Review on Beam by Olugbenga Ajayi
Beam cryptocurrency with mimblewimble protocol
Beam cryptocurrency was founded by a group of about 20 individuals that is headed by Alexander Zaidelson. Its mainet was sold on January 2019 at $0.57. Since then it has risen and fallen several times.
What is the main objective of Beam cryptocurrency?
Beam cryptocurrency is aiming at eliminating the problems inherent in cryptocurrency today like lack of true privacy, lack of confidentiality and lack of scalability. They hope to bring about privacy and confidentiality together with quality performance and also achieve transaction cut through.
To achieve these, beam development team introduced its mimblewimble protocol which solves each of these problems one after the other.
It uses proof of work plus equihash algorithm for mining which will give CPU and GPU miners a fair and rewarding mining experience.For block reward, 80% goes to miners while the remaining 20% goes to the team and the investors. I think this is fair enough.
If the team will fulfill their promises, i believe cryptocurrency adopters will enjoy better privacy and it will also challenge other cryptocurrency project too.
Pros
- The code is open source and verifiable on GitHub
- The coin (beam) could really bring a good ROI if we consider what has been happening to it since its launch
- It gives miners a good Mining reward
- It is a transparent project that is audited by third party auditing companies
- It offers better scalability through its mimblewimble protocol
- Their wallet is available for use on both mobile and desktop
- All transactions on Beam is unforgeable as it is sealed with digital signature
- Users enjoy first class true annonymity
Cons
- As a new project, time will tell if all promises about privacy, scalability and confidentiality will be fulfilled
