CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$46,397.00
  • ethereum
    ETH$1,439.63
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Beam’s Hard Fork Plans to Increase DeFi Privacy

    Beam’s Hard Fork Plans to Increase DeFi Privacy

    Author: Mandy Williams

    Last Updated Jun 30, 2020 @ 13:54

    The cryptocurrency industry may soon welcome a new category of Decentralized Finance (DeFi) applications as privacy-focus coin Beam (BEAM) plans to execute its second hard fork, which would give DeFi apps a privacy layer.

    According to a press release shared with CryptoPotato, the system-wide upgrade dubbed Beam Eager Electron 5.0 is expected to occur today, at exactly block 777,777.

    Beam Settles With BeamHash III

    The hard fork of the Mimblewimble-based privacy coin will be the last “planned consensus change” and will roll out exciting features, including shifting the network’s PoW algorithm from BeamHash II to BeamHash III.

    BeamHash III is a bandwidth and memory PoW algorithm designed to support the network’s GPU architectures while enhancing the network’s security and longevity.

    In anticipation of the upgrade, notable changes that would support the upgrade have been made and released, such as BEAM’s wallet and nodes. Mining pools and exchanges have also made adequate preparations to support the hard fork.

    Beam Eager Electron 5.0 would not require Beam users to carry out difficult actions beyond a software upgrade.

    mimblewimble cover
    Mimblewimble. The technology behind BEAM

    Privacy For DeFi Apps

    The DeFi market is booming and could be the next big thing in the crypto industry. In just one year, the total value locked in DeFi projects has surpassed $1.6 billion from a mere $317 million with over $15 million worth of ETH being locked daily.

    However, while the DeFi sector continues to record tremendous growth and moving towards mainstream adoption, DeFi apps lack a feature that is considered important in the crypto space – privacy – since most DeFi Projects are based on Ethereum.

    Fortunately, Beam hopes to change that narrative as the upcoming hard fork will further support the creation of privacy-focused DeFi apps on top of the Beam blockchain.

    Commenting on the development, Alex Romanov, Beam CTO said:

    Eager Electron 5.0 is a major step forward, both technologically and product-wise, to making Beam a leading platform for confidential decentralized financial applications allowing trading any value, anytime, quickly, reliably, and privately.

    Other features that would come with the upgrade include a breaking linkability feature to protect users from falling victim to hackers as well as making the transaction process of its Confidential Assets (CA) easier.

    CAs are independent tokens on the Beam network and can be issued by Beam users who have more than 3,000 BEAMS ($1,498) locked. There are three types of CA, including Confidential Synthetics, Confidential Wrapped Assets, and Community Coins and Tokens.

    Beam stated that its CAs are considered as the first-class token of its ecosystem, and would be given the same priority as its native token – BEAM.

    Beam Atomic Swap

    Interestingly, Beam Eager Electron 5.0 would also feature the official launch of the network’s Atomic Swap, thus allowing Beam’s CA to be swapped with other cryptocurrencies like BEAM, BTC, LTC, and QTUM.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • BeamLogo
      Beam To Launch A Privacy-Focused DeFi Platform Called BeamX
    • 4 Things That Could Cause the DeFi Bubble to Pop
    • synthetix_cover
      Unraveling DeFi: An Interview With Synthetix About How Synths Work
    Read more on: Beam DeFi Mimblewimble

    About The Author

    Mandy Williams View more posts by this author

    Mandy Williams is a freelance writer and a crypto fanatic. Mandy believes in the disrupting power of cryptocurrencies and blockchain technology; hence she's on a mission to help spread the good news about the crypto industry. She loves teaching and currently pursuing a career in marketing. Contact Mandy: Twitter

  • bitcoin
    BTC$46,397.00
  • ethereum
    ETH$1,439.63
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!