AMABEAM AMA Recap With Neng Yuni Forum
Dear Community, Welcome to the recap of our AMA with BEAM.
Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what BEAM is about, we are sure this recap gonna help you. So without further, continue reading.
Speaker : Migo Esprandos — Beam India Lead
First Session Project Introduction
Before we start our first session can you introduce yourself?
Mr. Suhas: Sure, Hi I am Suhas Hegde
(https://twitter.com/Suhas_Hegde ) , Popularly known as Migo Esprandos in the cryptosphere. I am the founder of Monochrome Labs and the Beam India Lead, been involved in blockchain and crypto since 2014.
Q1. Can you tell us what is BEAM? And a short story of how came up with idea for BEAM?
Mr. Suhas: Yes, this is a nice question for a brief introduction. Let me begin.
Beam is a Confidential Cryptocurrency and DeFi Platform. Beam project has started in March 2018, as a confidential cryptocurrency focused on the combination of privacy, usability and scalability. The mainnet was launched just 9 month later, on January 3rd 2019 which was 10 year anniversary of the Bitcoin genesis block.
Beam is GPU minable, with 1 minute per block (which is about 17 transactions per second).
The idea to create Beam came from the need for a practical privacy coin.The one that will not bloat the blockchain size,and will be opt-in auditable, so that it will be used by both businesses and individuals.
For this reason we have initially chosen the Mimblewimble protocol, which provides the unique combination of confidentiality and scalability out of the box. Later we have augmented Beam with the Lelantus protocol, in addition to MW, to create the best posible privacy for all use cases.
You can see that we have a very interesting Logo too. 😉
Q2. Can you briefly describe BEAM’s main advantages over its competitors?
Mr. Suhas: Beam has many great privacy features. Beam has always been thinking ahead in the future.
Recently we have launched a testnet of BeamX which is a Confidential DeFi platform that will be launched later this year. It will allow building DeFi applications such as Confidential Stable Coins, AMM based swap exchange, lending platforms and many more
In addition to great privacy and usability has many unique features, for example,
Beam has completely decentralized Atomic Swaps, which today support BTC, LTC, QTUM, Dash and Doge.We have Atomic Swap marketplace built into the desktop wallets,so that you can exchange beam for each of those currencies without KYC or any trusted third party.
Also, in a month or so we will also add support for Ethereum and ERC20 based stable coins such as USDT and DAI.Also, Beam has beautiful and usable wallets for all platforms, both desktop and mobile.We have great support channel on telegram, in case you have any problems.
We are purely PoW which means there is no scope for any manipulation. Our Team is very hardworking!
Do you know we had 186+ releases. Not many projects let their tech speak for itself.
Privacy is the key in this modern age and world.
To be honest, I dont think other “competitors” can even compare themselves to Beam when it comes to achieving the level of Privacy Beam has achieved.
Q3. What is the name of the token that BEAM has? How much supply is available and where the token allocated?
Mr. Suhas: So, Beam is a Proof of Work coin which is mined from the genesis block up. Currently you can buy and sell Beam on over 50 exchanges, including Binance. The circulating supply is 79,246,040 and there will only be 262,800,000 Beam in total after complete emission.
Beam is listed with the ticker “BEAM” itself on all exchanges. If you notice all our releases, you will notice something very interesting. You should you check it out!
We are the “Beam” of hope when it comes to taking back our privacy in the surveillance world. #PrivacyMatters
Q4. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?
Mr. Suhas: When we talk about the tokenomics, The total supply is 262,800,000 Beam. The emission schedule is largely inspired by Bitcoin’s. Initially 100 Beam will be emitted per block, with 80 going to miners and 20 going to the treasury. After the first year this will cut in half with the first ‘halving’. The next halvings will be spread every four years thereafter.
For more detailed information on the emission schedule check out the article here: https://medium.com/beam-mw/mimblewimble-emission-schedule-215551948259
The key use cases for Beam include confidential transactions. Today you can use Beam in over 200 stores and services online. Especially useful with VPN and other services that require privacy.But if you want to buy a cool Beam tshirt, you can do this as well.Privacy is very important, and if you are someone who understands this, you will truly get the point of Beam. This is the biggest benefit. The capability to have your privacy to yourself in a survelliance world.
We are already seeing that many privacy projects are being restricted around the world, even incase sometime in the future, if Beam gets banned from exchanges, we have atomic swaps and are even building a DEX. Beam will be a rarity, and everyone will slowly start waking up for the need of Privacy.
Q5. To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
Mr. Suhas: Sure!
During the last two years we had 5 major releases and two hard forks.During the last hard fork in June we have added support for confidential assets which allow you to create new private tokens on Beam network.We have also added LelantusMW protocol which allows Max Privacy transactions with 64K anonymity set.Soon we will announce another hard fork which will upgrade our network with Smart contracts.And later during the year we will add Beam DEX which will be built into our wallets.
These are just some of the many planned things in our roadmap. I really encourage all of you to drop by in our Telegram and find out more, our community is very friendly.
Second Session “Twitter Question”
Q1. For acquire market data Beam need an Oracle. But for this why you choose “chainlink”? There are other platforms too which provide the same service? What caused this choice?
Mr. Suhas: DeFi dApps need secure and accurate price data in order to execute financial smart contract protocols such as maintaining collateralization of stablecoins and loans, minting and trading synthetic commodities, settling perpetual futures contracts, and more. As the unquestioned market leader in blockchain oracles, Chainlink has demonstrated its ability to provide Beam with secure and reliable price oracles capable of triggering high-value contracts and securing user funds. We are always open to integrating with quality projects with proven track record.
Beam is open to collaborate!
Q2. The “Scriptless Script” technology used by BEAM, what types of transactions beyond simple value transmissions can be implemented within the platform? What are the main advantages of adopting this model?
Mr. Suhas: Scriptless scripts add further functionality beyond simple value transactions. With the upcoming launch of BeamX expeected towards the end of the quarter, Beam will be adding the ability for private smart contracts, AKA Beam Shaders, to be executed on chain. This will open the doors for greater possibilities than simple transactions and what can be done with scriptless scripts
Q3. All transactions at BEAM are private. No information about the transaction participants in the block chain is stored. How do you then guarantee the transparency of these transactions as there is no backup of them in the blockchain?
Mr. Suhas: All transactions at BEAM are private. No information about the transaction participants in the block chain is stored. How do you then guarantee the transparency of these transactions as there is no backup of them in the blockchain?
This is done with transaction Kernels. Each Kernel stays on the blockchain, offering the proof for the transaction, but the details of which are only viewable by those involved.
Q4. What your long-term vision of the industry BeamPrivacy team works in? Are you afraid that so meday another project with better and more innovative technology will replace BeamPrivacy project?
Mr. Suhas: As we have shown since launch, we have the developers and team to stay on top of cutting edge tech, having been the first to launch a Mimblewimble mainnet, LelantusMW, and FlyClient. Beam wallets also have decentralised Atomic Swaps in the wallets, showing that we have what it takes to build out serious products, that judging by recent regulations will become even more prominent moving forward.
Q5. There are 5 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability ,Interoperability, transaction speed. How do $BEAM plan to overcome these issues?
Mr. Suhas: Good question!
Ill break it down to the 5 issues you mentioned:
Excessive Volatility — volatility might be an issue for some and opportunity for other, it really depends on the goal na usage of the asset. Beam will solve this by allowing to Build a Confidential Stable Coin… the team already hinted several time about the possibility to build such algorithmic collateral based coin. This solve the volatility issue for payment use cases
Security — Beam was launched its mainnet after contacting several security audits and reviews, by several known and respectful firms, on top of that after each major release beam continues and will continue to have 3rd part firms audits the code.
Can read more about it here: https://medium.com/beam-mw/mimblewimble-security-audits-a6904ab85532
Scalability — is indeed a big issue in blockchain, especially privacy focused one, which usually overcome pseudonymity with many decoy tx thus blasting the blockchain. Beam is original based on the Mimblewimble protocol. Which by it nature is much more scalable due to it cut throw feature… while beam have BTC maturity it will be about 7 times smaller — thus scalability is one of Beam stronger points
Interoperability — is indeed becoming a great topic recently. Beam soon will release its Decentralised bridges to ETH and DOT and will allow to move asset from those chains and more to come.
Transaction speed — Beam currently process about 17 TX per sec. AND already releases Laser Beam, its direct payment channel that can process much much more… Laser Beam is beam solution to TX speed.
The Third Session “Live Question”
Q1. How does the team perceive retail investors #BEAM token holders? Where do you see value in ‘us’ and what could we do to support your work most effectively?
Mr. Suhas: The most important thing for the community is to actively participate in decisions and community building. The biggest support the project can get is adoption and awareness. Just make everyone around you aware of Beam and how #PrivacyMatters privacymatters
Q2. What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
Mr. Suhas: I’ll take this one firstly 😊
The ultimate vision is the best in class privacy. This encapsulates both private transactions, and confidential DeFi. Beam already has hundreds of merchants accepting Beam as a means of payment, and with the launch of BeamX later this quarter, we wil have many a DeFi application coming to the platform. Think confidential stable coins, private farming and uniswap like applications 😎
Q3. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Mr. Suhas: We are having a very cool Outreach Club coming soon. It’s going to truly empoer decentralization.
Q4. Why do you think that demand & use of Beam will increase in Future & all governments & Enterprises will adopt & done partnerships with Beam Blockchain Project?
Mr. Suhas: Like Beam or Ignore Beam. But Privacy is very important. Hence, demand should only naturally increase in this increasingly Orwelian like world.
We just need the common people to adopt Beam and we can see wonders.
Q5. Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project yield farming ?
Mr. Suhas: An interesting question. And something we have definitely seen taking place. First and foremost, Beam is proof of work. So for farming projects built on Beam, the yield will not come in the form of Beam inflation, as this cannot be changed. So, where will the yield come from?
A couple different places. It may come from a project that creates a Confidential Asset on top of Beam. Alternatively, it can come as Beam yield via lending or market fees on a dex like uniswap.
Alright, those are the 5 select question
Thanks to Mr. @migoesprandos and @ansui who gave us the time to share this knowledge, I hope we will understand more about BEAM.
Well…
We declare AMA’s Series Neng Yuni with BEAM, is Done. 🥳🥳🥳🥳
thank you to the participants who have attended this event to the end.
the winners will be announced soon🥳🥳🥳
Telegram: https://t.me/BeamPrivacy
Twitter : https://twitter.com/beamprivacy
Website : https://beam.mw/
Youtube : https://www.youtube.com/channel/UCddqBnfSPWibf4f8OnEJm_w
THANKS TO ALL OF OUR COMMUNITY
HAVE A GREAT DAY
Edited By : Neng Yuni
