Beam - BEAM
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What is Beam (BEAM) and how does it work?
Beam is a decentralized finance (DeFi) platform launched in 2018 that focuses on confidentiality and is run by combining two different blockchain protocols (LelantusMW and Mimblewimble).
It was an early misconception that cryptocurrency transactions couldn’t be traced, particularly on public blockchains, where the sender could be identified with some investigation. To solve this, BEAM devised a creative solution to enhance the anonymity of transactions, address balances, and user identities.
What makes Beam unique is the ability to allow counterparties to make safe and reliable transactions; using a programming language built on C++, the platform keeps the addresses confidential and allows users to control their funds and privacy.
Some of its best features are the following:
Privacy by default - enabling to choose from regular privacy transactions or maximum;
Confidential Assets - allowing one’s wallet to create, trade, or transact funds directly on its blockchain;
Atomic Swaps and DEX - a feature that allows exchanging Beam and other confidential assets decentralized without needing a trusted party. BTC, LTC, QTUM, DASH, and DOGE are currently supported. In addition, swaps with ETH and ERC20 tokens and a full-featured DEX are underway;
Superior usability - the desktop and mobile apps have been designed with a modern design and with a focus on usability. For example, the platform has two types of transactions, one where wallets communicate, and the other is send-and-forget;
Smart Contracts (Shaders) - a Contract Shader executes a command running in Beam nodes, while the App Shader takes care of the presentation layer, making it compatible with its wallets;
Confidential DeFi - with future features that should include DEX, oracles, side-chains, wrapped assets, and decentralized bridges with Ethereum and Polkadot, the platform is looking to continue and improve over time.
Last update 18/7/2022
Beam token was not listed on Binance originally and was only added in September 2019, where it experienced a significant drop over the following weeks. The token started trading around $1.40 but immediately saw a drop in its price, falling to $0.50 in the following weeks, before trying to bounce back, but falling even further and bottoming out around $0.26 in October 2020.
This was a catastrophic few months for the coin, which saw its price fall by over 80%. Fortunately, after reaching this support level around $0.26, prices started moving back upwards, and by February 2021, the trend had reversed, and the BEAM token moved back above the $0.50 resistance level. During this run, its price reached higher than its initial listing price and rose to $1.62, spelling a 5.6x growth from its previous lows.
This new all-time high coincided with the overall market bull run and reached its peak in May 2021, after which the coin started falling, coming back down faster than it had risen and fallen to $0.50 instantly, before recovering and stabilizing between this support and the $0.83 resistance.
Following this, prices fell and stabilized around the $0.44 level before falling even lower and breaching $0.23, stabilizing around a new support level at $0.12, where it currently stands. It is unclear whether this level will hold, but BEAM's price has moved upwards and is trying to regain the $0.26 resistance, potentially reversing the current trend.