— @Beamprivacy (@beamprivacy) January 3, 2019
This technology ultimately allows for truly private transactions and a scalable blockchain that is a magnitude smaller than other blockchain implementations.
The launch of Beam’s mainnet comes just nine months after the project was first proposed, beating out competing Mimblewimble project, Grin, which has been in development since the end of 2016.
Beam leverages the Equihash proof-of-work algorithm, meaning that the coin is GPU-friendly. There is no ICO or pre-mine, and the project development is backed by a trackable treasury system. 20% of each block reward will go toward the project’s treasury.
Moving forward, Beam is planning to develop and release a number of features, including atomic swaps with Bitcoin (BTC), a mobile wallet and payment platforms integration via API.
If Mimblewimble sounds familiar — and you don’t read “Harry Potter” — its because the protocol was one of four options proposed by Litecoin founder Charlie Lee, when their team was considering adding privacy features to the altcoin. Lee published a Twitter poll to receive community feedback, and Mimblewimble finished last with only 13% of the votes.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.