What is BEAM: A New Gaming Crypto, Does it Have a Future?

Beam operates on the Mimblewimble protocol alongside the Grin coin. The Beam cryptocurrency is coded in C++ and it uses the Equihash 150/5 system. However, in the future, developers are set to allow ASICS mining for small scale miners. The block reward for the first year is 80 BEAM coins per block and will last approximately every 4 years until the 133rd year when emission stops. Right, so how does Beam score on the topics of confidentiality, scalability and audability?

Thus, Beam (BEAM) is a blockchain and cryptocurrency that offers completely private and confidential trading and crypto asset storage. The BEAM project uses the Equihash Proof of Work as its mining algorithm. It depends on memory-usage to achieve Application Specific Integrated Circuit (ASIC) resistance. The goal was to have an efficient algorithm to operate GPUs instead of ASIC miners. Beam's development team will hard fork the protocol several times to adjust the mining algorithm to allow for ASIC mining. On the other hand, the Beam team believes ASIC technology will be more affordable within two years, allowing miners to enjoy the same benefits of large-scale mining firms.

How do you feel about BEAMX today?

“They have a chance to earn Bitcoin every 10 minutes based on how much computing power they use,” says Bruce Fenton, CEO of fintech company Chainstone Labs. Miners are paid transaction What is BEAM coin fees and 6.25 BTC per block for their efforts (if they solve the block correctly). Mining difficulty is how much work it takes to generate a number less than the target hash.

With PoA, a group of validators with a strong reputation or trusted credentials are given the responsibility of validating transaction blocks. BEAM cites several of the more experimental initiatives of Grin as one of the differentiating features between the two cryptocurrencies. Despite both being Mimblewimble implementations, Grin and BEAM focus on slightly different technical directions, although they do collaborate between each other. Both Grin and BEAM use optimized versions of the Equihash PoW mining algorithm, Cuckoo Cycle and Equihash, respectively.

How Does The Mimblewimble Blockchain Work?

It is therefore important to install an updated antivirus on your gaming computer and exclude the mining software from the antivirus scan. Adding Beam (BEAM) to MetaMask allows you to view your https://www.tokenexus.com/ token holdings, trade on decentralized exchanges, and more. Besides functioning as a gas token that fuels the Beam network, $BEAM is the heart of the governance of the Merit Circle DAO.

• However, upon launching Beam, Merit Circle announced the migration of MC tokens to BEAM at a fixed ratio of 1 MC to 100 BEAM.
• When Beam fully transitions to the PoS validation model, BEAM tokens will also be used for staking.
• Unlike the other two, the blockchain size doesn't grow alongside the number of transactions.
• Quant, better known as QNT is an Ethereum token that is used to power Quant Network's Overledger brand of enterprise…
• The Wall Street Journal, Barron's, US News & World Report, New Scientist, VICE and other publications have featured his work.
• While all nodes in the Beam network confirmed the validity of transactions, Beam counts on miners to take on the massive heavy lifting to guard the network.

Miners compete against each other using their computing power to produce a new block on the chain. The first miner that gets to complete the precise computation for each block is granted with a network standard block reward and any fees for transactions added to that block. The Mimblewimble protocol used by BEAM provides enhanced privacy features compared to other cryptocurrencies such as Bitcoin. With Mimblewimble, all transaction data is hidden from view except for the sender and receiver addresses. This means that no one can see how much money is being sent or where it's coming from or going to. Additionally, Mimblewimble uses Confidential Transactions which hides the amount of coins being transferred.

BEAM Review: Mimblewimble Based Scalable Privacy Coin

In the next stage replace the wallet public key with your own permanent wallet address. You can only use the 'worker' option in the event you are mining on more than one computer. The next stage details running the miner by clicking on the batch file. Once you run the miner, you will be able to see a blue arrow that shows the temperature and speed of every GPU. On the other hand, the green arrow represents the power usage by GPU. This is the native crypto asset used within the Beam network to pay for transactions.

• At the moment, the Dandelion feature attempts to hide some of the leaks but the development team needs to conduct experiments to come up with a solid way forward.
• This is followed by a single multi-signature being created that covers all the inputs and outputs in the transaction.
• Not surprisingly, in an age where all endeavors should have their environmental impacts evaluated and adjusted, Bitcoin mining's astronomical energy costs have drawn attention.
• High-powered computers compete to be the first to validate a series of transactions called a block, and add the block to the blockchain.
• Beam's development team will hard fork the protocol several times to adjust the mining algorithm to allow for ASIC mining.

The Beam development team consists of roughly 20 individuals as of this writing, as well as an additional 13 advisors to the project. One of the main selling points of Beam, especially for businesses, is its auditing features that will give businesses the ability to provide a financial trail for auditors or regulators if needed. As part of a broader Beam Compliance Initiative there is a focus on third-party services to provide country specific regulatory compliance. In the Mimblewimble protocol transaction receivers are able to generate a blinding factor when signing a transaction. This is made possible through the use of a combination of Pedersen Commitments and Confidential Transactions. Beam is a project that has been silently building out an incredibly robust privacy coin.