What Is BEAM: Coin Overview.
In the early days of cryptocurrencies, it was believed that Bitcoin was both untraceable and anonymous. However, developments such as blockchain analysis have made it clear that it’s possible to trace transactions back to the senders. By nature, these blockchains are public. Therefore, once a wallet address is linked to a user, their entire transaction history becomes visible to everyone on the network.
Fortunately, privacy coins have found a way to work around this problem through a number of anonymizing features. One of the coins making this possible is the Beam coin, a scalable-privacy coin that has been silently building a robust privacy coin. Ever since its launch, Beam has slowly gathered a great deal of attention from the wider crypto market. In this article, we delve deeper into the Beam cryptocurrency to find out how it works, the MimbleWimble privacy technology behind it, and how you can swap your Bitcoins for Beam crypto.
What is Beam?
Beam is an innovative decentralized DeFi (Decentralized Finance) platform running on a combination of three protocols: Mimblewimble, Dandelion and Lelantus-MW. Through the use of these three technologies, Beam is able to increase the anonymity of coin transactions, user identities behind the transactions, and since Beam addresses are not stored on-chain no one can know the balance of the sender/receiver. Mimblewimble helps conceal the metadata and value of the transactions, therefore reducing bloating on the blockchain, which improves scalability. Dandelion is enhancing the transaction routing mechanism, by mitigating sent transactions over a random path before diffusion and Lelantus-MW, on the other hand, introduces privacy and anonymity into the mix.
How Does Beam Work?
Beam’s aim is to allow users to have complete control over their money. Therefore, Beam has placed a lot of emphasis on having stronger privacy controls within their features. Other privacy coins utilize a privacy model where transactions are only made private if users request for it. However, Beam makes their privacy feature unique in that every Beam transaction is made private by default. This means that Beam users are capable of revealing transactions to any third party they wish via the Beam Opt-on Auditability feature (this feature was not introduced to the graphic interface yet).
At the same time, Beam utilizes the Mimblewimble protocol to ensure that their blockchain remains lean and compact. Beam does it using Cut-Through which means the blockchain only monitors unspent transaction outputs that’s relevant to current transaction processing needs. By doing so, it ensures that the Beam blockchain doesn’t get bloated, therefore reducing computational overhead demands. Additionally, even though privacy remains Beam’s top priority, they comply with existing regulations through the availability of an audit feature that allows businesses to provide a financial trail for regulators or auditors if necessary.
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 BeamX takes on the DeFi sphere by storm. If you aren’t aware, BeamX is Beam’s privacy DeFi that can run various apps on it such as lending, stablecoins, and even decentralized exchanges.
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.
Beam 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 Beam token pre-sale which was meant to encourage users to mine the coin. At the moment, Beam’s 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.
When it comes to funding and governance, the Singapore-based Beam Foundation is mandated to overlook the development of the Beam network. It hires full-time developers and contributors. The majority of the funding comes from venture capitalists. The best feature of Beam 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, Beam is also seeking development partners.
How to Exchange Bitcoin to Beam?
The hardest part in converting BTC to Beam or Beam to BTC is finding a reliable Beam cryptocurrency 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 exchange Bitcoin to Beam on Swapzone:
Step 1. Open Swapzone on your web browser.
Step 2. In the “select pair” tab, choose the “send” section and insert the amount of Bitcoin that you are willing to swap.
Step 3. In the “get up to” section, choose Beam and see the exchange rate.
Step 4. 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.
Step 5. 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.
Step 6. Once you find an offer you like, simply click on it and click on “exchange”.
Step 7. Enter the wallet address to receive the Beam crypto. Hit on “proceed to exchange”.
Step 8. After your deposit is received, the exchange partner will then convert your Bitcoin deposit to BEAM crypto. Just wait for the process to finalize. It may take some time.
Step 9. Once the process finalizes, you will receive your Beam 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.
Video guide: ETH to BEAM
And for the visual learners, here’s our video guide on ETH to BEAM exchange:)