What Is Beam (BEAM)?
Beam is a layer-1 blockchain solution and a decentralized finance (DeFi) platform. A layer-1 solution refers to the blockchain itself that supplements the base layer of the blockchain to improve scalability. The platform aims to deliver maximum privacy and confidentiality without compromising on usability.
Beam also implements user-friendly mobile and desktop crypto wallets. The wallets are known for their usability and aesthetics.
Beam network and wallets offer multiple features:
Beam blockchain is based on a privacy-centric technology .Except for the participants on the network, no one can see the sender, receiver, or value of transactions. Identity-related information is not recorded on the blockchain.
Beam is based on a proof-of-workconsensus mechanism called BeamHash III, where the miners add transactions to the blockchain and guard the network. Beam is an open-source project in terms of the coding and development process.
The platform has developed an Atomic Swap functionality in which complete decentralized peer-to-peer trading is allowed between BEAM for Bitcoin, Ethereum, Litecoin, Dogecoin, and more. Users have the comfort to trade from their wallets and can integrate an Atomic Swap marketplace into their Beam wallets to get the benefit which is a simplified process.
The platform has developed direct payment channels between wallets. These channels allow instant payments. This feature allows for instant confirmation time between two wallets, and later on-chain settlement is done.
Beam Virtual Machine and WASM (Web Assembly) execution make confidential decentralized applications (Dapps) possible on the network. The Dapps are implemented through smart contracts that are programmable with any language. The developers currently are using the C++ programming language. WebAssembly (WASM) is an instruction format for a stack-based virtual machine.
Beam is a new and experimental technology, hence, users are responsible for the safety of their funds. Moreover, users need to use strong passwords for their wallets and keep the seed phrase safe.
BEAM is the native coin of the Beam platform. BEAM is a deflationary cryptocurrency; the number of coins in circulation decreases with time to support the coin's value.
History of Beam (BEAM)
Beam was launched in March 2018. The team of developers on the platform shared the vision of creating a confidential and reliable cryptocurrency solution. They launched the first version of the mainnet blockchain on January 03, 2019. Alexander Zaidelson is the founder of Beam.
The maximum supply of BEAM is 262,800,000 coins.
