BINANCE CRYPTO RESEARCH REPORT – BEAM (BEAM) A scalable, confidential cryptocurrency based on the MimbleWimble protocol


KEY HIGHLIGHTS

Raised ~$5.19 MM via private token sales from April to December 2018

Addresses are not stored in the blockchain and transactions are private by default

Enhances privacy and fungibility while reducing blockchain bloating and improving scalability by using the MimbleWimble protocol

RECENT NEWS

WHAT IS BEAM?

Beam (or the „Project“) is a scalable, privacy-oriented cryptocurrency based on the MimbleWimble protocol which conceals the values and metadata of transactions. Using the MimbleWimble protocol, Beam is able to enhance privacy and fungibility, while reducing blockchain bloating and improving scalability.

Key Features of Beam

Beam’s mission is to let users have complete control over their money. The team is building a new blockchain to provide confidential, decentralized and usable store of value and means of payment, as well as a strong self-governed community to further develop and support it.

TOKEN SALE & ECONOMICS

KEY METRICS
Token NameBEAM
Token TypeNative
Private Sale 1 Allocation2.40% of the total token supply
Private Sale 1 Price$0.32
Private Sale 1 DateMay to June 2018
Amount Raised in Private Sale 1$2.02MM
Private Sale 2 Allocation1.20% of the total token supply
Private Sale 2 Price$0.64
Private Sale 2 DateJuly to September 2018
Amount Raised in Private Sale 2$2.02MM
Private Sale 3 Allocation0.55% of the total token supply
Private Sale 3 Price$0.80
Private Sale 3 DateOctober to December 2018
Amount Raised in Private Sale 3$1.15MM
Circ. Supply36,692,640 (13.96%)
Max Supply262,800,000

Token Distribution:

Private Sale 1:

Private Sale 2:

Private Sale 3:

BEAM Emission

BEAM is designed to be a deflationary coin with capped supply, halving every four years and stopping emission altogether after 133 years.

BEAM emission schedule is largely inspired by Bitcoin’s. The main differences are that there are 10 times more blocks and that BEAM’s first-year emission is 100 BEAM coins per block. The first halving occurs after 1 year, and then halvings occur every 4 years, 33 times in total.

The emission is of BEAM is denominated in Groth, the smallest unit of BEAM. One BEAM contains 100,000,000 Groth.

In the first 5 years, BEAM emission is split between Mining Rewards and the Token Treasury.

Mining Rewards: In the first year, Mining Rewards will be 80 coins per block. In years 2–5, Mining Rewards will be 40 coins per block. In year 6, Mining Rewards will be reduced to 25 coins, and then halving will occur every 4 years until year 129. After year 133, BEAM emission will stop.

Token Treasury: In the first year, 20 BEAM coins per block are emitted to the Token Treasury, and in the second to fifth year, the Treasury will receive 10 coins per block. The Token Treasury will be used to repay investors (Private Sale 1, 2, and 3), incentivize the Team and Advisors, and to support the Beam Foundation.

The emission curve of BEAM is shown below:

Token Governance & Use of Funds

As of writing, Beam has not yet started using the Beam Foundation tokens. The Beam team is currently setting up the Beam Foundation.

The private keys to the Team and Foundation wallets are held in secured vaults with 24/7 security. Opening the vault requires physical keys from two of Beam’s core team members.

BEAM Token Release Schedule

The following chart represents the number and breakdown of all BEAM that are to be released into circulation on a monthly basis.

BEAM Token Overview & Use Cases

The BEAM token currently has two forms of utility:

ROADMAP & UPDATES

Original Roadmap & Achievements
PLANNED DATEMILESTONEACTUAL DATETIMINGCOMMENTS
Sep 2018Public TestnetOct 2018LatePublic testnet was ready by end of September, but the team decided to conduct 2 more weeks of testing before announcement.
Medium
Dec 2018Mainnet LaunchJan 2019LateThe team decided to launch Mainnet on January to commemorate Bitcoin’s 10th anniversary.
Medium
Feb 2019Agile Atom 1.2 ReleaseFeb 2019On timeGithub
Feb 2019Release of Lightning Position PaperFeb 2019On timeLightning Position Paper
2019: Q2Payment Platforms Integration2019: Q2On timeBlog
2019: Q2Fast Node Sync2019: Q2On timeMedium
Github
2019: Q2Implementation of Payment Confirmation2019: Q2On timePayment Confirmation is a message signed by the receiver of a transaction and kept by the sender. It can be used to prove to any third party that the receiver has received the payment.
Medium
Github
2019: Q2Hardware Wallet IntegrationDelayed to Q3LateDelayed due to complexities related to development of the hardware wallet.
Blog
2019: Q3Clear Cathode 3.0 Release2019: Q3On timeBeam released wallet update for the hard fork.
Medium

Updated Roadmap

Sept to Oct 2019: Double Doppler release
Nov to Dec 2019: Eager Electron release

Commercial Partnerships and Business Development Progress

TEAM OVERVIEW

TRADING DATA

Liquidity

The BEAM token is currently listed on 10+ exchanges, according to CoinMarketCap. Core crypto trading pairs include BEAM/BTC, BEAM/USDT, and BEAM/ETH.

TECHNICAL OVERVIEW

Github Overview

Beam has 20 public and 11 private repositories.

Top Public Github Repositories

beam

Beam: Scalable Confidential Cryptocurrency. A MimbleWimble implementation.20 Contributors5,733 Commits

beam-docs

RTD Documentation for Beam (master branch)4 Contributors115 Commits

android-wallet

Mobile Wallet client (Android) for Beam.7 Contributors658 Commits

ios-wallet

Beam iOS Wallet.3 Contributors66 Commits

Top Private GitHub Repositories

beam-website

Website based on October CMS9 Contributors2,555 Commits

BLOCKCHAIN & NETWORK DATA

Beam is based on MimbleWimble, a protocol that allows full confidentiality of blockchain transactions without compromising scalability. Similar to Bitcoin, the MimbleWimble blockchain is based on the Unspent Transaction Ourput („UTXO“) model. However, in MimbleWimble there are no addresses, and UTXO values are encrypted by the „blinding factors“. Blinding factors are private keys which are only known to the UTXO owner. It is not possible for an observer to deduce any information on ownership or value of a Beam UTXO.

Each user holds keys to their UTXOs

Source: Beam Management Team

To create a transaction, the sender and the receiver wallets need to first establish communication. Once the communication is established, the sender provides the transaction inputs, and both sender and receiver create their respective outputs with range proofs attesting that the values are non-negative. Both parties sign the transaction and then it is sent out to the nodes.

Transaction Schematics

Source: Beam Management Team

The nodes verify that the sum of inputs and outputs is exactly zero and that the range proofs and signatures are correct. The inputs are then removed from the current UTXO set, and the outputs are saved.

To improve scalability, the MimbleWimble protocol utilizes the Transaction Cut-Through mechanism. For Beam, the intermediate states of the blockchain are not saved. The blockchain only holds the current state of the UTXO set, and thus does not have to grow linearly with the number of transactions.

As an additional privacy mechanism, Beam implements Dandelion. With Dandelion, transactions are not broadcasted to all nodes immediately. Instead, each transaction is passed through several nodes before being broadcasted to the whole network. At each step of the stem phase, the transaction is merged with other transactions arriving at the same nodes, with the addition of special decoy outputs for better obfuscation.

Dandelion Schematics

Source: Beam Management Team

For consensus, Beam uses Beam Hash, a Proof-of-Work algorithm based on Equihash. Beam chose to remain ASIC-resistant in the first 18 months of Mainnet Launch, and has already conducted a hard fork to change the PoW algorithm in order to maintain ASIC-resistance.

COMMUNITY DATA

Social Community Overview & Strategy

Beam’s community growth strategy is structured around 4 community groups:

  1. Ambassadors
  2. Developers
  3. Miners
  4. Privacy-tech Advocates

Community and Social Channels

APPENDIX

Advisors

Binance Research provides in-depth analysis and data-driven insights of digital assets by generating unbiased, institutional-grade research reports for investors in the crypto space.

READ THE FULL REPORT HERE

https://info.binance.com/en/research/BEAM-2019-09-19.html

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Quelle: @BinanceResearch
Quelle: @BinanceResearch

24.09.2019 - 21:33

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