In this article I will discuss the BEAM Token, a cryptocurrency with a specific focus on privacy that employs the technology of Mimblewimble to facilitate the anonymity of transactions.
In comparison to many cryptocurrencies, BEAM looks to provide improved privacy, scalability, and privacy. I will delve into its capabilities, security, purchasing informations, and its possibilities in the already established blockchain ecosystem.
What is Beam?
The $BEAM token is the native cryptocurrency of the Beam DAO powered gaming network called Beam. Beam is an ecosystem where the future of the gaming industry is created by gamers and developers.
One of them is the Beam SDK or Software Development Kit, which is a changing tool that broadens the selection of game development tools available. Game developers determine how blockchain technology will be used and integrated into their game.
To transact within Beam, the same $BEAM tokens have to be purchased. This asset is the native token that is used within the Beam network, and is used for paying transactions. Its uses go beyond just asset transfers and further extends to smart contract interactions on the Beam network even during the games facilitating a seamless immersive experience.
Apart from acting as gas tokens on the Beam network, $BEAM also act as the primary currency for the governing body of the Beam DAO, which serves the purpose of bringing together those interested in revolutionizing the gaming industry – a vision that was birthed by this organization in early 2021 using this decentralized autonomous organization.
The holders of the $BEAM crypto asset can vote and participate in the governance of this DAO.
Here’s an overview table for the Beam Token:
| Feature | Beam Token |
|---|---|
| Token Name | Beam Token |
| Symbol | BEAM |
| Blockchain | Ethereum, Solana (cross-chain) |
| Total Supply | 10,000,000 BEAM |
| Circulating Supply | 4,500,000 BEAM |
| Market Cap | $XX,XXX,XXX |
| Launch Date | January 2022 |
| Utility | Governance, Staking, Ecosystem Growth |
| Partnerships | BeamDAO, DeFi Projects |
| Security Features | Smart Contracts, Audited Protocols |
| Website Link | beamtoken.io |
Key Features of Beam Token
Privacy and Anonymity
Beam leverage the Mimblewimble protocol, which ensures that transaction amounts and sender/receiver identities are all hidden. This guarantees absolute confidentiality of transactions.
Scalability
Thanks to the new design, the blockchain’s size and information is limited which improves scalability and speed. With the Mimblewimble structure, Beam facilitates the storage of as little data as possible in the blockchain while still maintaining integrity.
Fungibility
Beam guarantees fungibility by ensuring each coin is equal in value and thus avoiding being tainted or blacklisted due to the lack of identifiable transaction history.
Decentralized Governance
The ability to govern is decentralized, where the community is engaged through token voting to make essential decisions on the ecosystem.
Atomic Swaps
The token has atomic swaps features, making it possible for users to trade Beam with other cryptocurrencies without trust relationships or centralized exchanges.
User-Friendly Wallet
With straightforward wallet wireframes and step-by-step functionalities, Beam users can get rid of the hassle of insecure storage, network transaction, and even management.
Who Are the Founders of BEAM ($BEAM)?
BEAM is an online gaming network built by the Merit Circle DAO. This decentralised autonomous organisation (DAO) was established in the early 2021 with a vision of transforming the gaming world. The holders of the $BEAM token have the benefit of governing this DAO.
As with many organizations organized as a DAO, there are professionals in ‘the field’ whose work supports the success of the company. The DAO has so many active talented people serving for the DAO.
Some of these people are hired on contracts by the DAO, while others participate voluntarily. The different kinds of stakeholders ranges from gamers and tokenholders and funds to corporations and other DAOs. From the very small to the reasonably large, from famous participants to (pseudo) anonymous participants.
How Many BEAM Coins Are There in Circulation?
Having been undertaken on the 26th of October, BEAM’s token migration from $MC to $BEAM allowed for the launch of BEAM.
At present BEAM has a circulating supply of $41,626,195,398 which is anticipated to increase further due to token vesting or the migration of additional $MC tokens to $BEAM.
The supply is managed by the DAO through periodic buybacks and profits attained from the sale of the tokens resulting in a buyback burn rate that also decreases the circulating supply.
How Safe is BEAM ?
Due to its emphasis on privacy and security, Beam is considered a safe Cryptocurrency.
It uses the Mimblewimble protocol which hides transaction information and guarantees the confidentiality of user’s financial data. Furthermore, Beam applies strong cryptographic techniques so that it can withstand attacks.
The network is further secured by a Proof of Work (PoW) consensus system, ensuring that no single entity controls the blockchain. This, along with the network’s decentralization makes it more powerful.
Yet, it should be borne in mind as with other cryptocurrencies, users’ Beam tokens should be put in secure wallets, and best practices for private keys should be observed so as to mitigate harm.
BEAM Token vs. Competitors
| Feature | BEAM Token | Monero (XMR) | Zcash (ZEC) | Grin (GRIN) |
|---|---|---|---|---|
| Privacy Focused | ✓ | ✓ | ✓ | ✓ |
| Mimblewimble Protocol | ✓ | ✘ | ✘ | ✓ |
| Scalability | ✓ | ✘ | ✘ | ✓ |
| Fungibility | ✓ | ✓ | ✘ | ✓ |
| Proof-of-Work (PoW) | ✓ | ✓ | ✓ | ✓ |
| Decentralized Governance | ✓ | ✘ | ✘ | ✘ |
| Atomic Swaps | ✓ | ✘ | ✘ | ✘ |
| Zero-Knowledge Proofs | ✘ | ✘ | ✓ | ✘ |
Where BEAM Token Available
| Exchange | Trading Pair | Supported Features | Website Link |
|---|---|---|---|
| Binance | BEAM/USDT, BEAM/BTC | Spot trading, advanced charting, security features | binance.com |
| Bittrex | BEAM/USDT, BEAM/BTC | Spot trading, security, low fees | bittrex.com |
| Hotbit | BEAM/USDT, BEAM/BTC | Spot trading, staking, secure wallet options | hotbit.io |
| TradeOgre | BEAM/BTC | Peer-to-peer trading, low fees | tradeogre.com |
| STEX | BEAM/USDT, BEAM/BTC | Spot trading, security features, easy to use | stex.com |
Final Thoughts
Finally, we have arrived at the end. BEAM Token indeed is a unique cryptocurrency focused on privacy, thanks to the Mimblewimble protocol which enables private coin transactions, enabling the maximization of the ability to scale and allowing for the uppermost confidentiality.
BEAM offers a quite attractive answer for the users who look for more secure digital currency as strong emphasis on user console, decentralized control, and features like atomic swaps are included.
Although the privacy concerns of the cryptocurrency may hinder its adoption in other areas, hefty security measures disciplined by BEAM for securing user information make it an attractive asset in crypto industry.
And, as is the case with other tokens, users Still are strongly recommended to adopt certain security measures to keep their assets safe while trading.
