- Beam, a confidential and scalable blockchain, is set to launch a new DeFi platform, BeamX, on Nov 19.
- The mainnet release is expected in Q1 2021.
Beam, a Mimblewimble-based platform, is set to launch its own confidential and scalable decentralized finance (DeFi) platform, BeamX, on November 19. The new platform aims to promote the creation of financial products and applications that are “confidential, decentralized, and user-friendly”.
The DeFi market has witnessed extraordinary growth over the past year, surpassing the $13 billion mark in total locked value (TVL) according to DefiPulse. While the field is growing, there are concerns about users’ privacy given that most of these DeFi apps run on Ethereum, a transparent and public chain that anyone can trace.
The release states,
“BeamX will launch November 19th, with the first iteration being an experimental network, aiming to flesh out the infrastructure, documentation, and developer tools.”
BeamX, expected to launch net week, aims to solve this problem using a confidential platform that allows these financial applications to protect users’ transaction data. The platform will offer a host of features to users including a decentralized exchange (DEX), a swap feature, Uniswap-like automated market-making (AMMs), wrapped assets, algorithmic stablecoins like DAI, NFT tokens, and lending/borrowing functionality.
Similar to Ethereum smart contracts, the BeamX platform will use Beam Shaders contracts to build DeFi applications. The Beam Shaders contracts are compiled using different programming languages including Rust, Go, C++, and executed by the Beam Virtual Machine.
Moreover, developers on BeamX will benefit from the suite of tools available on Beam including Atomic Swaps, Laser Beam (Bidirectional Payment Channels), and Confidential Assets. The statement further aims to build an interoperability feature with other blockchains such as Ethereum and Polkadot and integrate decentralized oracles in the future.
The first iteration of BeamX will be the experimental phase, released on launch, to straighten out any bugs and updates needed in development, infrastructure, documentation, and the developer tool suite. The launch will coincide with the upcoming hackathon, Encode Hack Club, where Beam will be competing against top crypto firms including Binance, Polkadot, and Avalanche.
- Ethereum’s Futures Open Interest hit a 3-month low, what does this mean for the market?
- Professional Mining from Digital Mining Experts Is Now Available via GMT
- Just-In: Georgia Binds Its Residents in Holy Oath Against Bitcoin Mining
- Wager Based 3D PVE/PVP Arena Battler Engines of Fury Storms GameFi With Incredible Content
- Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know
- BNY Mellon Sees Meaningful Revenue In Crypto by 2023 Post Clear Regulations
- Moody’s Confirms El Salvador’s Ratings Unchanged After President Bukele’s Reactive Tweet
- Luxury Car brand Lamborghini joins the NFT Bandwagon
- Mercedes Taps NFT Creators In Celebration of G-Class Series
- Why Ethereum (ETH) Price May Explode Coming July?
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?