instructions of the BEAM development team here.

Treasury

As I mentioned at the beginning of this article, all costs of BEAM will be paid from the Treasury in the first five years.

In the first year, the Treasury will collect 20 BEAM / Block and from the 2nd to the 5th year, the Treasury will collect 10 BEAM / block.

The Treasury Fund will be used to pay VC Investors, Core teams and BEAM Foundation quarterly with the following ratio:

  • 40% belongs to VC Investors.
  • 40% belongs to Core Team.
  • And 20% belongs to Beam Foundation.
Beam Coin (BEAM) 2

Beam Coin storage wallets (BEAM) are secure

You can store BEAM on the official wallet released by Beam called Beam Wallet.

Beam Wallet is currently available on both Mobile and Desktop:

In addition, you can also store BEAM on reputable exchanges that support BEAM trading.

However, those who hold long should not use this method to prevent the floor from being hacked.

Beam Coin Exchange (BEAM)

After more than 5 months of appearing on the market, BEAM is being traded on a number of small exchanges Gate io, Bitforex ...

With a 24-hour trading volume exceeding $ 6 million, BEAM's liquidity is good.

In particular, BEAM is the most active trading on Hotbit, accounting for 64,93% of the total trading volume.

Beam Coin Exchange (BEAM)

Beam Coin Future (BEAM)

The brothers and sisters see what Beam has been and will be doing in the near future. Thereby, you can evaluate a part of the future of this Beam project.

Roadmap

Currently, BEAM is still on the right path as they set out, the right time for each task.

In 2019, BEAM has many important activities such as payment platform integration, 2 algorithm changes, Lightning Network integration ....

You can refer to the Roadmap of BEAM here: https://www.beam.mw/

roadmap Beam Coin (BEAM)

Competitors

BEAM's biggest rivals are probably Zcash and Monero. These are the first two anonymous coins and currently have a high foothold Coinmarketcap.

Will BEAM replace these positions? You wait for the time to answer.

Investors

BEAM is supported by many large investment funds such as Node Captial, Continue Capital, Lemniscap ...

Investors Beam Coin (BEAM)

Development potential

BEAM is considered a 2nd generation of anonymous coins (the first generation has Monero, Zcash, Via ...) with higher anonymity and scalability than the first generation.

At the moment, BEAM has not been traded on big exchanges like Binance, OKEx, Huobi good KuCoin.

Should we invest in Beam Coin (BEAM)?

Through this article, I and the team Coin98 has distilled the most necessary information about Beam Coin (BEAM).

Hopefully, the information provided above will help you have more data and more views to make an accurate investment decision.

Coin98 will continue to monitor and update the latest information about this project.

Disclaimer: The article is intended to provide information about Beam Coin (BEAM) and is not considered investment advice. Invest Cryptocurrency is a form of risky investment, you only participate with capital that can be lost.

summary

Privacy will be a phrase that will be mentioned more and more in the near future. Even the big guys like Facebook, Apple, Google .. are concerned about Privacy.

With the advantage over the old anonymous colleagues, rookie BEAM is showing very well their capabilities.

Can BEAM become a common anonymous in the future?

Let time answer!

For you, after reading this article, what do you think about BEAM?

Please share your opinion in the comment section or in the Group Coin98 Community.

Hello and see you again in the upcoming article!

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