What is Beam? Beam is a gaming blockchain developed by Ansible Labs and managed by the Merit Circle DAO. So what is Beam? What stands out about the project? Let’s find out with Weakhand.
To understand more about Beam, please read the articles below:
- What is Sei Network (SEI)? Sei Network Cryptocurrency Overview
- What is Ethereum? All About Ethereum
- What is Linera? Linera Cryptocurrency Overview
- What is Blockchain Layer 1? The Importance of Layer 1 in the Crypto Market
Beam Overview
What is Beam?
Beam is a Gaming Blockchain. Beam provides a powerful, flexible solution for game developers or players looking for the best Blockchain gaming experience. Beam is not just an independent Blockchain and Beam operates as an Avalanche subnet. As a result, Beam benefits from the scale, speed, and security features of the Avalanche protocol, while also possessing the ability to operate individually with a specific focus on gaming applications.
Beam uses a reputation-based consensus method called Proof of Authority (PoA), enhanced with the Snowman protocol. Beam is compatible with the Ethereum Virtual Machine (EVM).
Highlights of Beam
Some of the outstanding features of the Beam platform include:
- High scalability
- Security: Beam uses the Proof of Authority (PoA) consensus mechanism. This mechanism entrusts a selected group of reputable authorities to validate transactions, thereby protecting the integrity of the blockchain. The PoA model emphasizes the reputational value of validators, with these validators carefully selected based on their trustworthiness. These permissions are provided by 4 out of 8 signatures spread across various Merit Circle DAO contributors.
- Easy update version: Beam is designed to be easy to update, which allows the network to upgrade and integrate new features without having to perform a Hard Fork.
- Completely private: Implemented Mimblewimble so Beam protects user information and transactions in Beam do not display transaction amounts or addresses.
Mechanism of action
Beam’s operating mechanism can be simply understood through a few steps as follows:
- Wallet owners create new transactions using a secure online or offline channel.
- The wallet sends transactions to the node: Each transaction contains a list of Inputs and Outputs represented by Pedersen’s commitment.
- Node Verified Transactions: Each verified transaction is associated with the recent blockchain state stored as Marks Trae. The root hash is recorded in the block header along with the proof of work.
- The transaction is added to the mining pool.
- The mined block containing new transactions is sent to validators.
- One block is mined every minute and sent back to the node for verification and distribution.
dApps integrated on Beam
- Beam Companion App: DDesigned for gamers on the Beam network. It provides a simple solution to manage multiple in-game accounts from various games in the Beam ecosystem.
- Sphere Market: Where players can discover, buy and sell gaming NFTs.
- Beam Swap: Beam Swap uses the UniswapV2 protocol, helping users exchange coins/tokens in the game; Users can also provide liquidity into asset pools.
- Beam Bridge: Protocol associated with Layer Zero that enables token connection to the Beam network.
Development Roadmap
Updating
Core Team
Alexander Zaidelson – CEO
- Alexander Zaidelson earned an MBA in Finance and also holds a Bachelor of Philosophy from Tel Aviv University.
- Alexander worked as a Consultant at PerfectScale; Chief Data and Product Officer, Product, Data and AI Consultant at Uni Diamonds; Sales Director, Advisor at VirtuSwap; CEO at SCRT Labs; Member of Crypto Aid Israel.
Alex Romanov – CoFounder and CTO
- Alex Romanov holds a Bachelor’s degree in Computer Science from College Tel-Aviv Academic, Yaffo; Studied Computer Science at Tel-Aviv University.
- Alex was the Director of R&D and Product at Collactive; Team leader at Magisto; VP R&D at Music Lab LTD; Vice President of R&D at Personalics;
- From March 2018 to present, Alex is CoFounder and CTO at Beam.
Amir Aaronson – CCO
- Amir Aaronson used to work as COO at Playtness; COO at Beam blockchain; COO at Beam-Foundation; DAO supporter at Beam.
- Currently, Amir is working at Lava Network.
Investor
- In August 2022, Beam raised $7M by large VCs: Archetype, Castle Island, Arca, Soma Capital, Eniac. There are also VCs investing in Beam: Lemniscap, 1kx, Mek Group, Hexa labs, Continue Capital, Yeoman’s Capital, …
Tokenomics
Information about Beam’s tokens
- Token Name: Beam
- Tickets: BEAM
- Blockchain: Beam Blockchain
- Total supply: 62,955,102,600
Token Allocation
- Mining Rewards: 88%
- Team: 4.8%
- Founded Beam: 2.4%
- Private 1 Round: 2.4%
- Private 2 Round: 1.2%
- Advisor: 0.65%
- Private 3 Round: 0.55%
Token Use Case
- Gas Fees: Payment for transactions.
- Pay
- Block reward: BEAM is used as a block reward for miners to confirm transactions as well as improve network security.
Exchanges
Currently BEAM Token is traded on exchanges: Binance, Bybit, Gate, Bitget, MEXC, BingX, UniSwap, PancakeSwap, OpenOcean, …
Project Information Channel
- Website: https://onbeam.com/
- Twitter: https://twitter.com/BuildOnBeam
- Discord: https://discord.com/invite/meritcircle
- Telegram:
Summary
The article provides the most necessary information about the Beam project and the BEAM token. Hopefully the information provided above will help readers have more data and perspectives to make accurate investment decisions.
