Convert BEAM to TRY

Beam (BEAM) is a privacy-focused cryptocurrency that utilizes Mimblewimble technology to offer confidential transactions and scalable blockchain solutions.

Key takeaways:

• Privacy-First Design: Beam is built on the Mimblewimble protocol, which provides strong privacy by default, hiding transaction amounts and participant addresses.
• Scalable and Compact Blockchain: Mimblewimble allows for significant blockchain pruning, meaning the ledger size remains small and efficient, enhancing scalability.
• Dual-Token Ecosystem: The network features BEAM as its primary currency and BeamX (BEAMX) as a governance token for its DeFi and confidential smart contract platform.
• ASIC-Resistant Mining: Beam employs the RandomX mining algorithm, designed to be resistant to specialized ASIC hardware, promoting a more decentralized mining landscape.
• Confidential Smart Contracts: Through its Laser Beam sidechain, Beam enables the execution of smart contracts with privacy features, expanding its use cases beyond simple payments.

What is Beam? Key Specifications & Tokenomics

Beam is a privacy-centric cryptocurrency that implements the Mimblewimble protocol to offer scalable and confidential transactions without relying on a trusted setup.

Who created Beam(BEAM)?

Beam was founded by a team of developers led by Alexander Zaidelson, who serves as the CEO of Beam Foundation Ltd. The project was officially launched in January 2019. The core development team, while not pseudonymous, has maintained a strong focus on delivering the technical roadmap. The Beam Foundation, based in Gibraltar, oversees the project's development, ecosystem grants, and community initiatives. The creation of Beam was driven by the desire to build a practical, scalable privacy coin by implementing and extending the Mimblewimble protocol, which was originally proposed in 2016 by an anonymous developer known as Tom Elvis Jedusor (the French name for Harry Potter's Voldemort).

How does Beam(BEAM) work?

Beam operates on a modified version of the Mimblewimble protocol, which is integrated with a Proof-of-Work consensus mechanism. Here’s a breakdown of its core functionalities:

• Confidential Transactions: Unlike transparent blockchains like Bitcoin, Beam hides the amount and type of every transaction. It uses cryptographic commitments and range proofs to ensure validity without revealing sensitive data.
• Cut-Through: This is a key feature of Mimblewimble. Intermediate transaction data (spent outputs) is "cut through" and removed from the blockchain history. This drastically reduces the size of the blockchain, as only unspent transaction outputs (UTXOs) need to be stored, enhancing scalability.
• Dandelion++ Protocol: Beam employs this protocol to obscure the original IP address of a transaction broadcaster, adding an extra layer of network-level privacy before the transaction is publicly announced.
• Laser Beam Sidechain: For more complex applications, Beam has developed the Laser Beam sidechain. It supports confidential smart contracts and decentralized applications (dApps) using a WebAssembly-based virtual machine, allowing for private DeFi and other financial instruments.

What makes Beam(BEAM) unique and valuable?

Beam's primary value proposition lies in its practical implementation of privacy and scalability. Its uniqueness stems from several key design choices:

• No Trusted Setup: Unlike some other privacy coins (e.g., early Zcash), Beam's privacy does not require an initial trusted setup ceremony, which removes a potential point of failure or criticism.
• Compact Blockchain State: The Mimblewimble protocol's cut-through feature means the Beam blockchain doesn't grow linearly with the number of transactions. This makes running a full node less resource-intensive, promoting decentralization and long-term sustainability.
• Optional Auditability: While transactions are private by default, Beam offers optional auditability features. Users can generate a view key to share transaction details with a designated auditor (like an accountant or regulator) without compromising their private spend key.
• Dedicated Privacy Focus: Beam was built from the ground up for privacy, rather than adding it as a secondary feature. This holistic approach ensures privacy is integrated into every layer of the protocol, from transaction construction to network propagation.

What is Beam (BEAM) used for?

The BEAM token serves as the native currency and utility token within the Beam ecosystem, with several primary use cases:

• Private Medium of Exchange: Its core function is to be used for confidential peer-to-peer payments and transfers, where users wish to keep financial details private.
• Transaction Fees: BEAM is required to pay for transaction fees on the main Beam blockchain, compensating miners for securing the network.
• Store of Value: Some users hold BEAM as a private digital store of value, similar to how Bitcoin is used, but with enhanced transaction confidentiality.
• Ecosystem Participation: BEAM is used within the broader Beam ecosystem, including on the Laser Beam sidechain for interacting with private dApps and potentially for staking in future governance models related to the sidechain.

How Is the Beam (BEAM) ecosystem developing?

The Beam ecosystem is evolving beyond a simple privacy coin into a broader platform for confidential finance. Development is guided by the Beam Foundation and community governance via the BEAMX token.

• BeamX and Governance: The introduction of BeamX (BEAMX) created a dedicated governance token. BEAMX holders can propose and vote on changes to the BeamX DeFi ecosystem, including treasury management and project grants.
• Laser Beam Expansion: The Laser Beam sidechain is a major focus, aiming to host a suite of privacy-preserving decentralized applications, such as private swaps, lending platforms, and NFT marketplaces.
• Wallet and Infrastructure: The team continuously develops and updates its official wallets (desktop, mobile, web) and improves node software to enhance user experience and developer accessibility.
• Exchange Listings and Liquidity: Gaining listings on major cryptocurrency exchanges remains a priority to improve liquidity and accessibility for users worldwide.

How to mine Beam(BEAM)?

Beam is mined using the RandomX algorithm, which is designed to be efficient on general-purpose CPUs and resistant to dominance by specialized ASIC miners. Here is the general process:

1. Acquire Suitable Hardware: You will need a computer with a modern CPU. RandomX is optimized for CPUs with large cache sizes (e.g., AMD Ryzen or Intel Core series). GPU mining is possible but generally less efficient for this algorithm.
2. Choose Mining Software: Select and download mining software compatible with RandomX, such as XMRig, which is commonly used for Beam mining.
3. Join a Mining Pool: Due to the high network difficulty, solo mining is unlikely to be profitable. Join a Beam mining pool (like HeroMiners, 2Miners, or BeamHash) to combine your hashing power with others and receive more frequent, smaller rewards.
4. Configure and Start Mining: Configure your mining software with the pool's connection details and your Beam wallet address. Once set up, the software will begin solving cryptographic puzzles to find new blocks.
5. Receive Rewards: When your pool successfully mines a block, the block reward is distributed among pool participants proportionally to their contributed hash rate, minus a small pool fee.

How to keep your BEAM Coin safe?

Securing your BEAM requires careful management of your private keys, as with any cryptocurrency.

• Use Official Wallets: The most secure method is to use the official Beam wallets (Desktop Wallet, Mobile Wallet, or Web Wallet). These are developed and maintained by the core team and are specifically designed for the Beam protocol.
• Safeguard Your Wallet Seed: Upon creating a wallet, you will be given a 12-word recovery phrase (mnemonic seed). Write this down on paper and store it in multiple secure, offline locations. Anyone with this seed can control your funds.
• Consider Hardware Wallets: For large holdings, use a hardware wallet that supports BEAM, such as a Ledger device integrated with the Beam Wallet. This keeps your private keys offline and immune to computer viruses.
• Practice Good Security: Use strong, unique passwords for your wallet software. Be cautious of phishing websites and fake wallet apps. Always download software from the official Beam website or trusted app stores.

How to buy BEAM Coin?

BEAM is a cryptocurrency available on several exchanges. However, it is recommended to trade on a major cryptocurrency exchange like BTCC, as these platforms typically offer higher liquidity and more robust customer support.

1. Register a BTCC Account: Sign up using your email or mobile number and complete the KYC verification to unlock more features and benefits of the platform.
2. Deposit Funds: Deposit fiat currency (supported via bank transfer, card, or third-party payment) or transfer USDT from an external wallet into your BTCC account. You can refer to the guide on how to buy USDT on BTCC.
3. Start Trading: Navigate to the trading page and search for the BEAM spot trading pair BEAM/USDT or the perpetual contract BEAMUSDT.
4. Place an Order: Enter the amount of BEAM you wish to purchase and submit your order. For contract trading, you can also choose to go short (sell) and adjust the leverage multiplier according to your strategy and goals.
5. Confirm Your Purchase: For spot purchases, check your personal account to see if the BEAM tokens have arrived. For contract trades, check the trading page to see if your order was filled successfully.