In this article, I will talk about Beam Token which is a privacy coin. A cryptocurrency designed to transact in a more secure and anonymous form, Beam uses the Mimblewimble protocol which optimizes transaction data and masks users’ identities in its core.
The ultimate goal of Beam is to build a tamper proof and anonymous virtual economy where user’s transactions are not exposed. We will look into its features, advantages, and its role in an expanding privacy cryptocurrency market.
What Is Beam? (Beam)?
Beam represents a multifaceted cryptocurrency project, intertwining the realms of privacy, gaming, and decentralized governance. At its core, Beam leverages the Mimblewimble protocol, ensuring transactions on its network are private and secure.
This privacy-centric approach is complemented by a proof-of-work consensus mechanism, utilizing the Equihash algorithm to maintain network integrity and security.
In addition to its privacy features, Beam has expanded into the gaming sector, powered by the Avalanche network. It provides a sovereign network specifically designed for gaming, offering a suite of tools for developers.
These tools include APIs and SDKs, facilitating the integration of blockchain technology into games. This integration aims to enhance the gaming experience by enabling new forms of in-game economies and player interactions.
BEAM Token Overview
| Metric | Value | Change (%) |
|---|---|---|
| Current Price | $0.02193 | 0.91% (1d) |
| Market Cap | $1.08B | 1.07% |
| Volume (24h) | $41.89M | 128.43% |
| Fully Diluted Valuation (FDV) | $1.36B | |
| Vol/Mkt Cap (24h) | 3.88% | |
| Total Supply | 62.43B BEAM | |
| Max. Supply | — | |
| Circulating Supply | 49.46B BEAM |
BEAM Token Live Price
Getting started
To get started, obtain your API key for Beam by requesting it through build@onbeam.com. Then, read about how to make requests using our HTTP API or dedicated server side SDKs.
Step 1 – Let’s have a chat!
The first step to get started the Beam integration in your game, is to have your existing assets bridged or your new asset contracts deployed on Beam.
If you would like advice or need help finding a strategy that suits your needs, please contact us at build@onbeam.com – we can provide help with bridging existing assets through LayerZero or providing you with complete and audited contracts to get your in-game assets going.
Step 2 – Provide us with the asset contract details
Once the asset contracts are deployed, we’re able to index them from Beam and exposing them through this API.
Step 3 – Obtain your API keys
Obtain your API keys. If you haven’t received any API key yet, please contact build@onbeam.com.
Step 4 – Pick an implementation strategy
Pick an implementation strategy. You can either connect to the HTTP API directly, or use one of our provided API clients. We currently provide a Node.js (Typescript) and C# (RestSharp) SDK, but are happy to provide you with a client based on whatever language you need to support
Step 5 – Implement Beam
Implement Beam in your game. Get started with one of our guides or choose a strategy of your own. We recommend you to get familiar with the terminology in Beam, starting with Profiles.
What is BEAM Token?
BEAM is an ERC-20 cryptographic token used for multiple things in the Beam ecosystem. Fundamentally, it has a role in relation to the following:
Gas Token
BEAM serves as the native crypto asset on the Beam Network. Each transaction on the Beam Network requires BEAM to cover gas fees, which includes any game related transactions on the Beam Network.
Validation and delegation
After the Horizon upgrade, BEAM will be used to secure the Beam Network, and be required to validate and propose blocks on the mainnet of the Beam Network.
Governance
BEAM holders may participate in the governance of certain mutable features of Beam protocols and exerting checks and balances on Beam DAO-adjacent entities.
Means of payment
BEAM is increasingly accepted as a means of payments by various decentralized applications, games and smart contract systems within the Beam ecosystem.
BEAM to validate and secure the Beam Network
After the Horizon upgrade, BEAM will be used to secure the Beam Network, and be required to validate and propose blocks on the mainnet of the Beam Network. Validators that fulfill the network criteria to stake their BEAM will be able to run a Beam node and propose blocks on the Beam Network.
BEAM holders who do not wish to run their own node, will be able to contribute to securing the Beam Network by delegating BEAM tokens to validators running Beam nodes. Thus, BEAM powers the Beam Network and everything that occurs on it.
The work that validators do, with the assistance of delegators, and the BEAM they stake, will seek to keep the Beam Network secure and free of centralized control.
Validators and delegators that do this work for the benefit of the Beam Network and all smart contracts built on top of it, may be rewarded with BEAM and other tokens from various sources, such as from gas fees and other Beam protocols.
BEAM as a governance token
As a governance token, BEAM may grant holders the ability to participate in decisions about the future of Beam protocols and to co-approve or veto certain decisions made by DAO-adjacent entities, such as the Beam Foundation.
BEAM as a means of payment
BEAM is used as a significant medium of exchange within the Beam ecosystem. It is increasingly accepted as a form of payment by various applications, such as the NFT marketplace Sphere, and games building on Beam.
BEAM distribution
Since its inception, the BEAM emissions schedule has been subject to changes, partially due to token burns and partially due to tokens being made subject to a longer lock-up period than what was originally intended.
Burning BEAM
BEAM can be destroyed through a process typically referred to as ‘burning’. When BEAM is burned, it is sent to specific smart contracts resulting in the BEAM being permanently taken out of circulation. Burns result in a decrease in the circulating and maximum total supply of BEAM.
Beam protocols may be configured to direct part of the protocol fees to ‘burn smart contracts’. More info about this will be published in connection with the Horizon upgrade. Additionally, anyone may at any time choose to burn all or some of their BEAM.
Who Are the Founders of BEAM ($BEAM)?
BEAM is a gaming network created by the Merit Circle DAO. This decentralized autonomous organization (DAO) was brought to live in early 2021 to revolutionize the gaming industry. The $BEAM token allows its holders to participate in governance of this DAO.
As a decentralized autonomous organization, there is a flexible workforce that contributes to the success of our organization. The DAO has many talented actors working on behalf of the DAO.
Some of these are contracted by the DAO, others are contributing of their own accord. The sort of stakeholders varies from gamers, tokenholders and funds to corporations and other DAOs. From small to big, from known actors to (pseudo) anonymous actors.
Where Can I Buy BEAM ($BEAM)?
BEAM tokens can be traded on centralized crypto exchanges and decentralized exchanges. The most popular exchange to buy and trade Beam is Binance, where the most active trading pair BEAM/USDT has a trading volume of $41,046,928 in the last 24 hours. Other popular options include Uniswap V2 (Ethereum) and Bybit.
BEAM Crypto Alternatives
Monero (XMR)
Monero (XMR) is one type of a cryptocurrency that is designed to protect the identity of the user through ring signatures and stealth addresses. It is well known due to its being very protective of their user’s finances – making payments on the other hand still remains easy and effortless.
Zcash (ZEC)
Zcash allows maximum privacy protection using zero-knowledge proofs and the ability to conduct shielded transactions. One can customize the user experience by picking either transparent transfers or confidential ones. This particular feature promotes Zcash as a good option for the warm-hearted ones who cannot decide between transparency and privacy in blockchain transactions.
Dash (DASH)
Dash was made to allow affordable and fast payments combined with optional privacy provided by the PrivateSend feature. All-rounder in payment processing some people may favor it for tomorrows daily payments due to its emphasis on device compatibility and user friendliness.
Horizen (ZEN)
Horizen uses a sidechain technology to build more HASH networks and decentralized apps and packages it into one space. Their zero-knowledge proof protects data by keeping it private and encrypted making them perfect for the privacy obsessed businesses and developers focused on private blockchains.
Firo (FIRO)
Firo is the cryptocurrency that deploys Lelantus and other privacy protocols that allow everyone to transact anonymously. Because of its emphasis on fungibility and decentralization, it is the right solution for people who want to have confidentiality and freedom with their money.
Conclusion
The BEAM token is an important player in the privacy-oriented cryptocurrency domain with something unique like Mimblewimble that improves confidentiality and also scalability.
The development in user anonymity along with the decentralized governance means it is a good match for privacy lovers. However, like other coins, their future potential is determined by the market’s response, development of technology, and rivals within the space of the coins for privacy.
Researching and appreciating BEAM’s distinct and focused market space is important before making an investment or using it as a means of payment.
