“With future hard forks, Beam is ready to fix the fundamental void in DeFi … privacy,” Beam explains in a news update.
DeFi enables unreliable banking operations leveraging blockchain and smart contracts, eliminating the need for a centralized entity. DeFi ensures that the owner of a digital asset is a true custodian, not an intermediary who holds the asset on behalf of the owner. For example, user funds stored on an exchange are actually stored in the exchange’s wallet.
However, DeFi provides personal ownership and unauthorized banking, but does not provide user privacy. All transactions are exposed to blockchains like Ethereum. This means that anyone can see what’s going on with different wallets and, of course, use that knowledge.
On public blockchains like Ethereum, pending transactions that are not running are stored in mempool. It can also be monitored to benefit from front running other transactions by paying higher gas charges.
Beam addresses these issues with a modern hard fork that offers the long-awaited privacy that DeFi-enabled blockchain lacks. The hard fork took place on June 24th at a block height of 1.82 million.
This update included integration with IPFS storage to efficiently process large amounts of data such as NFTs and new radio frequency transaction (HFTX) schemas.
Following Beam Improvement Proposal (BIP) and community voting, the cost of creating Confidential Assets (CA) has been significantly reduced from $ 500 BEAM to just $ 10 BEAM. This change will take effect with a hard fork upgrade.
Prior to the hard fork, users were advised to update to the latest version of the beam wallet.
Beam is working on increasing the programmable custom logic that can be run on the chain using hard forks.
Beam’s privacy focus comes from the goal of creating a platform and cryptocurrency that can be used viablely in the real world.
When discussing the platform, the team explains that no company or individual wants every transaction in a public ledger so that anyone can view or monitor it.
In addition, when referring to other privacy coins such as ZCash and Monero, they point out that they do not offer programmability.
As a result, Beam turned to the Mimblewimble and Lelantus MW protocols, which provide transactional privacy.
Mimblewimble is a technology named after the Harry Potter spell and uses its own security framework to ensure the complete privacy of transactions.
Using this protocol, Beam can support a variety of custom transaction methods such as time-lock swaps, atomic swaps, and escrow.
Hard fork for privacy
As part of a hard fork effort to bring privacy to DeFi, Beam has implemented an upgrade to its own smart contract, the Beam shader.
The beam shader runs inside the beam virtual machine and implements custom contract logic.
Integration with the Beam Virtual Machine is key to these improvements and increased use by developers.
Both of these updates allow developers to build and deploy DeFi applications such as sensitive assets, AMM pools, loans and stablecoins.
Overall, this hard fork aims to improve the scope of financial assets and dApps, and users can create and use them while keeping them private and secure.
BeamX DAO: Transition to Full Decentralization
The Beam Foundation is a non-profit organization aimed at facilitating the research and development of Beam’s default private ecosystem. The team actively advocates for privacy, transparency and decentralized community decision making.
The current vision of the Beam protocol is to move governance from Beam Foundation to Beam XDAO and fully decentralize the platform. $ BEAMX holders can influence the roadmap of the BeamX DeFi ecosystem by voting and incentivizing sustainable and decentralized community governance.
“The ultimate goal is to get the process completely out of the hands of the community and achieve a sufficient level of stability,” Beam explains in a news update.
About the beam:
Beam is Layer 1’s highest confidentiality and default privacy blockchain, based on a suite of privacy-centric technology protocols such as mimblewimble, Lelantus, and Dandelion, that completely hides the value and metadata of transactions.
BeamX is a DeFi ecosystem, governance tokens, and a Decentralized Autonomous Organization (DAO) under one umbrella. Built on the world’s most sensitive blockchain, BeamX paves the way for an unrivaled private DeFi infrastructure with a focus on scalability, interoperability, and fully decentralized community governance. ..
Name: Beam Foundation
Company name: Beam foundation
Email: [email protected]
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For more information on Beam, please visit our website and blog.
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