Review on Beam by Fanuel PORPORTY
BEAM, a cryptocurrency that promotes speed of transactions and confidentiality
Beam is a project that silently built an incredibly robust privacy room. Since its launch, it has captured the attention of the markets. Beam is a Mimblewimble-based cryptocurrency that not only tries to develop a privacy-based coin, but also a scalable coin. This is something that many other cryptocurrencies are struggling to provide as blockchains swell and user adoption slows down.
Beam is one of the new additions to the cryptocurrency roles, launched in January 2019. It is one of the many newer coins based on the Mimblewimble protocol that includes Grin, and was created to help bridge which is perceived as gaps in the available privacy pieces such as ZCash and Monero. The Beam team has added several features that they believe will make Beam a superior coin.
Pros
- Like Bitcoin, Beam is a proof-of-work blockchain, which allows miners to receive rewards for the contribution of computing power to the network.
- Beam uses a modification of the Equihash algorithm called Beam Hash II for consensus, calling it a stable and user-friendly solution for the GPU that will lead to an equitable distribution of BEAM parts.
- Mimblewimble technology aims to address several key areas in the cryptosphere, including reducing the size of blockchains to improve scalability,
Cons
- This coin is relatively new to be used as a widely used payment method.
