When a cryptocurrency rises by 50% in just a few days it is certainly something to take a look into. The latest cryptocurrency on my radar is BEAM which has increased by a total of 50% over the past 5 days to bring the price for the coin up to the $1.43 level.
I would not be too surprised to learn that many people don’t even know what BEAM is - especially considering I only learnt about it recently myself. However, the project has a fascinating concept and has a wide use-case that can be catered toward individuals as well as businesses.
So, What Is BEAM?
Beam was launched in early January of this year, making it a very new cryptocurrency project. However, the development of the project started last year in March. It is commonly described as a scalable and confidential privacy coin which takes the features of today’s privacy coins much further.
It is famous for being the first-ever live implementation of the MinmbleWimble protocol. MimbleWimble is a stripped-down protocol that is designed to be a very lightweight blockchain as it reduces the overall size of the blockchain. The MimbleWinble protocol is designed to address the privacy and scalability problems that we see in today's privacy coins.
Written in C++, the BEAM project takes the development of MimbleWimble further as it includes things such as transaction signing via Schnorr protocol and the Bright Broson features which allow users to conduct atomic swaps that are compatible with Bitcoin.
The BEAM project also caters for businesses as well as individuals. Their platform is broken down into 2 sections; Beam CORE, which handles all the technical innovation within the network, and Beam COMPLIANCE, which targets the opt-in compliance and audit-ability aspects of the network. The Beam Compliance platform is designed to target businesses that wish to remain compliance for auditors but also wish to take advantage of the BEAM privacy.
Looking at the BEAMUSD chart above we can see that the latest push higher has created a fresh high for August at $1.43. BEAM is currently ranked in the 113th position as it presently holds a tiny $45 million market cap value. However, we can see that BEAM still has MUCH room to grow into. For example, if BEAM Was to only hit the June 2019 high it would already have increased by a total of 60%.
BEAM is moving. The first implementation of MimbleWimble is starting to gain some traction amongst investors providing a great opportunity for others to jump on board at these low prices!