Privacy Coin Beam Wants To Reinvent Decentralized Finance

beam coin news

It combines all transactions within the network into a single pool for confirmation making it totally impossible to trace both senders and recipients. This pool eliminates the necessity to support the redundant structure of blocks and makes the network pretty lightweight. As the first Mimblewimble implementation to go live, Beam bills itself as a scalable and confidential privacy coin which aims to give its users fuller control over personal data at no expense of performance. To tackle these issues, cryptocurrencies like Monero and Zcash appeared on the scene, but not without their own issues. To start with, while these coins have a strong inclination toward privacy, not all their transactions are ultimately private. Beam is currently the #514 cryptocurrency by market cap at $76.1M USD. The most common news source covering Beam is Cointelegraph and the most common news category is Project Announcements.

beam coin news

The latest version is the Eager Electron 5.2, the testnet of which was released in November, only slightly behind the October release suggested by the roadmap update given last September. The latest update included the addition of DOGE and DASH for atomic swaps, public offline addresses for collecting donations while your wallet is completely offline and 18 new languages. More improvements coming soon include atomic swaps for ETH and DAI and bridges to Ethereum, which will allow the creation of Beam representations of certain ERC-20 tokens.

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Privacy can be paired with the confidentiality model as an added value. The Beam introduces the concept of both confidential transactions and confidential assets. Its innate mechanisms support creation of multiple asset types, such as new currencies, real estate tokens, corporate debts etc., which can be subsequently exchanged with the help of the Beam platform.

Beam’s blockchain was built on the C++ programming language from scratch. According to Coingecko, the price of Beam is $0.561 with a 24-hour trading volume of $9,895,253 at the time of writing. Our automated aggregation service scans hundreds of media sources, as well as blogs and social networks, to deliver live and objective news coverage without BEAM coin editorial control. Coinlib does not guarantee the accuracy of the presented data and is not responsible for any trading decisions. Similarly to the already existing token, BeamX will focus on privacy. The announcement highlighted several current issues with the current DeFi ecosystem, which have prompted Beam to aim for confidentiality.

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beam coin news

With the help of the “Scriptless Script” technology, Beam supports numerous transaction types including atomic swaps, time-locked transfers, and escrow payments. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. This guide will show you step-by-step instructions on how to buy the Hempcoin token as well as a list of exchanges you can trade it on. ZenGo is an innovative mobile crypto wallet that allows users to retain custody while offering easy access. Here we can see a very nice cup & handle forming on BEAM private cryptocurrency.

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Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. CryptoRank provides crowdsourced and professionally curated research, price analysis, and crypto market-moving news to help market players make more informed trading decisions. If you’re looking for a set of practical and insightful crypto market information and data, we have the analytics tools to suit your business needs. Development focus is now on the new BeamX platform, which will give developers the ability to implement DeFi products and services on Beam Blockchain.

The Incognito privacy project promises to allow users to privately use DeFi platforms without ever touching Ethereum. Major privacy-oriented cryptocurrency, Beam , is making its first official move towards decentralized finance, or DeFi. © 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions.

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The Beam team believes that technological excellence should not impair accessibility if their solution is to gain mainstream adoption over time. To this end, they designed wallets for desktops and mobile devices, whose dashboard design reflects the focus on daily use by individual and business users alike. Beam is a privacy-by-default and maximum confidentiality blockchain that conceals wallets & transactions metadata using privacy protocols such as Mimblewimble, Lelantus-MW & Dandelion. Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology. After all, true confidentiality and scalability for financial transactions is a requirement not just of institutions and investors, but individuals as well.

  • Complete your BEAM purchase and then find the best wallet to store BEAM.
  • All transactions in the Beam cryptocurrency are private; the Beam blockchain doesn’t hold any information about transaction participants.
  • BEAM’s current share of the entire cryptocurrency market is 0.00%, with a market capitalization of $ 74.72 Millions.
  • Launched in January 2019, Beam is based on a blockchain protocol known as Mimblewimble.
  • Thus, with Beam, cryptocurrency owners regain full control over their personal data.
  • The spend and earning insights provided in the Beam wallet combined with opt-in auditability also make the protocol ideal for small businesses concerned about privacy.

On-chain, #private voting #DAO applications on @beamprivacy ca … Beam 2021 Week #46 – Privacy Throughput As Beam evolves, a necessity will be the ability to utilise high frequency transactions and the need for a hi … Beam 2021 Week #47 – The Path to Privacy This week we focus on the latest developments, some updates on the next releases, and what’s in the works fo … These DeFi tokens have interesting developments lined up for the month of June, which could also… Complete your BEAM purchase and then find the best wallet to store BEAM. Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register. HowTo Guides How to buy / sell / send Crypto guides.Crypto Questions Answering most of your crypto questions.

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beam coin news

Another interesting feature about Beam is that users will have the option of opting in for audits of their accounts and transactions, which could be extremely useful for tax and accounting purposes. Beam, then, is setting its sights on becoming the ultimate ‘storage-of-value’ and payment cryptocurrency, continuing the revolution set out by Bitcoin, through its focus on anonymity. Zaidelson explained that confidential DeFi is “an ecosystem for financial services that have full confidentiality, great usability and also opt-in auditability.” Gus Sullivan, community lead at Beam, noted that the upcoming fork makes Beam both a privacy coin, and a private DeFi ecosystem. Starting October 21, 2021, Beam holders will be able to put their $BEAM to work through the Beam Wallet’s dedicated DAO Core DAPP and earn staking rewards in the newly launched $BEAMX governance token.

According to Beam, this raises major concerns for investors and developers. However, while DeFi provides private ownership, it does not provide privacy. All transactions are listed publicly on a blockchain like Ethereum. This means anyone can see what is being done by various wallets, and who is doing it if they know who owns that wallet.

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However, still well below its all-time high of $2.10 on April 11. “The endgame goal is to transfer the process completely into the community’s hands, providing a sufficient level of stability has been achieved,” explains Beam its their news update. This move is the beginning of a transition from the Beam Foundation to the DAO control, making the platform fully decentralized.

In order to understand what makes Beam superior, let’s first review the key technology that stands behind this project. The concept of MimbleWimble was first introduced in the IRC research channel #bitcoin-wizards by a user under the nickname of Tom Elvis Jedusor in 2016. Some time later, another user named “majorplayer” carved the idea into a document posted on the same channel. In this document, he described how this technology can be implemented on top of Bitcoin’s network. Finally, Andrew Poelstra, a researcher from Blockstream, processed the idea and released an updated white paper on October 6th, 2016. Beam, one of crypto’s most promising—and most experimental—privacy coins is undergoing a hard fork on June 28, which is essentially a network upgrade.

  • As it has already been mentioned above, Beam’s key competitor is another blockchain project Grin.
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  • The new platform also plans to include other applications such as decentralized exchanges , an Uniswap-like Automatic Market Making , DAI-like Algorithmic Stablecoins, lending, wrapped assets, and NFT tokens.
  • BeamX is a DeFi ecosystem, governance token and decentralized autonomous organization under one umbrella.
  • Beam CAs are part of Eager Electron 5.0 — a network upgrade meant to provide the key infrastructure for building Confidential DeFi applications.
  • This is what Beam is trying to address with this latest hardfork.
  • These are like smart contracts but where the details of the contract are kept private, as well as the transactions themselves.

BEAM. Since yesterday this crypto showed the change in the price of -0.31%. Both of these features will help Beam support DeFi—in a privacy-focused way. It will add two features that will lend itself towards supporting DeFi applications. In this video we review the current state of Beam Confidential DeFi platfor… From the launch of the $BEAM staking to releasing $BEAMX and the #NFT Halloween Competition. Blockchain DAO mechanisms are rolling out around the world and $Beam is no different.

This allows Beam users to blind or hide any information on the amount which is relevant to the transaction they are engaged in. With this approach, only parties to the transaction know the amount of funds which are being transacted with, with no access allowed to the prying eyes of potential onlookers.

The Future of Crypto Lies in Holistic Ecosystems – Bitcoinist.com – bitcoinist.com

The Future of Crypto Lies in Holistic Ecosystems – Bitcoinist.com.

Posted: Wed, 20 Oct 2021 08:06:12 GMT [source]

Author: Joanna Ossinger

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