In this article, Swapzone team will describe the main features of BEAM cryptocurrency, how it is distinct from other coins and tokens, how to exchange BEAM coins and more. First of all, let’s break down the very basics of what BEAM is and how it works.
Beam was launched in January 2019. The project is fairly new to the market, despite being quite a significant player in the privacy field. Beam prides to be confidential and generally privacy-oriented because of Mimblewimble protocol it is based on. If you think you’ve seen the name somewhere in Harry Potter books – you are a hundred percent right. In the Harry Potter universe, Mimblewimble curse was used to tie the opponent’s tongue into a knot, “preventing from making a coherent speech”, so any attempt to pronounce any spells would be a failure. Getting back to BEAM, here Mimblewimble is a Proof-of-Work (PoW) and Confidential Transactions (CT) protocol designed for privacy. In this case – to hide all the information regarding addresses and transactions from third party members. This is very important because it makes Beam users safe from deanonymization. Personal information is a big priority, so it’s great to have it well-hidden. No information about transaction participants is stored on the blockchain.
Of course, we have to talk about other BEAM features. The project is fully open-sourced and scalable due to use of Mimblewimble protocol. The network is sustainable, community-governed, and backed up by its foundation. 20% of block mining rewards go to Beam Growth Pool to incentivize the development and promotion of BEAM cryptocurrency, ideas of financial privacy, blockchain growth and more. Then there are confidential assets which, as stated on beam’s official website, are “multiple asset types (for instance, real estate tokens, corporate debts and simply new currencies) that can be created and exchanged via BEAM confidential transaction mechanisms”. This is also very handy if you are serious about your cryptocurrency getting mass adoption.
The last but not least topic is mining. The official website says: “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”. Basically, it is a statement saluting old-school crypto mining. As you may know, traditional mining involves lots of graphic card processors. When it comes to block reward halving – there is one scheduled in a year from a time of writing, after this it’s going to occur every four years. Beam’s relative newness makes this cryptocoin easy to mine – you can use practically anything to do so. This approach to mining does not with other mineable cryptocurrencies anymore. There can only be 21 million BTC in existence, and more than 18 million are already mined and out there. That’s about 86%! This won’t happen to BEAM in the next ten or something years – we have time here.
You can get BEAM on a variety of cryptocurrency exchange services. Our suggestion would be checking all the custody-free offers available on Swapzone, comparing the rates and getting the best deal there is. Swapzone is non-custodial, we do not manage any of your funds, all the exchange data is coming directly from the service performing your BEAM swap. If you want to exchange your Bitcoins or altcoins for a coin like BEAM – we will find the best rate. You do not need to register or create an account, too.
To get BEAM for Bitcoin, you will need to follow these simple steps: