The first Mimblewimble application released to the market, Beam, is a blockchain that allows its users to maintain their privacy without compromising on any performance gains. This network stands out as a scalable and private privacy cryptocurrency that aims to provide users with full control over their personal data. In this guide of Zatrun.com, you can access all the information you wonder about the cryptocurrency.
What is BEAM and How Does It Work?
BEAM is a platform where users have full privacy control. Users can determine the information to be shared and private transactions do not cause any bloat. A secure installation is not required, and blocks are extracted using the “Equihash proof-of-work” consensus mechanism. The address is not stored in the blockchain, but the sender or recipient can be stored.
Platform uses the Mimblewimble and LelantusMW protocols and increases scalability by reducing bloat in the blockchain with the Mimblewimble protocol. LelantusMW works for anonymity purposes. The project enables investors to operate their assets in an untraceable manner and aims to provide users with full control over their cryptocurrencies.
BEAM is a blockchain platform that offers features such as strong privacy, creating confidential assets, atomic swaps, superior usability, and smart contracts. Users can provide strong privacy with normal privacy transactions or anonymity set transactions.
In addition, the wallets can be used on mobile and desktop, and there is also a send-forget and wallet-to-wallet transfer option for transactions. Project also has hidden DeFi features to support algorithmic stablecoins, AMM, NFT tokens, and other financial instruments.
Is It a Good Investment?
The BEAM token, which is the native token of the ecosystem, allows for confidential transactions. Transactions made with cryptocurrencies are performed with complete privacy and are fast. The high level of scalability of the platform enables the cryptocurrency to be transferred in seconds. Additionally, it is a mineable cryptocurrency. Users with powerful computer hardware can passively earn that cryptocurrency by mining.
The BEAM coin currently has a market capitalisation of $5.8 million. It is also ranked 936th on the CoinMarketCap list. It attracts investors who value privacy due to its MimbleWimble-based privacy structure. However, the fact that it has major competitors such as Monero and ZCash suggests that the project may lag in the future.