logoBeam (BEAM)

A Scalable, Confidential Cryptocurrency Based On The MimbleWimble Protocol.
  • Beam is a scalable, confidential cryptocurrency based on the MimbleWimble protocol. The project has raised ~$5.2 MM via private token sales, and was founded by Alexander Zaidelson.
  • The Beam blockchain utilizes Proof-of-Work (POW) to reach network consensus. Using the MimbleWimble protocol, Beam is able to enhance privacy and fungibility, while reducing blockchain bloating and improving scalability. Addresses are not stored in the blockchain and transactions are private by default.
  • BEAM is designed to be a deflationary coin with capped supply, halving every four years and stopping emission altogether after 133 years.
  • The BEAM token currently has two forms of utility: medium of exchange with full anonymity, and confidential store of value.

1. What is Beam (BEAM)?

Beam is a scalable, privacy-oriented cryptocurrency based on the MimbleWimble protocol, which conceals the values and metadata of transactions. Using the MimbleWimble protocol, Beam is able to enhance privacy and fungibility, while reducing blockchain bloating and improving scalability.

Beam's mission is to let users have complete control over their money. The team is building a new blockchain to provide confidential, decentralized and usable store of value and means of payment, as well as a strong self-governed community to further develop and support it.

The BEAM token currently has two forms of utility: it is the medium of exchange with full anonymity and also serves as confidential store of value.

2. Blockchain and network data

MimbleWimble and UTXO model

Beam is based on MimbleWimble, a protocol that allows full confidentiality of blockchain transactions without compromising scalability. Similar to Bitcoin, the MimbleWimble blockchain is based on the Unspent Transaction Ourput ("UTXO") model. However, in MimbleWimble there are no addresses, and UTXO values are encrypted by the "blinding factors". Blinding factors are private keys which are only known to the UTXO owner. It is not possible for an observer to deduce any information on ownership or value of a Beam UTXO.

Each user holds keys to their UTXOs

blockchain

Source: Beam Management Team.

To create a transaction, the sender and the receiver wallets need to first establish communication. Once the communication is established, the sender provides the transaction inputs, and both sender and receiver create their respective outputs with range proofs attesting that the values are non-negative. Both parties sign the transaction and then it is sent out to the nodes.

Transaction schematics

blockchain

Source: Beam Management Team.

Dandelion schematics

The nodes verify that the sum of inputs and outputs is exactly zero and that the range proofs and signatures are correct. The inputs are then removed from the current UTXO set, and the outputs are saved.

To improve scalability, the MimbleWimble protocol utilizes the Transaction Cut-Through mechanism. For Beam, the intermediate states of the blockchain are not saved. The blockchain only holds the current state of the UTXO set, and thus does not have to grow linearly with the number of transactions.

As an additional privacy mechanism, Beam implements Dandelion. With Dandelion, transactions are not broadcasted to all nodes immediately. Instead, each transaction is passed through several nodes before being broadcasted to the whole network. At each step of the stem phase, the transaction is merged with other transactions arriving at the same nodes, with the addition of special decoy outputs for better obfuscation.

blockchain

Source: Beam Management Team.

Proof-of-Work (PoW) consensus with ASIC resistance

For consensus, Beam uses Beam Hash, a Proof-of-Work algorithm based on Equihash.

Beam chose to remain ASIC-resistant in the first 18 months of Mainnet Launch, and has already conducted a hard fork to change the PoW algorithm to maintain ASIC-resistance.

3. Economics and supply

3.1 Key metrics

Token NameBEAM
Token TypeNative
Private Sale 1 Allocation2.40% of the total token supply
Private Sale 1 Price$0.32
Private Sale 1 DateMay to June 2018
Amount Raised in Private Sale 1$2.02MM
Private Sale 2 Allocation1.20% of the total token supply
Private Sale 2 Price$0.64
Private Sale 2 DateJuly to September 2018
Amount Raised in Private Sale 2$2.02MM
Private Sale 3 Allocation0.55% of the total token supply
Private Sale 3 Price$0.80
Private Sale 3 DateOctober to December 2018
Amount Raised in Private Sale 3$1.15MM
Circ. Supply49,775,040 (19.94%)
Max Supply262,800,000

3.2 Token supply distribution

The token distribution was as follows:

  • Private Sale 1 tokens make up 2.40% of the total token supply. It was conducted between May to June 2018, raised a total of 2.02MM USDT at $0.32 per coin, selling 2.40% of the total token supply.
  • Private Sale 2 tokens make up 1.20% of the total token supply. It was conducted between July to September 2018, raised a total of 2.02MM USDT at $0.64 per coin, selling 1.20% of the total token supply.
  • Private Sale 3 tokens make up 0.55% of the total token supply. It was conducted between October to December 2018, raised a total of 1.15MM USDT at $0.80 per coin, selling 0.55% of the total token supply.
  • Team owns 4.80% of the total token supply.
  • Beam Foundation tokens consist of 2.40% of the total token supply.
  • Advisors received 0.65% of the total token supply.
  • Mining Rewards tokens make up 88.00% of the total token supply.
BEAM token distribution (%)

BEAM is designed to be a deflationary coin with capped supply, halving every four years, and stopping emission altogether after 133 years.

BEAM emission schedule is largely inspired by Bitcoin's. The main differences are that there are 10 times more blocks and that BEAM's first-year emission is 100 BEAM coins per block. The first halving occurs after 1 year, and then halvings occur every 4 years, 33 times in total.

The emission is of BEAM is denominated in Groth, the smallest unit of BEAM. One BEAM contains 100,000,000 Groth.

In the first 5 years, BEAM emission is split between Mining Rewards and the Token Treasury:

  • Mining Rewards: in the first year, Mining Rewards will be 80 coins per block. In years 2–5, Mining Rewards will be 40 coins per block. In year 6, Mining Rewards will be reduced to 25 coins, and then halving will occur every 4 years until year 129. After year 133, BEAM emission will stop.
  • Token Treasury: in the first year, 20 BEAM coins per block are emitted to the Token Treasury, and in the second to fifth year, the Treasury will receive 10 coins per block. The Token Treasury will be used to repay investors (Private Sale 1, 2, and 3), incentivize the Team and Advisors, and to support the Beam Foundation.

The emission curve of BEAM is shown below:

emission

3.3 Token governance and use of funds

As of writing, Beam has not yet started using the Beam Foundation tokens. The Beam team is currently setting up the Beam Foundation.

The private keys to the Team and Foundation wallets are held in secured vaults with 24/7 security. Opening the vault requires physical keys from two of Beam's core team members.

BEAM token release schedule

The following chart represents the number and breakdown of all BEAM that are to be released into circulation on a monthly basis.

BEAM token release schedule

4. Roadmap, updates, and business development

4.1 Roadmap

PLANNED DATEMILESTONEACTUAL DATETIMINGCOMMENTS
Sep 2018Public TestnetOct 2018LatePublic testnet was ready by end of September, but the team decided to conduct 2 more weeks of testing before announcement. Medium
Dec 2018Mainnet LaunchJan 2019LateThe team decided to launch Mainnet on January to commemorate Bitcoin's 10th anniversary. Medium
Feb 2019Agile Atom 1.2 ReleaseFeb 2019On timeMedium
Feb 2019Release of Lightning Position PaperFeb 2019On timeLightning Position Paper
2019: Q2Payment Platforms Integration2019: Q2On timeBlog
2019: Q2Fast Node Sync2019: Q2On timeMedium , Github
2019: Q2Implementation of Payment Confirmation2019: Q2On timePayment Confirmation is a message signed by the receiver of a transaction and kept by the sender. It can be used to prove to any third party that the receiver has received the payment. Medium Github
2019: Q2Hardware Wallet IntegrationDelayed to Q3LateDelayed due to complexities related to development of the hardware wallet.
2019: Q3Clear Cathode 3.0 Release2019: Q3On timeBeam released wallet update for the hard fork. Medium
2019: Q4Release of Atomic Swaps Marketplace2019: Q4On timeMedium

4.2 Commercial partnerships and business development progress

  • CoinPayments: CoinPayments is a payment gateway providing websites and online stores to accept cryptocurrencies as payment. Beam's integration with CoinPayments allows Beam to be accepted by a list of merchants.
  • Blockpass: Blockpass is a company that offers regulatory compliance services. Blockpass and Beam will collaborate on integrating Blockpass' KYC solutions into future versions of the Beam wallet for business users.
  • Fiat gateways: the Beam team is working on partnerships with fiat gateways to allow easy onboarding from fiat to BEAM.
  • Issuance of confidential assets: Beam is currently discussing with multiple stablecoin and STO companies regarding the issuance of Confidential Assets on the Beam Platform.

5. Project team

Alexander Zaidelson
CEO
Principal of CIRTech Fund, former CEO of Wikitup, co-founder of Nareos, Software Engineer at Mercury Interactive.
Alex Romanov
CTO
Former R&D VP at Personalics and Music Lab LTD
Beni Issembert
CMO
Co-founder and former CMO at WeBuy, external CMO at connectJob, Managing Director at Rainmaker
Amir Aaronson
COO
Former COO at Playtness, co-founder and CEO at Fitch and MLTL Group
Sasha Abramovich
Head of Product
Former Product Manager at Agoda, AppsFlyer, Natural Intelligence, and former System Architect of the Israeli Air Force
Victoria Khodichenko
Director of QA
Former Lead QA Engineer at Waste Logics Software and QA Test Engineer at AcquireWeb
Guy Corem
Foundation Board Director
Former President and CEO of DAGlabs
Wilke Trei
Foundation Board Director
Research Assistant bei University of Oldenburg
Bo Dong
Foundation Board Director
Founder and CEO of Altonomy, co-founder of Mega Credit
Ferdous Bhai
Foundation Board Director
Founder of Bitcoin OTC brokerage YapCX and cryptocurrency exchange ChainRift
Vlad Gelfer
Core Developer
Alexander Starun
Core Developer
Anatol Sevostyan
Core Developer
Roman Strilets
Core Developer
Zavarza Sergey
Wallet Developer
Vadim Grigoruk
Core Developer
Sasha Braginsky
Web Developer
Albert Yehiazaran
DevOps
Denis Demenchenko
iOS Developer
Jagor Kushnir
Senior Support Engineer
Denis Asipenko
QA Engineer
Juri Jakimuk
QA Engineer
Sergey Zayats
QA Engineer

6. Beam's activity and community overview

6.1 Development activity

Beam has a combination of public and private repositories.

6.2 Social and community data

Beam's community growth strategy is structured around 4 community groups: ambassadors, developers, miners, and privacy-tech advocates.

To foster the growth of its community, the team relies on multiple elements:

  • An ambassador program: it currently has more than 20 volunteers that are responsible for building and managing local communities. The Beam team targets to run around 4 local meetups a month.
  • Active participation to conferences and events: The Beam team has been active in blockchain events and conferences all over the world, including: Token2049, Slush Japan, Deconomy, Distribute, North America Blockchain Week, Consensus NYC, etc.
  • An online academic program: the team runs its academic program in the US to interact with Blockchain Student Associations, currently including that of Harward, Yale, Columbia, UCLA, Stanford, MIT, Carnegie Mellon, etc. The Academic Program will expand to Asia in the near future.
  • Online hackathons: The team conducted an online hackathon with Qtum in summer 2019. Another hackathon will be held in September in Germany with Blockmania.
  • Gamification of the mining process: Beam states that their strategy with miners will focus on gamification of the mining process.

Telegram (English)
Twitter (English)
Medium (English)
Reddit

7. Appendix

References

Advisors