Should You Invest In Beam Crypto?

BEAM is a privacy-focused cryptocurrency that aims to give its users greater control over their personal data. It is the first-ever cryptocurrency to implement the Mimblewimble privacy technology, which obscures transaction data and improves scalability. While BEAM has performed well since its launch, it is still in its early stages, and it is too early to tell if it is a good investment. This article will explore the key features and potential of BEAM as an investment opportunity.

Beam's price history and future predictions

Price History

BEAM, the native token of the Beam network, was launched on 3 January 2019 and started trading at $0.003. It reached an all-time high of $0.044 on 10 March 2024, representing a 1,300% increase from its starting price. However, this was followed by a downturn, with the price falling to $0.020 on 13 April 2024 and further down to $0.015 on 24 June 2024. On 3 July 2024, BEAM was trading at about $0.017.

Future Predictions

According to various sources, here are some predictions for the price of BEAM in the future:

• September 2024: Maximum of $0.0324, minimum of $0.0319, and an average of $0.0322.
• October 2024: Range between $0.0316 and $0.0329, with an average of $0.0323.
• November 2024: Minimum of $0.0328, maximum of $0.0359, and an average of $0.0344.
• December 2024: Range between $0.0351 and $0.0455, with an average of $0.0403.
• 2025: Minimum of $0.0323, maximum of $0.0677, and an average of $0.103.
• 2026: Minimum of $0.0358, maximum of $0.0427, and an average of $0.0368.
• 2025: Between $0.014899 and $0.071298.
• 2030: Between $0.03856 and $0.062522.

It's important to note that these predictions are highly speculative and subject to change due to the volatile nature of the cryptocurrency market.

Beam's privacy features

Beam is a privacy-focused cryptocurrency and blockchain platform. It is the first-ever crypto based on Mimblewimble privacy technology, which leverages the Proof-of-Work consensus mechanism to offer improved privacy and network scalability. The MW blockchain design offers a faster and more compact way of downloading and verifying data. It also has a feature called Cut-Through, which reduces the number of blockchain transactions by eliminating redundant transaction records.

The Beam blockchain, in combination with the Mimblewimble protocol, ensures that transactions are completely concealed. It offers two types of privacy transactions: standard privacy transactions for robust anonymity and maximum anonymity set transactions with a 64k anonymity set. Additionally, Beam employs the Lelantus protocol for enhanced privacy.

Beam also uses the Dandelion protocol, which randomises the pathways of transactions on a decentralised network, obscuring network traffic activity. This ensures that transactions are indistinguishable from regular Beam transactions, providing an additional layer of privacy.

The Beam wallet offers a range of features, including the ability to send and receive BEAMs and Confidential Assets (CAs) using addresses or QR codes, monitor transaction status in real-time, and receive notifications while keeping your IP address unexposed. The wallet supports multiple languages and has a dark mode option.

Beam's DeFi platform

Beam is a privacy-focused DeFi platform that leverages the Mimblewimble blockchain design to offer improved privacy and scalability. The platform enables developers to create confidential, decentralised, and user-friendly financial applications.

The Beam blockchain supports private stablecoins, NFTs, AMMs, and future developments like lending, oracles, sidechains, wrapped assets, and more. It also features confidential smart contracts, which enable the creation of confidential dApps using WASM execution.

One of the key features of Beam is its commitment to user privacy. It offers standard privacy transactions for robust anonymity and maximum anonymity set transactions with a 64k anonymity set. Asset transactions on Beam's blockchain are indistinguishable from regular Beam transactions, ensuring that user activity remains confidential.

Beam also provides a range of tools and APIs for developers, including Atomic Swaps, Laser Beam, and Confidential Assets. The platform supports a wide range of financial applications, including decentralised exchanges (DEXes), an Uniswap-like Automatic Market Making (AMM), DAI-like Algorithmic Stablecoins, lending, wrapped assets, and NFT tokens.

With its focus on privacy, Beam aims to address the concerns of investors and developers regarding the transparency of public blockchains like Ethereum, where transaction data is exposed and can be traced back to the participants.

Beam's scalability

Beam is a privacy-focused cryptocurrency that utilizes Mimblewimble to provide confidential transactions by default. This allows for scalability, reduced blockchain bloat, and enhanced fungibility without a trusted setup.

Mimblewimble, named after a spell in the Harry Potter series, is a modification of the Bitcoin protocol designed to enhance privacy and network efficiency. It offers an easier and faster way to download data that is also more compact and convenient to synchronize and verify.

The MW blockchain design alters the course that traditional blockchain models have followed to perform transactions. It introduces a feature known as Cut-Through, which reduces the number of blockchain transactions by eliminating redundant transaction records.

Beam also uses the Dandelion protocol, which aims to obscure network traffic activity. It randomizes the pathways through which transactions are dispersed on a decentralized network, protecting the anonymity of the entire network rather than just individual users.

Beam implements leading research in areas such as Confidential Transactions, Bulletproofs, and Dandelion++ to enhance privacy and scalability. It enables complex logic like time-locked transactions and atomic swaps, allowing for the creation of diverse digital assets that can be exchanged privately on the Beam platform.

Beam's commitment to scalability is evident in its ability to provide confidential and scalable financial experiences to its users, making it a promising player in the cryptocurrency space.

Beam's mining and distribution

Beam is a privacy-focused cryptocurrency and blockchain platform that leverages Mimblewimble and Lelantus protocols to ensure that all transactions on its network are fully confidential. It is the first-ever crypto based on Mimblewimble privacy technology.

Beam relies on miners to add transactions to its blockchain. All nodes in the Beam network confirm the validity of transactions, but miners are needed to guard the network. Miners compete against each other using their computing power to produce a new block on the chain. The first miner to complete the precise computation for each block is granted a network standard block reward and any fees for transactions added to that block.

Beam uses the Equihash proof-of-work mining algorithm. A Beam block is generated approximately every minute and contains about 1000 transactions. The block size is roughly 1MB. During the first year of Beam's existence, the miner reward is 80 coins per block. In years 2-5, the reward is 40 coins per block. In year 6, the reward is 25 coins, and then halving will occur every 4 years until year 129. After year 133, Beam emission will stop.

In the first five years of existence, additional coins will be issued to the Beam Treasury with each newly mined Beam block. In the first year, the Treasury will receive 20 additional Beam coins per block, and in years 2-5, the Treasury will receive 10 coins per block. The Treasury will be used to repay Beam investors, incentivize the core team, and support the Beam Foundation. The distribution of Treasury Coins is performed on a quarterly basis, with the Beam Foundation receiving 20% as the biggest single beneficiary.

Beam plans to stay ASIC-resistant in its first 12-18 months and will perform one or two hard forks to achieve this. Each hard fork will change the mining algorithm, with the exact modifications being revealed several weeks before the actual hard fork.

Frequently asked questions