How can I buy some Beam?
Bitcoin was a great blessing, showing people a way to a truly decentralized and deflationary currency and blazing the path towards a future where our money and finances are neither controlled nor scrutinized by anyone. Hundreds of new coins appeared, some of them minor variations of Bitcoin, some offering new possibilities.
However, the fact that transactions on Bitcoin and many of its derivatives are not confidential (all transaction history is stored in a public ledger accessible to anyone), makes cryptocurrency use in real life quite problematic. Can anyone think of a business that would want all its income and expenses to be seen by its competitors?
Privacy coins (like Monero, Zcash and their derivatives) have great merits and technology while providing good confidentiality, but do not fully deliver on scalability and decentralization. Another important quality is auditability - with Monero or Zcash it is impossible to demonstrate a provable transaction graph to an external auditor, which is often needed for businesses.
The ideas behind Mimblewimble protocol allow for creation of a coin that is confidential, scalable and optionally auditable.
We believe that the Beam coin will serve as a truly usable confidential store of value, with an addition of second-layer solutions like Lightning to allow for day-to-day usage.
Technology Here’s a brief comparison of the technologies used by both projects:
- Programming Language
- Beam: C++
- Grin: Rust
- Mining Algorithm:
- Beam: Modified Equihash
- Grin: Cuckatoo32+, plus Cuckaroo29
Beam uses a capped emission model of about 263 million total coins (see “What’s Beam Emission Schedule”). Grin uses a constant emission of 1 grin per second (60 per 1-minute block).
While both projects are adding functionality all the time, the known feature list planned for launch is as follows:
- Desktop Wallet
- Beam: GUI and CLI (Command-line interface) for Windows, OSX and Linux
- Grin: CLI for Linux, OSX and Windows Web wallet interface
- Mobile Wallet
- Beam: Android, iOS
- Grin: None
- Interactive Transactions (both wallets online)
- Beam: Yes
- Grin: Yes
- Non-interactive transactions (wallets don’t have to be online at the same time)
- Beam: Yes, transparently from the Wallet, using Secure BBS
- Grin: Yes, using email or similar
- Transaction Graph Obfuscation
- Atomic Swaps
- Beam: Bitcoin <> BEAM
- Grin: Ethereum <> Grin
- Beam: Opt-in, see “What is Auditability”
- Grin: None
- Confidential Assets
- Beam: Available - possibility to issue additional tokens on Beam blockchain
- Grin: Not yet
Beam runs as a classical startup. We raised money from investors and pay salaries. In the future, Beam plans to pass governance of the protocol to a Beam Foundation (see “What is Beam Foundation”). Grin is a 100% volunteer project fueled by community enthusiasm and occasional donations, supporting one paid developer. For the first two years, Grin will be governed by the core development team with input from the community.
- First year’s block reward is 80 coins per block
- Years 2,3,4 and 5 - 40 coins per block
- In years 6-9 the block reward is 25 coins.
- Afterwards, halving every four years until year 133, when emission stops
In the first five years of Beam existence, additional coins will be emitted to the Treasury:
- First year: 20 coins per block
- Years 2,3,4 and 5 - 10 coins per block
It can be seen that our emission schedule is closely modeled on Bitcoin’s, the main difference being a higher block reward during the first year. The reasoning for the higher block reward in the first year is to make sure miners have strong interest in mining Beam early in its existence and help introduce Beam coin to the market.
A more detailed information on Beam emission schedule can be found here
We urge our community to be very careful and not to fall for scam attempts.
For mainnet launch, we will be using Equihash with parameters n=150 and k=5.
For more details, read this in-depth article about our Equihash implementation.
Beam has put together a remarkable team of first-class engineers and entrepreneurs, and a strong advisory board comprised of accomplished cryptocurrency veterans. We have 7 full-time developers, a growing marketing team and seasoned management. Beam CEO is Alexander Zaidelson, an experienced entrepreneur, executive and VC investor, the engineering team is led by CTO Alex Romanov (over 15 years experience running complex R&D projects in numerous industries), the operations are run by COO Amir Aaronson, experienced entrepreneur and executive, and marketing is under the lead of CMO Beni Issembert, who has vast experience in consumer marketing both in the crypto world and outside it.
our Product Management is done by Sasha Abramovich, a top notch Product Owner with solid technical background, ex-Agora, AppsFlyer, Natural Intelligence and more. The list of advisors includes people like Guy Corem, Bryan Bishop, Gordon Chen, Rami Kasterstein, Ferdous Bhai, Liraz Siri and Addison Huegel. Check out our Team page for details. We are actively building a global community of developers who share our mission of creating a private digital currency and will maintain and improve Beam.