Question 1

How much does BEAM cost today?

Accepted Answer

As of today, the price of BEAM is £ 0.00514025. Keep in mind that cryptocurrency prices can fluctuate rapidly, experiencing +1.75% over the past 24 hours. The current trading volume for BEAM in the past 24 hours is 55.8K.

Question 2

What is BEAM cryptocurrency?

Accepted Answer

BEAM is a scalable, fungible, and confidential cryptocurrency based on the Mimblewimble protocol. It prioritizes privacy, with all transactions being private by default. Unlike other cryptocurrencies, BEAM doesn't store addresses or other private information on the blockchain. Another core feature is its superior scalability due to the compact size of its blockchain. BEAM also supports online and offline transactions, atomic swaps, hardware wallet integration, and offers an opt-in auditability feature.

Question 3

Who are the people behind BEAM?

Accepted Answer

The creators of BEAM have not done a premine or an ICO. They have backed the cryptocurrency through a Treasury system, with plans to establish a non-profit foundation to govern the protocol after the Mainnet launch. The team behind BEAM is committed to privacy and scalability, ensuring that these principles are at the core of their cryptocurrency.

Question 4

How does BEAM work?

Accepted Answer

BEAM employs a unique system where wallets' owners can create a new transaction either online or offline. Both wallets are involved in signing the transaction using the Schnorr protocol. The wallet then sends the transaction to a node, which verifies the transaction in the context of the recent blockchain state. Transactions consist of a list of Inputs and Outputs represented by Pedersen Commitments, as well as explicit fees and kernels. They also contain a non-interactive zero-knowledge range proof to verify that the output transaction value is positive. After being verified by the node, the transaction gets added to the mining pool. A block with the new transactions is mined every minute and sent back to the node for further verification and distribution.

Question 5

What makes BEAM's Mimblewimble implementation special?

Accepted Answer

Mimblewimble protocol implementation by BEAM is unique because it offers complete control over your privacy. All transactions are private by default, and no addresses or other private information are stored on the blockchain. The protocol also ensures superior scalability due to its compact blockchain size. This implementation offers opt-in auditability, supporting both online and offline transactions, atomic swaps, and hardware wallet integration. These features offer a unique blend of privacy, security, and practicality, making BEAM's Mimblewimble implementation stand out.

Question 6

How secure is the BEAM network?

Accepted Answer

The security of the BEAM network is ensured by the mining process and node verification steps. Each transaction is verified through the recent blockchain state stored as a Merkle Tree. The root hash of this tree is recorded in the block header along with a proof of work. Moreover, each node periodically creates compacted history for 'fast sync' of new and existing nodes. Valid blocks that extend the longest chain are accepted as a new Tip and propagated until full consensus is reached.

Question 7

How many BEAM are currently in circulation?

Accepted Answer

As of now, there are 201.5M BEAM in circulation. It's important to note that unlike some cryptocurrencies, BEAM does not have a total supply limit.

Question 8

Where can I buy BEAM?

Accepted Answer

BEAM can be purchased on any of the CoinEx, Gate.io, TradeOgre where it is listed. Remember to keep your cryptocurrency secure by storing it in a hardware wallet, and remember to do your due diligence before purchasing any cryptocurrency.

Convert BEAM to GBP

Try our Crypto Pro app