Beam (BEAM) is a privacy-focused cryptocurrency that utilizes Mimblewimble to provide confidential transactions by default. It operates on a proof-of-work model using the ASIC-resistant Equihash algorithm and aims to be a decentralized, confidential cryptocurrency for everyday transactions. Beam is also the native token for the Beam gaming ecosystem, where it facilitates transactions and interactions within the ecosystem, including transfers of assets and interactions with smart contracts.
Beam (BEAM) is a decentralized DeFi (Decentralized Finance) platform that focuses on privacy and confidentiality in the crypto space. It uses a combination of three protocols: Mimblewimble, Dandelion, and Lelantus-MW to ensure the anonymity of transactions, user identities, and address balances. Here are some key ways Beam is used:
Private Transactions: All Beam transactions are private by default, meaning that no one can see the sender, receiver, or transaction value except for the participants involved. No addresses or identity-related information is recorded on the blockchain, ensuring user privacy.
Atomic Swaps: Beam allows for peer-to-peer trading of Beam with other cryptocurrencies like Bitcoin, Ethereum, and Litecoin without the need for an exchange or third-party intermediary. This is achieved through its Atomic Swap functionality, which is integrated into Beam wallets.
Direct Payment Channels (Laser Beam): Beam supports creating direct payment channels between wallets, enabling instant payments similar to the Lightning Network. This feature is useful for streaming and micropayments.
Confidential Assets: Beam allows users to create and issue tokens on top of the Beam blockchain, which are also private by default. This is different from Ethereum, where tokens are created using Smart Contracts.
Decentralized Apps (DApps): Beam supports the development of decentralized applications (DApps) that can run various financial services like lending, stablecoins, and decentralized exchanges.
Gaming: Beam is also used in the gaming industry, providing a platform for gamers and developers to collaborate and engage in immersive gaming experiences. It uses smart contracts for transactions and asset transfers, ensuring a streamlined and immersive gaming experience.
Overall, Beam is designed to provide a high level of privacy and confidentiality while maintaining usability and scalability, making it a versatile cryptocurrency with various use cases.
To store Beam (BEAM) tokens, you have several options:
Store on an Exchange: Hold your Beam (BEAM) on an exchange like KuCoin, which provides convenient access to investment products and features such as spot and futures trading, staking, and lending. Ensure the exchange has strict security measures in place to protect your assets.
Non-Custodial Wallets: For enhanced security, store your Beam (BEAM) in a non-custodial wallet, which grants you complete control over your private keys. You can use hardware wallets, Web3 wallets, or paper wallets. Be sure to store your private keys securely to avoid losing access to your funds.
Beam Desktop Wallet: Use the Beam Desktop Wallet, which offers advanced privacy settings and allows you to manage your Beam (BEAM) assets securely. You can also use the wallet to send and receive Beam coins, including transactions to BANS domains.
Beam Command Line (CLI) Wallet: The Beam CLI wallet is another option, available for macOS, Windows, and Linux. It provides a reliable method of managing your Beam wallet and is necessary for certain features like registering Confidential Assets and using Lightning Payments.
Beam Wallet from MEW and Enkrypt: You can also use a Beam wallet from MyEtherWallet (MEW) and Enkrypt, which is considered a secure way to hold Beam tokens and interact with the BeamOS.
To buy Beam (BEAM) tokens, follow these steps:
Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports BEAM, such as Binance, CoinEx, Bybit, gate.io, or MEXC. Research the fees, security features, and supported currencies before making a choice.
Create an Account: Register a free account on the chosen exchange. Provide the required personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.
Add Funds: Deposit funds into your exchange account using a bank transfer or credit card. Ensure you have sufficient funds to cover the cost of the BEAM tokens and any transaction fees.
Place a Buy Order: Navigate to the exchange's trading platform and select BEAM as the cryptocurrency you want to buy. Enter the amount you wish to purchase and review the transaction details, including the price and fees. Confirm the purchase once you are satisfied with the terms.
Store Your BEAM: After the purchase, store your BEAM tokens in a secure wallet. You can use the Beam Wallet, which is available for desktop, mobile, and web browsers, or other compatible wallets.
Remember to always follow best practices for securing your cryptocurrency accounts and wallets to protect your assets from potential scams and theft.
