A Detailed Guide to Understanding Beam

Beam Concept Explained

Beam seeks to keep transactions secret. Unveiled in 2018, it utilizes the Mimblewimble protocol to conceal everything. Beam’s information is highlighted below:

It was unveiled on January 3rd, 2019

• Its consensus algorithm is proof-of-work (BeamHash III)
• The emission model is deflationary, and halving occurs every four years
• Transactions are private by default, with an alternative for Beam Opt-on Auditability
• Its mining is GPU-founded, with no ICO or pre-mine

Beam’s Primary Idea and Growth

Beam’s objective is to make privacy the default. Unlike other privacy coins, it ensures the privacy of each transaction, offering users more robust privacy controls. The blockchain utilizes the Mimblewimble protocol to remain slim by monitoring unexpended transaction outputs that matter for present transactions. 

The Beam Foundation in Singapore manages Beam’s development. Full-time contributors and developers are hired, with venture capitalists being the funding source. Besides, they provide an auditing feature for organizations that must reveal financial patterns to auditors or regulators. 

Beam Features and Functionality Explained

Proof-of-Work Consensus

Beam utilizes BeamHash III, a Proof-of-Work (PoW) consensus algorithm. The algorithm is designed for GPU mining, ensuring accessibility to more miners. Beam is a deflationary coin with a pegged supply and experiences halving every four years. Beam began with zero emissions, indicating no Initial Coin Offering or pre-mine.

Privacy Protocols and Atomic Swaps

Beam takes confidentiality seriously with Lelantus and Mimblewimble protocols on Layer 1. All transactions are routed via Dandelion++ and tied up in Layer 0’s stem phase. This ensures that all transactions are private by default. Further, Beam provides Atomic Swap functionality, permitting peer-to-peer trading of Beam with Litecoin, Bitcoin, and DOGE. The decentralized strategy eliminates third-party intermediaries or exchanges, enhancing censorship resistance and decentralization.

Confidential Assets and BeamX

Beam backs the creation of Confidential Assets. Different from Ethereum, where smart contracts are utilized to generate new tokens, Confidential Assets on Beam are a Layer 1 execution with native backing from wallets, nodes, and decentralized applications. This streamlines asset generation and promotes reliability and security. 

BeamX allows users to earn $BEAMX by staking their idle $BEAM tokens. Participants can earn $BEAMX by being liquidity providers for decentralized finance applications governed by decentralized autonomous organizations (DAO).

What Makes Beam an Exclusive Product?

Beam’s unique features entail:

Security: Beam has the Dandelion++ protocol that prevents people from tracking the origin of transactions. Additionally, it is tough against half of the attacks and double-spending.

Privacy: Beam utilizes the Mimblewimble protocol to keep transaction information such as the receiver, sender, and amounts secret. Besides, the Lelantus protocol enables one to generate and burn anonymous coins.

Scalability: Beam can handle several transactions easily. The Beam Hash 3 algorithm ensures faster transaction processing.

Beam’s Privacy and Security Explained

Mimblewimble protocol

Beam utilizes the Wimbledon protocol to secure transactions. In this case, no person can view what was sent between people. Excluding the additional data enhances privacy and makes the network quicker.

Lelantus Protocol

It allows the creation and destruction of anonymous coins, making it more difficult for people to monitor transactions.

Security features

• Resistance to 51% attacks: No entity can control the network’s mining power, meaning double-spending attacks are impossible.
• Dandelion++ Protocol: This prevents transactions from being tracked back to a person
• Equihash PoW Algorithm: It makes managing the network more challenging.

What Does Bim Cryptocurrency Offer?

Leveling up in Gaming

Beam has been busy in gaming, shifting from Avalanche to Immutable zkEVM. This move has increased its value by 20%, demonstrating the market’s thumbs-up. Additionally, Merit Circle is unveiling BEAM, a gaming subnet, making Beam’s mark in gaming more robust.

Fresh Projects and Launches

Beam has new projects and unveilings on the way. PYLR Gaming Blockchain, which utilizes Avalanche Subnet technology to develop a cross-chain gaming world, is an example of a standout. The initiative seeks to make blockchain and gaming collaborate better. Further, the updates and collaborations illustrate Beam’s dedication to pushing its technology forward and making a splash in gaming and crypto.