Fri, Oct 9, 2020 8:18 PM

Overview Of DeFi Project Beam

CJ Beam

Beam is a DeFi, open-source project that started off in 2019. The core idea behind Beam was to create a cryptocurrency network that would give access to multiple financial services required by the mass market on a decentralized and confidential basis. Next, you will learn about the project’s development line from inception, recent news about Beam, and our price prediction for Beam for Q4 2020.

The team claims to be using all the best technical solutions so far offered by the cryptocurrency community and adjusts them to their own needs to build a top-notch system of confidential financial services for cryptocurrency users. The primary existing solutions that Beam has adopted are the Mimblewimble protocol and the Lelantus protocol that was adjusted by Beam’s developers for complete prevention of transaction graph reconstruction.

In its financial basis, Beam is self-financed through locking 20% of miners’ block rewards in the project’s treasury, with miners themselves deciding on the proposals that should receive budget allocation. Beam is keeping up with its roadmap, updating it regularly, and is focused on giving the market the right solutions for decentralized financial services that will have high demand.

The major milestone that Beam developers have already completed is fully permissionless transactions not disclosing any user data and different types of money-transfer services, such as atomic swaps, escrow, and time-locked transactions. Using atomic swaps with the Electrum wallet integrated into Beam wallet, Beam users can make exchange operations with Bitcoin, Litecoin, and QTUM. However, Beam’s atomic swaps are only in the beta stage and are not recommended for swapping large sums of money.

Beam News

On June 28, Beam’s hard fork introduced confidential assets (CAs) on the Beam network. According to the project, CAs can represent the value locked in other assets ranging from Bitcoin to gold and stocks and can be issued by anyone by locking 3,000 Beam tokens. Beam’s confidential assets are one of the elements of the Eager Electron development milestone for the Beam roadmap for 2020.

Besides confidential assets, the 777,777 block hard fork meant a change in the Mimblewimble protocol, which was supplemented by an updated version of the Lelantus protocol. This protocol change excluded all user data from transactions via transaction obfustication, making Beam coin a fully confidential cryptocurrency and DeFi service. Solving the privacy problem was a big achievement for Beam because, with more than 90% of DeFi using the Ethereum network, privacy was a big concern.

On September 18, 2020, Beam introduced its updated roadmap that includes such anticipated implementations as Beam so-called scriptless contracts, bridges to Ethereum, and Beam payment channels designed to lock collateral, make funding and settlement transactions.

Price Prediction of BEAM for Q4 2020

The Beam token (BEAM) is listed on many cryptocurrency exchanges including Binance. To predict the BEAM price for the rest of 2020, we will use the Binance quote. As of October 9, BEAM/USD is trading in the range between 0.2600 and 0.2450, having since the beginning of October slipped below the local support level on the 4-hour timeframe at 0.2843. The daily support level at 0.2563 is the current clash zone and is crucial in preventing the coin’s further drop. 

Beam has been recently consistently declining despite regular bullish reversals in the Bitcoin market. This tendency indicates certain market weaknesses for Beam; therefore, placing buying bets on Beam should be done with a fair degree of caution. 

However, from the technical perspective, the current market situation looks very favorable for placing buying orders for a long to mid-term trade, since there has been a long bear market, and there is simply too little space for more decline. Moreover, the price is currently in an area of strong support, which is conducive to an upside reversal. Therefore, the area between 0.2500 and 0.2563 is a good one for opening long positions with the take profit levels at 0.3108, 0.3205, and 0.3625, depending on how far ahead you will be looking in your trading.

Conclusion

Now you have a better understanding of the Beam project, the innovative impact it is making on the DeFi space and the market situation around its token for Q4 2020.