Sun. May 26th, 2019

Proof of Review: Beam

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Beam

SUMMARY

ApplicantBENI ISSEMBERT
Job TitleCMO
ResidencyISRAEL
Verified ReviewYES
Project NameBEAM
SymbolBEAM
TypePOW
SectorPRIVACY
LaunchBLOCK REWARD FEE
Marketcap8,552,808 USD
Total Supply262,800,000 BEAM
WebsiteWebsite URL
WhitePaperWhitePaper URL
GithubGithub URL

ABOUT

BEAM is a third generation confidential cryptocurrency, based on the MimbleWimble protocol and a pure POW coin, with its mainnet launched on the 3rd January 2019.

MimbleWimble technology is a new approach in how transactions are recorded, counter to bitcoins systems of inputs and outputs and it aims to offer improvements for fungibility and privacy. For a technical understanding of the MimbleWimble protocol please see the teams Medium blog here.

The team state that during 2019, the project will be focused on 2 main avenues: Beam Core and Beam Compliance.

Beam Core is focused on maintaining and improving the Beam currency and the payments network, while Beam Compliance is the home for all things related to the opt-in compliance and auditability that will be an integral part of Beam.

Features

  • Confidentiality
    Beam aims to integrate the anonymous features of the MimbleWimble protocol by allowing users to have complete control over privacy – allowing the user to decide which information will be available and to which parties, having complete control over their personal data in accordance to their choice and applicable laws.
  • Versatility
    “Scriptless Script” technology will allow for the implementation of a wide variety of transaction types beyond simple transmissions of value; for example, atomic swapping, escrow, and time-locked transactions. 
  • Opt-in auditability
    To comply with relevant regulations, a Beam wallet can be configured to attach digitally signed documentation (for example, invoices or contracts) to all transactions in a cryptographically unforgeable way. In turn, specific auditors can be granted permission to inspect the complete list of transactions along with all the attached documents.
  • Confidential assets
    The MimbleWimble protocol allows for private transactions that are highly anonymous and the creation of multiple asset types such as real estate tokens, corporate debts, and new currencies, that can be created and exchanged via Beam confidential transactions mechanisms.
  • Scalability
    The “cut-through” feature of MimbleWimble means there are no addresses on the blockchain and reduces the need to keep all transaction history on the blockchain, meaning the network’s data storage is greatly reduced. Beam needs about 10% of the data storage requirements of the Bitcoin network .The team has also started researching the possibility ofintegrating Lightning— a second-layer scalability solution for much faster transaction processing. As a PoW blockchain, Beam is inherently slow and it is estimated that the Beam blockchain currently has a throughput at 17 transactions per second (TPS). With Lightning integration, it is potentially possible to reach tens of thousands of TPS.
  • Sustainability
    Beam is an open source project, implemented and developed from scratch, funded by VC investment, community-governed, and backed by the Beam Growth Pool. The governance and funding models are in place to ensure to sustainability and growth of the project.
  • Usability
    A wallet for desktop and mobile, designed to support day-to-day usage for both individual and small business users. The built-in dashboard aims to make budget management easy for the end user, featuring actionable spend and earning insights.
  • Compatibility
    The Equihash algorithm was selected by the team to promote broad adoption by existing GPU miners and prevent ASIC mining and the team have stated they will actively amend the algorithm within the first 12-24 months of the project to deter ASIC/FGPA mining.BEAM also comes with an extensive set of tools for running and managing mining nodes to promote the growth and maintainence of the network.

Technology

The protocol for BEAM is written in C++ and expands on the original proposition of Mimblewimble with some additional features, including the use of transaction signing via the Schnorr protocol, opt-in auditability, Bright Boson (a working development for atomic swap support with Bitcoin), offline transactions, Dandelion++ and hardware wallet integration.

Beam Core is the technical avenue of the project and has numerous developments as part of their roadmap including:

  • Agile Atom — An API documentation and ecosystem.
  • Bright Boson — Includes atomic swaps with Bitcoin, hardware wallet integration, Android mobile wallet, Lightning network PoC, integration with BTCPay Server.
  • Clear Cathode — Mining algorithm hard fork, iOS mobile wallet, web wallet with multisig support, Lightning Alpha.
  • Double Doppler — Alternative consensus research, porting BEAM, enhanced wallet security, Lightning Beta.
  • Eager Electron — I2P/Tor Integration, BLS signatures, Lightning mainnet.

Adoption

User Experience

In terms of User Experience, any user is able to download the BEAM wallet on Windows, Linux and OS platforms with relative ease. Mobile wallets are in also available for Android and iOS. There is no specific hardware wallet required to access a BEAM wallet.

The team recognise the need for security measures for users to recover and protect their wallet. Users are required to save and enter a recovery seed when making a new wallet and also prompted to enter a password.

The BEAM wallet is relatively easy to navigate and use, even for newcomers to cryptocurrency and as such means there is a relatively low entry barrier for users.

Beam Compliance

BEAM continually emphasizes usability, particularly with businesses through its opt-in auditability features which allow businesses to provide financial trails of transactions for auditors/regulators if necessary.

As part of its broader BEAM Compliance initiative, the BEAM compliance suite is targeting integrated third-party services and complying with regulations in specific countries. The team state that they will be working on this during 2019 and the following is taken from the projects roadmap:

“The goal of the Beam Compliance project is to make Beam currency usable for businesses who want to be compliant and to report their transactions to auditors, authorities, or whoever else they may need to report them to.

Beam Compliance will allow businesses to keep their transactions fully confidential, but still have a way to leave a rich trail of information on the blockchain, with the option to selectively and securely disclose it. This will allow businesses to achieve full sovereignty not only of the funds themselves but also the information about them.

The Compliance suite will be a complex piece of software incorporating various use cases, integrated with 3rd party services and conforming to country-specific regulations.

In order to build it, we will be working with Design Partners from both the traditional financial world and from the Crypto universe.

We will start 2019 by choosing the right design partners and starting to work with them on setting the scope, understanding the initial use cases, learning the regulatory landscape and defining the go-to-market strategy.

By the end of Q1, we expect to define the scope of the first release, select the initial target regulations, and the rollout plan.

In Q2, we expect to release a POC of the Compliant Wallet and start showing it to pre-alpha customers. Based on the feedback, we will create and release the Alpha version of our Compliant Wallet and Alpha version of the Regulator interface by the end of Q3. We will also start approaching the regulators around this time.

In Q4, we will release the “Alpha 2” versions of the Compliant Wallet and the Auditor interface. We will also start customer trials in order to be ready to go live in 2020.”

These features could help users reporting their accounting information for taxation or business requirements. Since regulation and taxation of cryptocurrencies have been becoming a reality, having these features could help increase user adoption amongst businesses.

Competitors

Along with the large addressable markets in the privacy sector such as Dash ($1.1 Billion Marketcap), Monero ($1.3 Billion Marketcap) and Zcash ($413 Million Marketcap), BEAM could also have a number of competitors in the storage of value sector as the projects monetary policy explicitly emphasizes a private store of value rather than a ‘digital cash for daily transactions’.  

Based on the current price, the total marketcap for the project at maximum supply would be $123,516,000.

Beam aims to differentiates itself from its competitors by utilising the new MimbleWimble protocol and features whilst also developing a range of features to tailor specifically to users needs such as the Opt-In Auditability feature which allows users to configure and attach digitally signed documentation (eg invoices or contracts).


COIN METRICS

SymbolBEAM
Genesis Block3RD JAN 2019
AlgorithmEQUIHASH 150.5
ConsensusPOW
PresalePRIVATE VC INVESTMENT
Premine0%
Developer Fee20% OF BLOCK REWARD DURING FIRST 5 YEARS OF POW
Circulating Supply14,889,280 BEAM
Vested Coins3,504,000 BEAM
Max Coin Supply262,800,000 BEAM
% Supply Minted0.056%
Block Time60 SECONDS
Block Reward100 BEAM
Est mining period129 Years

The official Block Explorer does not currently support the distribution feature due to the anonymous nature of Beam.

However, the Block Explorer is highly transparent and the following info is listed. (*Accurate at the time of review but subject to change due to emissions)


Coins in circulation (mined): *18,393,280 Beams

Coins in circulation (treasury): *3,504,000 Beams

Total coins in circulation: *14,889,280 Beams

Next treasury emission block height: *219,000

Next treasury emission coin amount: *876,000 Beams

Total emission: 262,800,000 Beams

Coin Distribution

Coin Emission

Annual Supply Emission (Coin)52,560,000 BEAM IN YEAR 1 AND 26,280,000 BEAM IN YEARS 2-5
Annual Supply Emission (BTC)4258 BTC IN YEAR 1
Annual Inflation Rate %N/A IN YEAR 1, 50% IN YEAR 2
Circulating Supply in 365 days61,920,000 BEAM
Address CountN/A
Supply Held by TOP 10 AddressesN/A
Supply Held by TOP 20 AddressesN/A
Supply Held by TOP 100 AddressesN/A
Masternode Collateral SizeN/A
Masternode CountN/A
Supply Locked in MasternodesN/A
Masternode Network ValueN/A
MNV/Network ValueN/A

FINANCIALS

Funding

There is no premine for the Beam project.

The project is funded by VC investors and raised $5 million over 3 rounds of investment, with the investment partners listed on the Beam website here.

There is a Block Reward fee of 20% per block during the first 5 years of POW which is distributed towards the Beam Treasury Fund. The breakdown of the rewards are:

  • 20 BEAM fee per block during year 1
  • 10 BEAM fee per block during year 2-5

Distribution of the treasury coins is performed every quarter in the following proportion:

  • Investors 40%
  • Core Team 40%
  • Beam Foundation 20%

At the time of review, there are currently 3,504,000 Beams held in the Treasury Fund, with the information visible on the block explorer.

Governance/Management

The treasury fund is currently managed by the team and there is a multi-sig protocol in place for the management of any funds.

The team advises that they plan to migrate the management of the Treasury Fund over to the Beam Sovereign Money Foundation in the next few months as part of the Beam Governance mechanism. This Foundation will be governed independently by several boards for the management of the Treasury Fund.

Bounties/Airdrops

There is currently no official bounty programme or airdrop programme.

Exchange Listings

Beam is listed at the following exchanges and the price information is correct at the time of review on 13/05/2019.

Exchange ListingsHOTBIT, CHAINRIFT, BITMESH, VINEX, BHEX, GATE.IO, BITFOREX, HPX, CODEX, QB, MXC, CODEX, BISQ
Price (BTC)0.00008103
Price (USD)0.47C
Exchange Volume (USD)$5,755,718
Network Value (BTC)1,445 BTC
Network Value (USD)$8,552,808
Network Value at Max Supply$123,516,000
Exchange Volume to Network Value %0.67%
Average Price (30-day)0.57C
Average Volume (30-day)$5,316,000
Average Network Value (30-day)$9,200,000
Average Volume to Average Network Value %57%

TEAM

The project is operated via Beam Development Limited, a Malta based company and the team have a second office based in Tel Aviv, Israel.

The team is organised and structured, with the project resembling a early VC startup project rather than a community focused approach that some projects take in the crytpocurrency sector.

The R&D team is composed of over 12 members who are mainly based in Eastern Europe and several team members are based in Asia.

The Executive team listed below is composed of 8 members based in Tel Aviv.

Alexander Zaidelson

Chief Executive Officer

Alex Romanov

Chief Technical Officer”

Amir Aaronson

Chief Operating Officer

Beni Issembert

Chief Marketing Officer

Sasha Abramovich

Head of Product

Alexandra Shelenkova

Art Director

Viktoria Khodichenko

Director of QA

Vera Nevinska

Head of Communites


Advisors

There are 12 listed advisors on the project, all of whom have a wide range of experience and expertise within the crypto sector.

Notable advisors include the founders of Genesis Mining and Spondoolies Tech, who are big players in the mining sector and the founders of Altonomy and FGB Capital, which are investment and liquidity funds within the industry.

Guy Corem

Advisor

Bryan Bishop

Advisor

Gordon Chen

Advisor

Maja Vujinovic

Advisor

Marco Streng

Advisor

Wilke Tre

Advisor

Rami Kasterstein

Advisor

Ferdous Bhai

Advisor

Liraz Siri

Advisor

Addison Huegel

Advisor

Marshall Ball

Advisor

Oliver Gale

Advisor


Partnerships

The current partnerships listed on the projects website include the VC and Investment funds who are invested in the BEAM project.


ROADMAP

The roadmap is highly detailed and valid until Q4 of 2019. It covers the planned updates, features and milestones for both Beam Core and Beam Compliance.

Past milestones on the roadmap include the Agile Atom and Bright Boson updates.

The most recent upcoming milestones on the roadmap is the Clear Cathode release during June 2019.

DATEMILESTONESTATUS
Q1 2019 Mainnet LaunchAchieved
Q1 2019Agile Atom UpdateAchieved
Q1 2019Bright Boson UpdateAchieved
Q2 2019Clear Cathode UpdateIn Progress
Q3 2019Double DopplerIn Progress
Q4 2019Eager Electron UpdateIn Progress

CODE REVIEW

BEAM is a cryptocurrency with a very strong focus on privacy and anonymity technologies. The codebase was written from scratch in C++. Blocks are mined using Equihash Proof-of-Work algorithm that was adapted from ZCash. Significant changes are the newly added Equihash parameters (150,5) that have been carefully picked to make specialized mining hardware difficult and uneconomical.

Given BEAMs overall popularity, it’s still likely that FPGAs and ASICs to mine BEAM will be widely available in the next 1-2 years and the team state that they will actively develop the codebase during this time to prevent any ASIC/FPGA mining.

All work is published as open source software with open issue tracking. The codebase is pretty clean but could make use of more comments in general. New changes are typically well documented. Build instructions are well written and are available for all relevant platforms and recent operating system versions.

BEAM does have a good set of unit tests for critical areas of the code and working CI/CD configuration for Windows, Linux, and OS X. The build results are also used to publish the compiled and tested releases with their respective SHA256 checksums in signed form.

The overall code quality and tooling used by BEAM highlights industry best practices. The code quality is way above the average repository reviewed by our team.

Code review confirms the coin specifications and emissions detailed in the code all match the publicly documented values on the website, whitepaper and bitcointalk thread.

The team hired Kudelski Security to perform a security assessment of their blockchain prior to the launch of their mainnet, providing access to source code and documentation and the full report can be viewed here.


GitHub Commit Activity

There has been 3675 Github Commits in the last 12 months.


GitHub Commit Activity

The most active contributor on the project is the user Valdok, better known as Vladislav Gelfer and listed as a developer on the Beam website.


Social Media

This social media review has been conducted as of 13/05/2019
TwitterHigh ActivityDiscordHigh ACtivityTelegramHigh ActivityMediumHigh Activity


DEV PITCH

Our work in 2019 will be focused on 2 main avenues: Beam Core and Beam Compliance.

We are keen and excited to execute on our mission of creating a currency that supports multiple use cases and works for both businesses and individuals. 

Beam Core is focused on maintaining and improving the Beam currency and the payments network, while Beam Compliance is the home for all things related to the opt-in compliance/auditability that will be an integral part of Beam.

In addition to Beam Core and Beam Compliance, we will also invest some resources into Project Lumini. Lumini’s goals are to create a bridge between BEAM blockchain and one or more smart-contract blockchains, enable decentralised conversions of tokens into Beam Confidential Assets and allow private trading of those assets.

The team will be sharing a more detailed roadmap in the near future.


REFERENCES

https://web.archive.org/web/20190318172035/https://www.proofofreview.com/wp-content/uploads/2019/01/Beam_2019_Roadmap.pdf

https://www.proofofreview.com/wp-content/uploads/2019/01/BEAM_Position_Paper_v0.2.2.pdf

https://web.archive.org/web/20190318172327/https://bitcointalk.org/index.php?topic=5052151.0

https://web.archive.org/web/20190318172411/https://github.com/BeamMW/beam

https://web.archive.org/web/20190318171243/https://medium.com/beam-mw/mimblewimble-blockchain-stop-event-postmortem-21012019-9a7ef38b2813

https://web.archive.org/web/20190318170655/https://www.proofofreview.com/wp-content/uploads/2019/03/beam-mw-audit.pdf

https://web.archive.org/web/20190318171634/https://www.beam.mw/

https://web.archive.org/web/20190513155806/https://explorer.beam.mw/

https://web.archive.org/web/20190318173223/https://medium.com/beam-mw/mimblewimble-beam-roadmap-2019-b2c7f38fc106

https://web.archive.org/web/20190318173804/https://medium.com/beam-mw/mimblewimble-roadmap-update-511263b915a

https://web.archive.org/web/20190318174404/https://medium.com/beam-mw/mimblewimble-lightning-network-e1627538aca2

https://web.archive.org/web/20190319102939/https://medium.com/beam-mw/mimblewimble-explained-like-youre-12-d779a5bb483d

https://web.archive.org/web/20190319112752/https://github.com/BeamMW/beam/wiki/Exchange-Pool-integration-guide

https://web.archive.org/web/20190319112947/https://github.com/BeamMW/beam/wiki/Beam-mining-protocol-API-%28Stratum%29

https://web.archive.org/web/20190322130659/https://github.com/BeamMW/beam/wiki/One-side-payments

https://web.archive.org/web/20190322131120/https://github.com/BeamMW/beam/wiki/Secure-bulletin-board-system-%28SBBS%29

https://web.archive.org/web/20190322132038/https://www.beam.mw/investors

https://web.archive.org/web/20190513155730/https://coinmarketcap.com/currencies/beam/


Disclaimer

This review is intended for educational purposes and should not be considered as financial advice. Before investing into any project we recommend you do your own research and consult a registered financial advisor.

The Daily Chain – Inform. Educate. Succeed.


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