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.
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
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.
Source: Beam Management Team.
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.
Source: Beam Management Team.
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.
|Private Sale 1 Allocation||2.40% of the total token supply|
|Private Sale 1 Price||$0.32|
|Private Sale 1 Date||May to June 2018|
|Amount Raised in Private Sale 1||$2.02MM|
|Private Sale 2 Allocation||1.20% of the total token supply|
|Private Sale 2 Price||$0.64|
|Private Sale 2 Date||July to September 2018|
|Amount Raised in Private Sale 2||$2.02MM|
|Private Sale 3 Allocation||0.55% of the total token supply|
|Private Sale 3 Price||$0.80|
|Private Sale 3 Date||October to December 2018|
|Amount Raised in Private Sale 3||$1.15MM|
|Circ. Supply||49,775,040 (19.94%)|
The token distribution was as follows:
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:
The emission curve of BEAM is shown below:
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.
The following chart represents the number and breakdown of all BEAM that are to be released into circulation on a monthly basis.
|PLANNED DATE||MILESTONE||ACTUAL DATE||TIMING||COMMENTS|
|Sep 2018||Public Testnet||Oct 2018||Late||Public testnet was ready by end of September, but the team decided to conduct 2 more weeks of testing before announcement. Medium|
|Dec 2018||Mainnet Launch||Jan 2019||Late||The team decided to launch Mainnet on January to commemorate Bitcoin's 10th anniversary. Medium|
|Feb 2019||Agile Atom 1.2 Release||Feb 2019||On time||Medium|
|Feb 2019||Release of Lightning Position Paper||Feb 2019||On time||Lightning Position Paper|
|2019: Q2||Payment Platforms Integration||2019: Q2||On time||Blog|
|2019: Q2||Fast Node Sync||2019: Q2||On time||Medium , Github|
|2019: Q2||Implementation of Payment Confirmation||2019: Q2||On time||Payment 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: Q2||Hardware Wallet Integration||Delayed to Q3||Late||Delayed due to complexities related to development of the hardware wallet.|
|2019: Q3||Clear Cathode 3.0 Release||2019: Q3||On time||Beam released wallet update for the hard fork. Medium|
|2019: Q4||Release of Atomic Swaps Marketplace||2019: Q4||On time||Medium|
Beam has a combination of public and private repositories.
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: