Beam Platform Introduces Staking on Oct. 21, 2021

 Beam Platform Introduces Staking

Singapore, Oct. 18, 2021, - DeFi confidential platform Beam is introducing $Beam staking. Coin holders can start making deposits on Oct.21, 2021. In return, they will receive awards in $BEAMX, a governance token allowing its owners to influence Beam platform development and vote on any proposed changes. The staking offer is exclusive and only available on the Beam confidential DeFi platform.

Beam staking is risk-free - the platform will neither use tokens to maintain its liquidity pool nor lock the assets. Users will be able to withdraw both $BEAM and $BEAMX at any time.

What is Beam?

Beam is a native token of the Beam confidential DeFi platform released in March 2018. The token is a privacy currency that keeps the transactions of its holders under the radar. After the staking announcement, the coin's price rose by 50%, reaching a market cap of $93mln and trading volume of $28.5 mln. Beam's current price is $0.94041.

Beam-Friendly Crypto Exchanges

Alongside Zcash and Monero, the token is popular among users seeking privacy and data encryption. The demand for crypto assets that keep transfers private led to a handful of crypto platforms adding $Beam to the list of tradeable coins. $Beam is available on all the major crypto exchanges, including Binance, HotBit, HBTC, ChangeNow, and many others. Please find the complete list of Beam-friendly exchanges here.

What Is Beam Confidential DeFi Platform?

Beam confidential DeFi platform came into existence in March 2018. The company focuses on security and anonymity, two issues plaguing blockchain technology. The full-blown transparency of blockchain leaves no stone unturned - transactions are visible to everyone. As a result, third parties can monitor token transfers to find the crypto address of a sender or recipient. To solve this issue, Beam has built its platform on a combination of LelantusMW and Mimblewimble blockchain protocols. LelantusMW burns and substitutes the transferred token with another one with the same properties but zero transaction history. Mimblewimble hides transactions with private keys or "blinding factors," another layer of security. The two protocols are the cornerstones of Beam's security and anonymity system.

Beam aims to become a DAO, a decentralized autonomous organization controlled by its members who make decisions through governance tokens used to vote on any ecosystem changes. Since its inception, the company has been implementing solutions, such as blockchain bridges for sending tokens from one blockchain to another or confidential stablecoins to reach the DAO state. Introduction of $BEAMX and Beam staking are the two final pillars required to achieve the goal.

"Beam staking and the launch of BeamX is a significant step forward as we make the transition to becoming a fully Decentralised Autonomous Organisation. Becoming a DAO aligns to Beam's ethos of being a truly decentralized and secure blockchain," said Amir Aaronson, Beam Foundation COO.

How to Stake Beam Token?

Holders of Beam can take advantage of a staking campaign starting on Oct.21, 2021, launched by the Beam DeFi platform. The campaign will only last for 3 months, during which users will have an opportunity to get 1 mln $BEAMX governance tokens as a reward for staking. However, $BEAMX owners won't have an option to convert the assets into other coins. The company promises to make swapping available after the campaign ends.

To start staking, Beam holders must have a pre-set Beam Wallet that comes as a desktop, mobile, or web app. Mobile Wallet is available for download on iOS and Android. Those who wish to avoid installation can try the web version - a chrome extension that works in the same fashion as Metamask.