The purpose of Beam Formerly Merit Circle (BEAMX) is to be a blockchain, a DAO and a confidential currency, which does not reveal personal data. The idea is to make information visible only to the user and allow aggregated data (such as name and digital address) to be publicly visible.
According to the platform's developers, there is a need to protect user data, as transactions are public on the blockchain. To understand how the ecosystem works, learn some concepts.
Mimblewimble
Harry Potter fans recognize the term "Mimblewimble" easily. In the books, it is a spell invoked to tie someone's tongue. In the crypto world, the idea is similar. It is a protocol that runs on the blockchain and does not reveal the user's private addresses or transactions.
This protocol hides information by grouping it into a single set. It is registered on the BEAMX platform, in the same way as traditional transactions. In addition to preserving privacy, it takes up less storage space on the blockchain.
Another advantage of the protocol is the "cut" command. It allows you to compress large amounts of data, without leaving security aside. With it, you can also combine payments from several people in the DAO into a single process. This makes it difficult to know who made the transaction, recorded individually.
Confidentiality
The idea of creating a confidential network is not new: as a cryptocurrency, BEAMX emerged in 2018. The purpose was to have the highest level of privacy possible, without compromising its use on the blockchain. After much research, mainnet was launched a year later.
The Beam Formerly Merit Circle project was created completely from scratch, that is, it is not derived from any chain or hard fork. The transactions that take place on the network are all private: only the sender and recipient of the transferred amounts know who they are. For outsiders, this data is confidential.
On BEAMX DAO, users can trade the BEAMX token for several others such as BTC, ETH, DOGE, and LTC. It uses an Atomic Swap (which allows the exchange of different tokens) in the platform's confidentiality protocol.
Smart contracts x Beam Shaders
The Beam Formerly Merit Circle blockchain allows the creation of currencies called confidential assets. By default, they are private and use Beam Shaders as smart contracts. The system differs from the way of producing new tokens through Ethereum smart contracts, made using the ERC-20 protocol.
These tokens are implemented at layer 1, in a system called first-class citizens. This means that they are installed in the same way as other tokens, recognized as such in other dApps, digital wallets and network nodes.
Beam Shaders that run on the BEAMX ecosystem enable dApps to run on the network virtual machine (BVM). They can be programmed using WASM (WebAssembly), compatible with many programming languages.
Tokenomics
BEAMX is a confidential asset and governance token of Beam Formerly Merit Circle. This means that holders have voting power at meetings to determine improvements and enhancements to the system. Additionally, they contribute to network liquidity.
100 million tokens will be issued, with 20% going to treasury management, 36% to liquidity providers, 7% to network partners, 17% to the Beam Foundation, which manages the protocol, and 20% to investors.
Learn more about cryptocurrencies
The purpose of Beam Formerly Merit Circle (BEAMX) as a DAO and confidential cryptocurrency brings an innovative concept to the world of blockchains. To invest in this and other digital assets, visit the NovaDAX website, register and choose from dozens of coins!
