As cryptocurrencies continue to pique the interest of many people, many are now looking into the best digital assets for trading. Most crypto enthusiasts seek tokens that allow anonymous and safe transactions on the blockchain or better referred to as privacy coins.
An example of this is the Beam (BEAM) cryptocurrency which is a digital asset that is suitable for confidential transactions since it has a strong security system and a revolutionary blockchain technology called Mimblewimble. Uncover more about its complexities here at the BTC Post:
Brief background about Beam cryptocurrency
Beam (BEAM) cryptocurrency is a private and anonymous asset that functions on an extraordinary blockchain called Mimblewimble. This was launched in March 2018 and was made to solve various issues like the anonymity, scalability and traceability of online transactions.
The leading founders of Beam cryptocurrency include Alexander Zaildelson, Alex Romanov and Amir Aaronson. Zaildelson is the project’s Chief Executive Officer (CEO) who is known for his background in the field of software development. He also led various startup projects such as Nareos which is a peer-to-peer (P2P) file-sharing company.
As for Romanov, he is the Chief Technology Officer (CTO) who was fairly new into the crypto scene but has experience in developing software for many startup companies. Meanwhile, for the Chief Operating Officer (COO), Aaronson has co-founded other technology companies like Israel-based tech solutions, Fitch, apart from being part of Beam.
What is the current performance of the Beam cryptocurrency?
BEAM’s market capitalization reached up to $62 million as of writing. Its current market price is $0.62 but it reached an all-time high of $3.21 on January 28, 2019. Meanwhile, its lowest was $0.1483 on March 13, 2020. As for its coins up for circulation, it has a maximum supply of 262.8 million tokens. However, only 81.9 million of them were circulated as of February 2021.
Key features of the Beam cryptocurrency
Here are the key features of the BEAM cryptocurrency:
It has a unique blockchain
Compared to Bitcoin (BTC) which lacks privacy features, Beam (BEAM) addresses the issue through their anonymity blockchain called Mimblewimble. It’s a blockchain protocol that has no addresses and keeps transactions confidential by encrypting them to avoid being known by individuals outside of the transaction.
In a transaction through the Mimblewimble, the amount of a certain asset that a sender wants to process is encrypted through blinding factors. These are random values picked by the sender which the receiver also has to choose from. If the receiver chooses a similar value to the sender, the transaction is considered valid. Hence, the sender has more control over the transaction and chooses whether to inform the receiver about the said value.
It has a high level of security
To keep its network secured, BEAM utilizes the Equihash proof-of-work (PoW) algorithm that handles large amounts of data at once. All of the transactions under it are private by default, which means no one is allowed to see the data about the sender or receiver on the blockchain except the involved parties. The addresses and other identity-related information are not recorded on the blockchain, allowing you to keep all your transaction history private.
It has efficient scalability
Most privacy coins like Dash (DASH) and Zcash (ZEC) encounter issues with scalability despite their impressive privacy features. However, BEAM provides a solution through their PoW protocols that allows faster ways to download and easier ways to verify data. Since it has a smaller blockchain compared to others, it’s more convenient for the miners to get involved in the transaction. It currently has the ability to accomplish 16 to 20 transactions per second (TPS).
The Beam platform can easily be accessed through your mobile or desktop devices. It is supported by different kinds of operating systems such as iOS and Android. As for its design, it has a sleek and minimalist appearance that’s pleasing to the eye which makes it easy for beginners to understand.
It allows the exchange of confidential assets without a third party
Apart from being a notable cryptocurrency, BEAM is a great platform for decentralized finance (DeFi) since it allows the exchange of confidential assets without the need for an intermediary. In its Beam wallet, it has a built-in decentralized application (dApp) store that gives you easy access to various financial services including smart contracts.
It utilizes smart contracts
The smart contracts of the platform, also known as the Beam Shaders, allows different DeFi applications to function through the Beam Virtual Machine (BVM) in all its nodes and wallets. Even if this is a relatively new feature, it still remains superior among its peers since it uses a C++ programming language from scratch.
Where you can trade the BEAM cryptocurrency
Buy and sell the BEAM cryptocurrency in any of the following exchange sites:
Founded in 2017, Binance is a great online exchange where you can trade over 500 cryptocurrencies like Bitcoin (BTC) and Beam (BEAM). It provides a crypto wallet for all its users to keep their electronic funds safe and secure.
Gate.io is one of the oldest crypto exchanges in the world established in 2013 in China. It was later rebranded in 2017 and became one of the largest crypto platforms that grew over a short amount of time. Their best services include Initial Exchange Offering (IEO), cryptocurrency trading and margin lending.
Known as one of the safest crypto exchanges, BiKi currently has over 3.5 million registered users. It was founded in 2018 with over 450 cryptocurrencies listed. This has no deposit fees and its withdrawal costs depend on the type of service and currency that you are using.
Keep your data safe through the Beam cryptocurrency
Trading with the BEAM cryptocurrency is now easier and more convenient compared to similar digital coins. It offers a more private and secure transaction without letting any of your personal data accessible to other users on the blockchain. Moreover, you are in control of all the details related to your transaction in a more efficient way. Start investing in BEAM today and reap all the benefits that come along with it!
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Cardano (ADA) $ 0.621691 5.5%
Avalanche (AVAX) $ 39.03 5.16%
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