Beam is a cryptocurrency developed based on the MimbleWimble protocol, which has strong privacy, substitution and scalability. All Beam transactions are private by default. New nodes do not need to synchronize the entire transaction history when they join the network, but can request to synchronize only compressed history records and block headers containing the system state, thereby achieving fast synchronization.
Beam is a new currency attempt to implement MimbleWimble, written from scratch in C++. Compared with Grin, the total amount of tokens in Grin is unlimited, while Beam tokens have a limited supply and periodic reward halving.

Project Vision

Beam offers an optional auditing feature where users can create audit keys and send them to accountants, auditors, tax authorities, or other entities of their choice. Auditors can check users' transactions on the blockchain. Auditability cannot be accessed retroactively.
Store of Value
An important thing to note is that the team is not using Beam as a means of exchange, but more as a store of value. Currently or in the near future, the scalability of BEAM does not allow it to be used as a global digital currency. However, they are working on scalability solutions, such as Bitcoin’s Lightning Network and ThunderCore’s Thunderella protocol, to improve performance.

Project Foundation

Instead of ICO, STO or other financing methods, Beam created a start-up company called Beam Development Ltd. Beam says on its website that 13 institutions initially funded the project. In order to continue the development of the project and keep employees paid monthly, Beam has built a library that pays 20 Beam per block for the first year of the project's existence. For every block generated over a period of 2 to 5 years, they will receive 10 Beam. After five years, the Treasury will no longer accept block awards. Over time, Beam intends to form a dedicated non-profit foundation to oversee the project.
Currently, roughly 40 blocks are confirmed per hour, generating 19,200 BEAMs per day for the Treasury (40 blocks x 20 blocks x 24 hours), provided the number of transactions remains constant. At current prices ($1.46), this would generate $10 million per year for the Treasury. Given the number of team members currently employed by Beam (22 according to LinkedIn), this is more than enough to continue developing the project. It should also be able to pay back initial investors.
The idea of ​​setting up a foundation by the Ministry of Finance is similar to ZCash. They receive 3% of the total mining rewards per annum and inject 6125 ZEC into the treasury annually, currently worth about $30 million, which should be enough to cover their monthly costs of $500,000.

How the project works

Both the sender and receiver participate in the transaction, as opposed to Bitcoin transactions where only the sender signs. Both parties sign transactions using the Schnorr protocol. Schnorr allows multiple signatures to be composed into one signature. When having the size of a single signature, all individual signatures within that signature are authorized.
Wallets send transactions to nodes, each transaction contains a list of inputs and outputs, and zero-knowledge range proofs. To ensure that each transaction is positive without exposing the actual amount in the transaction, Beam uses a compact implementation of zero-knowledge range proofs called Bulletproofs. It is important to check that transactions are positive, because allowing users to create transactions with negative value means that new tokens can be created out of thin air, which should be prohibited.
If everything is fine, the node validates the transaction and adds it to the mining pool. Blocks on the blockchain beam are mined using an improved ASIC-resistant equihash proof algorithm. After a block is mined, the transaction is sent back to the nodes for verification and distribution.
Beam is a deflationary token with a capped supply. Mining rewards are halved every four years. After 133 years of existence, the issuance of new tokens will be stopped. Beam is converted to Groth, named after the computer scientist and cryptographer who contributed to zero-knowledge proofs. 1 BEAM = 100,000,000 Groth.

Project Features

Users have full control over privacy - users decide what information is available and which parties have full control over their personal data, in accordance with their wishes and applicable law.
Confidentiality without loss - In BEAM, confidential transactions do not cause blockchain inflation, avoiding excessive computational overhead or loss of performance or scalability, while completely hiding transaction value.
Trustless settings.
Mining blocks using the Equihash proof-of-work algorithm.
Limited launch using regular halving.
There are no addresses stored in the blockchain - no information about the sender or receiver of a transaction is stored in the blockchain.
Achieve superior scalability with compact blockchain size using Mimblewimble's "passthrough" functionality.
No bumble bee. There are no ICOs. Backed by the Treasury, the first five years are issued in each block.
Implemented in C++ from scratch.

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