What is Beam?

Beam (BEAM) is a confidential decentralized finance (DeFi) platform that seeks to enhance user privacy in the cryptocurrency space. It operates on a combination of two blockchain protocols, LelantusMW and Mimblewimble, which aim to increase the anonymity of transactions, address balances, and user identities. Beam's blockchain was built from scratch using the C++ programming language, and it seeks to keep user addresses confidential at all times, giving users total control over their privacy. Beam has a maximum supply of 262,800,000 tokens, with 81,970,000 in circulation as of February 2021.

How does Beam work?

Beam employs the Equihash proof-of-work algorithm, chosen for its ability to handle large amounts of data. This algorithm is used to secure the Beam network and maintain its integrity. Beam also supports custom transactions of different types, such as escrow, atomic swaps, and time-locked ones. The platform uses the Mimblewimble protocol, which seeks to ensure that all transactions on the network are fully confidential. Beam's Virtual Machine enables confidential dApps using WASM execution, with Contract Shaders handling business logic and App Shaders managing presentation layers for easy wallet integration.

What are the potential use cases for Beam?

Beam seeks to provide a platform for safe, stable, and reliable transactions, aiming to eliminate the problem of user data mismanagement. It supports private stablecoins, NFTs, AMMs, and future developments like lending, oracles, sidechains, wrapped assets, and more. Beam's blockchain also supports the creation, transaction, and trading of assets on its platform, with asset transactions being indistinguishable from regular Beam transactions. Beam's Virtual Machine enables the creation of confidential dApps, and the platform also supports a Uniswap-like AMM for Beam and its Confidential and Bridged Assets.

What is the history of Beam?

Beam was launched in March 2018 by a team led by Alexander Zaidelson, Alex Romanov, and Amir Aaronson. Zaidelson, the project’s CEO, started his career as a software developer and has founded a P2P file-sharing company, Nareos. Romanov, the CTO, has worked with large teams on several complex projects, while Aaronson, the COO, has co-founded several technological companies. Beam's mainnet went live on January 3rd, 2019. The platform was created in response to the growing need for increased privacy in the cryptocurrency space, as developments in blockchain analysis revealed that transactions could be traced back to the senders.