The Beam project announced months ago that its new Testnet and graphical wallet would be online at the end of last month (September 2018) and they have delivered! Let’s have a look at Beam’s special features and why this is an event worth celebrating in the cryptosphere.
Beam is not the cryptocurrency project with the highest profile in the cryptosphere. But you should be aware of it because of its unique features and the fact that it’s moving forward at a pace that can only be rivaled by Cardano, Tron or Stellar (for example). To be more specific: it was supposed to get its Testnet online last month. It did, and it’s working perfectly unlike so many other crypto Testnets that have turned out to be a complete disaster.
Let’s start with the basics. Beam is a blockchain project that aims to be perfectly private and scalable. For this, it relies on its very own blockchain, and in a new protocol called Mimblewimble. This technology allows for many features that are unique in the cryptocurrency world, and it just makes the new Testnet launch more exciting.
The whole point with Beam is to have a digital asset in which you have full control over your very own privacy because every single transaction is private by default. It means that the blockchain’s ledger keeps track of every transaction in the network (which is the hallmark of any blockchain technology), but in Beam’s case, no addresses or other private pieces of information are kept by the ledger, thus making you invisible as a user.
Another interesting feature of this project is the compact size of its blockchain. This enables excellent scalability in terms of blockchain size.
It’s a very young project as it came online only last March. But it came out stepping strong, issuing a set of milestones that were set to be accomplished very quickly, and they’ve been delivered on time.
The first step was the internal POC, which would feature a fully functional node and CLI wallet. The next step was scheduled for this month. It was to be the Testnet 1.0 release and the graphical wallet and, once again, it was delivered on time.
The next milestone is the Main Net full launch next December and, if things keep going as they have so far, we have no doubt it will be successful.
This kind of performance is remarkable. Even Tron or EOS was not able to launch a Testnet as quickly as Beam, and, while Tron’s was a success, EOS’ was a disaster (it works now, but it had to overcome several difficulties along the way).
As things stand right now, Beam has this to offer you, according to its project GitHub roadmap: The current wallet is functional and fully supports confidential transactions. It can generate and store encryption keys, so transactions remain entirely private.
The Equihash miner’s computation difficulty is being adjusted periodically to avoid inflationary pressure and to keep the network stable. The wallet is supported in Windows, Mac, and Linux. Batch Bulletproofs are working fine (this means that zero range proofs are currently perfectly efficient). You have a secure BBS system to enable offline transactions. And those are just the essential features.
We encourage you to keep yourself informed about Beam’s news because it’s one of the most exciting new projects in the cryptosphere. GlobalCoinReport will, of course, keep you updated on any new development about this and many other exciting projects!
To learn more about the project, visit www.beam-mw.com or join the Telegram group at t.me/BeamPrivacy.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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