Introduction

The Beam (BEAM) Token is the native crypto of a decentralized gaming network called Beam. The BEAM network allows gamers and developers to collaborate and engage themselves in immersive gaming experiences.

It is a confidential decentralized finance (Defi) platform that focuses on privacy in the crypto space.

This token was launched in 2018 by  Alexander Zaidelson, Alex Romanov, and Amir Aaronson. Zaidelson, who is the project CEO, started his career as a software developer, and founded the P2P file-sharing company, Nareos. Romanov, the CTO has handled large teams in several complex projects. While the COO, Aaronson has co-founded several technological companies. Since January 3rd, 2019, when it mainnet went live, it has served the growing need for increased privacy in the crypto space.

What is BEAM Crypto?

This token is a privacy-oriented crypto asset that uses smart contracts for transactions and asset transfers. The use of it ensures a streamlined and immersive gaming experience. It uses two Blockchain protocols, LelantusMW and Mimblewimble, for the anonymity of transactions, address balances, and user identities. 

Its Blockchain is made from scratch using C++, which seeks privacy and confidentiality of user addresses at all times. 

Key Products and Features

1. Privacy: One of its main features is its strong privacy. Using Mimblewimble technology, this token allows users to carry out transactions without disclosing their personal information, such as the transaction amount or recipient address.
2. Scalability: It also offers high transaction scale. The Mimblewimble protocol allows merging transactions, which results in smaller blocks and allows this network to handle high transaction volumes quickly and efficiently.
3. Security: Although its primary focus is on privacy, it also places security as a priority. Users can trust that their transactions are secure and irreversible.

When did it launch?

On the 26th of October, the migration from MC to BEAM occurred. Previously, the Merit Circle DAO evolved around the MC token. Following two proposals, both MIP-28 and MIP-29 , the migration was initiated by the DAO to better align with the current activities and practices within the Merit Circle ecosystem.

The Merit Circle DAO itself was launched in early 2021 with a strong focus on the gaming industry. Throughout its existence, the DAO has managed to launch a variety of products ranging from an NFT marketplace to a full-functioning SDK for game developers to integrate in their games. 

How Does It Work?

Its employs the Equihash proof-of-work algorithm, chosen for its ability to handle large amounts of data and transactions. It supports custom transactions of different types as escrow, atomic swaps, and time-locked ones. Mimblewimble protocol seeks to ensure all transactions on the network are confidential. Its Virtual Machine enables confidential dApps using WAASM execution, while Contract Shaders handles business logic and App Shaders manages presentation layers for easy wallet integration.

Fundamental Analysis

Its fundamental analysis covers several key aspects that influence the value and growth potential of the project. Here are four aspects of fundamental analysis that are usually considered.

1. Technology: This token uses innovative Mimblewimble technology to provide strong privacy and high transaction scale. The platform is designed to meet the needs of users who care about their privacy.
2. Team: The development team behind it consists of individuals experienced in cryptography, blockchain technology, and software development. They have a clear vision to bring privacy to the world of cryptocurrency.
3. Community: This community continues to grow, with thousands of users actively using the platform and participating in project development.
4. Adoption: Although still in the development stage, it has managed to gain significant adoption among users and developers who care about their privacy.

Drawbacks of BEAM

• Limited Adoption: One of the main challenges that it faces is the lack of adoption, which can make it difficult for users to use it as a form of payment. This is because there are still relatively few merchants and exchanges that accept it. This can limit the usefulness of it, especially for those who are looking to use it for day-to-day transactions.
• Low Market Capitalization: Its market capitalization is relatively low compared to other cryptocurrencies. This means that the value of this coin can be more volatile and susceptible to market fluctuations. While this can create opportunities for investors, it also means that the value of it can be more unpredictable.
• Centralization: Its mining process is currently dominated by a few large mining pools. This can lead to centralization and potential security risks. A large mining pool has the potential to control the majority of the network’s computing power, which can be used to manipulate the blockchain.
• Complexity: Its use of the Mimblewimble protocol and LelantusMW can make it more complex for users to understand and use. This complexity can make it difficult for it to gain widespread adoption and limit its appeal to more technical users.
• Regulatory Risks: As with any cryptocurrency, it faces potential regulatory risks as governments around the world work to develop regulations for cryptocurrencies. These regulations could potentially limit the use of this token or even make it illegal in certain jurisdictions. This could limit the number of potential users of this token and could negatively impact its value.

Challenges and Concerns

This token’s unique features make it stand out among other crypto assets; its potential use cases range from medical industry to finance, gaming etc. But as of now, there are some challenges for this token to overcome.

Complexity

Its use of Mimblewible and LelantusMW protocols makes it quite complex to understand and use. This can limit its adoption among the populace.

Centralization

Its crypto mining process is dominated by a few large mining pools. There is a probability of centralization and potential security risks. This drawback can be used to manipulate the Blockchain.

Benefits of BEAM Token

With their own Blockchain built from scratch along with stress over privacy and utility, it gives us several benefits. They are as follows-

Enhanced Privacy

Its privacy features based on Mimblewimble protocol allow for confidential transactions without revealing the identities of sender, receiver, and transaction amount. This token also uses Lelantus protocol which allows users to create and burn anonymous coins, further enhancing privacy. 

Improved Security

Privacy and security go hand in hand. It is designed to be secure and resistant to potential attacks and hacks. One of its main security features is the Dandelion++ protocol, which enables the broadcasting of transactions while preventing the possibility of tracing the origin. It is also designed to be resistant to 51% attacks and double-spending attacks.

Read more: What are Crypto Investment Scams

Scalability

It is built to be scalable, that is, it can make a large number of transactions without slowing down or increasing fees. The use of Beam Hash 3 algorithm allows for faster processing of transactions. This has allowed Beam to traverse into the gaming community.

Beam SDK: Empowering Game Development

At the heart of Beam technology, there is a versatile software development kit that offers game developers a range of tools to incorporate its elements into their games effectively.

Merit Circle DAO Governance

Beyond its utility as a gas token, it sits at the center of governance for the Merit Circle DAO Governance. Its multifaceted role in the Beam network allows it to advance both towards governance and gaming experience.

Comparison of Beam and Competitors

1. Scalability: It offers high transaction scale thanks to the Mimblewimble protocol, but several competitors also offer similar solutions.
2. Fees: Transaction fees on Beam tend to be low, making it an economical choice for users looking for a secure and efficient payment solution.
3. Security: It places security and privacy as a priority, but several competitors also offer strong security features.
4. Adoption: It has gained significant adoption, but competition from competitors remains. It is constantly trying to improve its services and attract more users.

BeamX DAO

Earlier in the year, the team behind Beam shared their BeamX 2021 road map that highlights Beam’s goal to create a fully decentralized privacy community-powered DeFi ecosystem. The Beam Team has been hard at work conducting security audits, UI improvements, and wallet developments to ensure that it takes on the DeFi sphere by storm. If you aren’t aware, it is Beam’s privacy DeFi that can run various apps on it such as lending, stablecoins, and even decentralized exchanges.

Here’s a deeper dive into it:

Core Function:

• It oversees the development and operation of the BeamX DeFi ecosystem.
• It allows BEAMX token holders to participate in governance through voting on proposals.

Governance Process:

• Proposals can address various aspects of this ecosystem, such as:
  • Distributing DAO funds
  • Modifying system parameters
  • Adding new features or functionalities
• This token holders can submit and vote on proposals.
• There are different types of proposals with varying requirements for voting and quorum (minimum participation).

Benefits:

• Decentralized decision-making: This token holders have a say in the direction of the BeamX DeFi ecosystem.
• Community-driven development: The DAO fosters a collaborative environment where users can contribute to the platform’s improvement.
• Transparency: The governance process is transparent, allowing everyone to see submitted proposals and voting results.

How to Participate:

• Hold BEAMX tokens: This is the primary requirement for participating in this token governance.
• Stake your BEAMX tokens: Staking may be required to vote on proposals, depending on the specific proposal and voting epoch (voting cycle).

Current Status (as of July 16, 2024):

• It is still under development, but it’s functional and allows BEAMX holders to participate in governance.
• You can find more information about BeamX DAO, including the current proposals and voting procedures, on this website or official documentation (avoiding any link clicks).

Additional Points:

• BeamX DAO is a relatively new project, and its governance practices might evolve over time.
• It’s crucial to conduct your own research before participating in BeamX DAO or making any investment decisions related to BEAMX tokens.

Beam Staking Campaign

The initial BeamX rollout will happen on October 21st 2021. For those willing to participate in the new ecosystem, this will be your opportunity to stake your idle $BEAM tokens to receive $BEAMX. You will be able to earn $BEAMX by either being an LP to DeFi apps governed by DAO or by being a participant in the governance voting process. The Beam staking campaign will last three months from October 21st. However, all staked BEAM tokens will be locked in a smart contract with the lock-up period being user-configurable.

Here’s a breakdown of the key details:

Campaign Duration: October 21, 2021 – January 21, 2022 (3 months)

Purpose:

• Distribute this token to Beam token holders who participated in staking.
• Introduce the BeamX DeFi ecosystem and its governance token, BEAMX.
• Incentivize users to hold and participate in the Beam ecosystem.

Rewards:

• A total of 1,000,000 BEAMX tokens were distributed to participants over the campaign period.
• Rewards were distributed in BEAMX tokens, not BEAM tokens.
• Early participants received a larger share of rewards due to a fixed total pool distributed over a set timeframe.

Staking Mechanism:

• Users staked their BEAM tokens in a smart contract on the BeamX DeFi platform.
• Staking duration was user-configurable, allowing for flexibility.
• Staked BEAM tokens were locked in the smart contract for the chosen duration.

Benefits for Participants:

• Earned BEAMX tokens, the governance token of the BeamX DeFi ecosystem.
• Contributed to the decentralization and security of this platform.

Current Status (as of July 16, 2024):

• The staking campaign is no longer active.
• BEAMX tokens are likely tradable on cryptocurrency exchanges (be sure to conduct your own research before using any exchange).

BEAM Coin

This coin’s history is not that long. It launched on January 3rd, 2019. The developers were keen on making Beam a community-driven project. Therefore, they held no ICO. There was no token pre-sale which was meant to encourage users to mine the coin. At the moment, its price rests at $0.9138910 with a market cap of $90,870,788. There is a maximum supply of 262,800,000 Beam tokens with about 99,222,040 of them in circulation.

Community

When it comes to funding and governance, the Singapore-based Beam Foundation is mandated to overlook the development of this network. It hires full-time developers and contributors. The majority of the funding comes from venture capitalists. The best feature of it is that although it makes transactions private, it has an auditing feature that allows businesses to provide a financial trail for auditors or regulators if there is a need. Additionally, it is also seeking development partners.

Beam coin exchange

The hardest part in converting BTC to Beam or Beam to BTC is finding a reliable this coin exchange platform. Luckily, you don’t have to look too hard as Swapzone is in the market today. In case you are unfamiliar with how to swap your Bitcoins for Beam, here’s a step-by-step procedure on how to perfrom a Beam coin exchange on Swapzone:

• Open Swapzone on your web browser.
• In the “select pair” tab, choose the “send” section and insert the amount of Bitcoin that you are willing to swap.
• In the “get up to” section, choose Beam and see the exchange rate.
• Immediately after you enter the details, Swapzone will provide you with a number of offers. You have the option to choose based on the best rate, fastest, and the one with the best service rating.
• If you are unsure about a certain exchange, simply click on it and you will get more information on the exchange partner such as pros and cons along with user reviews.
• Once you find an offer you like, simply click on it and click on “exchange”.
• Enter the wallet address to receive this crypto. Hit on “proceed to exchange”.
• After your deposit is received, the exchange partner will then convert your Bitcoin deposit to this crypto. Just wait for the Beam coin exchange process to finalize. It may take some time.
• Once the process finalizes, you will receive your coins in your wallet address. Take a moment to rate the exchange partner and leave behind an honest review. That’s it, your Bitcoin to Beam exchange is complete.

Future of BEAM Crypto

With the scalability, flexibility, and security that Beam provides, let us try to understand its future.

Utility in Gaming

The gaming industry needs privacy, scalability, fast transactions as well a governance framework. These requirements fall in the scope of it pretty well. Its adoption in games is increasing and they are actively collaborating more. Looking at the present pace, we can look forward to its increased utility.

Read more: What Is Crypto Gaming

Sustainability

With its unique approach, congregates the two aspects, that is, scalability and security together. With its native blockchain built specifically with a unique vision, the utility seems to increase with time. It has grown both in market capitalization and market adaptation since its inception. Its growth towards gaming and evolution towards governance DAO shows its adaptability and capability. 

Read more: Rise Of Blockchain Gaming

Other Utilities

It has its native blockchain and protocols like Mimblewimble and LelantusMW provide privacy and security along with speed and scalability. Its unique approach to solving the blockchain trilemma makes it a potential token to be used in several other sectors like hea

lthcare, etc. This opens a window and gives us a peek into the future of trustless digital transactions.

Conclusion

Beam is a cryptocurrency that offers innovative solutions for privacy and high transaction scale. With advanced products and key features, as well as a commitment to technology, team and community, it has great potential to continue to grow and become a leader in the cryptocurrency industry. Thus, it is an attractive choice for users looking for a secure, efficient and private payment solution.

Visit: https://beam.mw/

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