Introduction
The Beam (BEAM) Token is the native crypto of a decentralized gaming network called Beam. The BEAM network allows gamers and developers to collaborate and engage themselves in immersive gaming experiences.
It is a confidential decentralized finance (Defi) platform that focuses on privacy in the crypto space.
Beam was launched in 2018 by Alexander Zaidelson, Alex Romanov, and Amir Aaronson. Zaidelson, who is the project CEO, started his career as a software developer, and founded the P2P file-sharing company, Nareos. Romanov, the CTO has handled large teams in several complex projects. While the COO, Aaronson has co-founded several technological companies. Since January 3rd, 2019, when the Beam mainnet went live, it has served the growing need for increased privacy in the crypto space.
What is BEAM Crypto?
The BEAM Token is a privacy-oriented crypto asset that uses smart contracts for transactions and asset transfers. The use of Beam ensures a streamlined and immersive gaming experience. It uses two Blockchain protocols, LelantusMW and Mimblewimble, for the anonymity of transactions, address balances, and user identities.
Beam’s Blockchain is made from scratch using C++, which seeks privacy and confidentiality of user addresses at all times.
How Does the BEAM Token Work?
Beam employs the Equihash proof-of-work algorithm, chosen for its ability to handle large amounts of data and transactions. Beam supports custom transactions of different types as escrow, atomic swaps, and time-locked ones. Mimblewimble protocol seeks to ensure all transactions on the network are confidential. Beam’s Virtual Machine enables confidential dApps using WAASM execution, while Contract Shaders handles business logic and App Shaders manages presentation layers for easy wallet integration.
BEAM Crypto: Challenges and Concerns
Beam’s unique features make it stand out among other crypto assets; its potential use cases range from medical industry to finance, gaming etc. But as of now, there are some challenges for Beam to overcome.
Complexity
Beam’s use of Mimblewible and LelantusMW protocols makes it quite complex to understand and use. This can limit its adoption among the populace.
Centralization
Beam’s crypto mining process is dominated by a few large mining pools. There is a probability of centralization and potential security risks. This drawback can be used to manipulate the Blockchain.
Benefits of BEAM Token
With their own Blockchain built from scratch along with stress over privacy and utility, Beam gives us several benefits. They are as follows-
Enhanced Privacy
Beam’s privacy features based on Mimblewimble protocol allow for confidential transactions without revealing the identities of sender, receiver, and transaction amount. Beam also uses Lelantus protocol which allows users to create and burn anonymous coins, further enhancing privacy.
Improved Security
Privacy and security go hand in hand. Beam is designed to be secure and resistant to potential attacks and hacks. One of its main security features is the Dandelion++ protocol, which enables the broadcasting of transactions while preventing the possibility of tracing the origin. Beam is also designed to be resistant to 51% attacks and double-spending attacks.
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Scalability
Beam is built to be scalable, that is, it can make a large number of transactions without slowing down or increasing fees. The use of Beam Hash 3 algorithm allows for faster processing of transactions. This has allowed Beam to traverse into the gaming community.
Beam SDK: Empowering Game Development
At the heart of Beam technology, there is a versatile software development kit that offers game developers a range of tools to incorporate Beam elements into their games effectively.
Merit Circle DAO Governance
Beyond its utility as a gas token, $BEAM sits at the center of governance for the Merit Circle DAO Governance. $BEAM’s multifaceted role in the Beam network allows it to advance both towards governance and gaming experience.
Future of BEAM Crypto
With the scalability, flexibility, and security that Beam provides, let us try to understand its future.
Utility in Gaming
The gaming industry needs privacy, scalability, fast transactions as well a governance framework. These requirements fall in the scope of Beam pretty well. Its adoption in games is increasing and they are actively collaborating more. Looking at the present pace, we can look forward to its increased utility.
Read more: What Is Crypto Gaming
Sustainability
Beam, with its unique approach, congregates the two aspects, that is, scalability and security together. With its native blockchain built specifically with a unique vision, the utility seems to increase with time. It has grown both in market capitalization and market adaptation since its inception. Its growth towards gaming and evolution towards governance DAO shows its adaptability and capability.
Read more: Rise Of Blockchain Gaming
Other Utilities
Beam has its native blockchain and protocols like Mimblewimble and LelantusMW provide privacy and security along with speed and scalability. Its unique approach to solving the blockchain trilemma makes it a potential token to be used in several other sectors like healthcare, etc. This opens a window and gives us a peek into the future of trustless digital transactions.
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