Privacy coins have found a way to work around Bitcoin security problems 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 does Beam coin exchange work on Swapzone.
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.
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.
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.
The hardest part in converting BTC to Beam or Beam to BTC is finding a reliable Beam 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:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.