With so many cryptocurrencies, it can be hard to keep track of all of them. Take a closer look at the coin BEAM before you decide whether to invest in it.
What Is BEAM?
BEAM markets itself as a confidential DeFi (decentralized finance) platform and cryptocurrency. Some of the stand-out features of BEAM include:
· Strong anonymity on regular transactions with the option of Max Privacy. BEAM prides itself on being private by default.
· Confidential assets, without the ability to distinguish between Beam UTXO and asset UTXO.
· Atomic swaps to exchange confidential asset and Beam in a decentralized manner.
· Highly intuitive wallets and platforms.
· Smart contracts via Contract Shaders.
Beam is currently working on creating a full-featured decentralized exchange, as well as adding atomic swaps with ERC20 and ETH. You can already use atomic swaps with BTC, QTUM, DASH, LTC, and DOGE.
Beam is scalable and confidential and uses both the LelantusMW and the Mimblewimble protocol.
Mimblewimble, commonly known as MW, is a design for blockchain that improves scalability and privacy while using proof of work. Tom Elvis Jedusor introduced it in 2016, with Andrew Poeletra improving upon it later that year.
Essentially, MW allows for a more compact blockchain. That, in turn, allows for quicker downloads, verifications, and synchronization. Additionally, these blockchains don’t have reusable or identifiable addresses, maximizing privacy.
BEAM uses Mimblewimble.
How BEAM Was Created
The team began developing the platform and cryptocurrency BEAM in March 2018. They launched the mainnet on Jan. 3, 2019, which was the tenth anniversary of Bitcoin’s genesis block.
How Many Coins Have Been Issued?
There is a total supply of 262,800,000 BEAM coins. Each BEAM crypto coin contains 100,000,000 Groth. The current circulating supply is about 33 percent of the max supply, 87,917,240 BEAM. This is also the total supply.
For reference, at the time of writing, the BEAM coin price is $1.40. The market cap is $122.9 million, offering a glimpse of the overall BEAM crypto value.
How Do You Mine BEAM?
Since the crypto BEAM uses Proof of Work, you can mine it. BEAM crypto mining involves verifying transactions and earning rewards in exchange. Mining BEAM involves using a modified Equihash algorithm.
If you choose to mine BEAM, you compete with other miners to complete computations for blocks. In exchange, you receive the standard network block reward as well as any transaction fees. BEAM uses the Equihash parameters of n=150 and k=5.
To mine BEAM, you need a GPU of at least 4 GB. Blocks are approximately 1 MB and generated about every minute to contain around 1,000 transactions.
The rewards for mining BEAM were 80 coins for each block in the first year. This halves to 40 coins in years two to five, then 25 coins in year 6. After this, every four years sees a halving. No more BEAM coins will be emitted after year 133.
Where to Buy BEAM?
You can currently buy BEAM on more than 20 different exchanges. If you prefer, you can also mine the crypto instead of directly paying the BEAM crypto price.
Some of the larger exchanges that offer an answer to where to buy BEAM cryptocurrency include Binance, Gate.io, 7b, BiKi, BitForex, HBTC, HotBit, TradeOgre, BigONE, BitFare, and Vinex, in addition to 7b.
How to Use BEAM?
Once you buy the BEAM crypto, you have a few options of how to use it. If you want, you can trade or invest in it, just like you would any other cryptocurrency. This can involve choosing to sell or buy BEAM crypto based on its price and your predictions, or it may mean holding onto the BEAM coin for the long term.
You can also choose to use BEAM for online gaming and gambling, to buy certain goods or services, or to donate. There is a full list of the options on the BEAM website, but there are several hundred. The options include coffee, power banks, mining merchandise, tea, art, crypto merchandise, recreational cannabis, stickers, CBD products, kratom, music, mushroom cultivation, hosting, legal services, proxies, trading tools, VPNs, online gaming, and donations.
How can I trade BEAM?
One of the easiest ways to trade BEAM coin is using the 7b mobile app.
Where you can find thousands of pairs with BEAM.
Steps to trade Beam in 7b
- Install 7b app from Google Play: link
- Pass the registration process. It will only take a couple of minutes.
- Deposit BEAM or deposit some BTC, ETH, or USDT to a 7b account.
- Trade BEAM using your deposited funds right in your 7b app. The last step finished and now you’re the happy owner of BEAM.
- Done. Happy BEAM trading!
How Can I Pay with BEAM?
You can easily pay with BEAM by shopping at one of the markets, stores, or online platforms that accepts it. The easiest way to do this would be to transfer the BEAM you want to spend from your 7b broker app to the official BEAM wallet. From there, you can easily complete your transaction as you would any other cryptocurrency transaction.