Beam
Beam is open source mimblewimble-based cryptocurrency using PoW algorithm and written on C++ programming language. Beam was launched in October 2018. Beam desktop wallet is available for Windows, Mac, and Linux. Beam mobile wallet is available for iOS and Android.
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About Beam
Beam was founded by Alexander Zeidelsen in 2018. The Beam is cryptocurrency based on mimblewimble protocol and using C++ programming language. The network can proceed 17 transactions per minute.
Advantages of Beam:
- Confidentiality
All transactions are private. No information about transaction participants is stored in the blockchain.
- Versatility
“Scriptless Script” technology allows implementation of a wide variety of transaction types beyond simple transmissions of value; for example, atomic swapping, escrow, and time-locked transactions.
- Opt-in auditability
To comply with relevant regulations, a wallet can be configured to attach digitally signed documentation (eg invoices or contracts) to all transactions in a cryptographically unforgeable way. In turn, specific auditors can be granted permission to inspect the complete list of transactions along with all the attached documents.
- Confidential assets
Мultiple asset types (eg real estate tokens, corporate debts and simply new currencies) can be created and exchanged via BEAM confidential transaction mechanisms.
- Scalability
The “cut-through” feature of Mimblewimble helps to avoid excessive computational overhead, making the BEAM blockchain orders of magnitude smaller than any other blockchain implementation.
- Sustainability
Open source, implemented from scratch, community-governed, and backed by the Beam Growth Pool: 20% of block mining rewards goes to this pool to incentivize development and promotion of BEAM.
- Usability
A wallet for desktop and mobile, designed to support day-to-day usage for both individual and small business users. The built-in dashboard makes budget management easy, featuring actionable spend and earning insights.
- Compatibility
An industry-proven Equihash algorithm was selected to ensure broad adoption by existing GPU miners. BEAM comes with an extensive set of tools for running and managing mining nodes.
What is mimblewimble protocol?
Mimblewimble is a protocol that was put forward by an anonymous user in a bitcoin developer chatroom. Mimblewimble is the name of a spell used to tongue-tie victims in Harry Potter.
Mimblewimble transactions are confidential. They allow senders to encrypt the amount of cryptocurrency they want to send by blinding factors (the random value used to encrypt cryptocurrency). In such transactions, only two parties are involved.
Mining Beam
The cryptocurrency has mimblewimble implementation and uses classic Proof-of-work consensus. This new algorithim is called Beam Hash II. Security is provided with a modified version of Equihash with the following parameters: n=150, k=5. Using a custom mining algorithm prevents bad actors from renting large amounts of hashing power.
Block size is 1 Mb. Block time: 1000 transactions per minute. The mining is ASIC-resistant in the first 12-18 months.
Miners rewards
During the first year of Beam the reward is 80 coins per block. From 2 to 5 years – 40 coins per block. 6 year – 25 coins per block. The halving occurs every 4 years until year 129. After year 133, emission stops (estimated emission is 262 mi).
Treasury model is the best way to repay our investors and to provide a reward to the founding team. Treasury works in the following way: in the first five years of Beam existence, 20% of all emitted coins automatically go to the Treasury. Technically, the additional coins are emitted for each mined block.
40% to investors; 40% to core team; 20% to Beam Foundation.
How to buy Beam?
There are almost 20 exchanges that offer to purchase the Beam: Codex, Gate.io, Huobi, etc.