Only one person should know your crypto transaction history: you.
Protecting that right is Beam — a scalable, confidential Proof-of-Work coin built upon the Mimblewimble protocol. Harry Potter fans may recognize Mimblewimble as the tongue-tying spell, but for privacy enthusiasts, it’s a blockchain architecture that hides crypto transactions from prying eyes.
This week, Constant, a P2P lending platform for digital assets, will begin accepting BEAM as collateral for low-cost loans. Beam holders can now unlock value from their coins without selling up nor relinquishing their right to privacy. For Duy Huynh, Constant’s CEO, this is a win-win for privacy advocates.
“You wouldn’t want your bank statement circulating the internet, so why should your crypto history?” said Huynh. “BEAM transactions leave no trace on the blockchain. No addresses. And now, there’s no reason to sell coins the next time you’re in need of liquidity, you can borrow against them instead.”
Constant is storming ahead in the rapidly growing Decentralized Finance (DeFi) space. Since the platform’s launch in May, it’s matched over $3,000,000 in loan volume and serves an ever-growing roster of enthusiastic customers. Huynh puts this down to their flexible loans and responsive customer service, and a new crypto-staking product that yields a return on escrowed collateral could drive further growth.
“To secure loans, customers must deposit collateral. But what if they could also earn interest while it’s in escrow?” asks Huynh. “This would cut the cost of borrowing even further. We’re already exploring this with the Beam team as this would give holders easier and cheaper access to capital, digital or fiat.”
Beam’s goal is to create a best-in-class cryptocurrency by making it confidential, practical, and easy to use. Since launching on Jan 3 2019, the team has made significant progress towards this goal, integrating atomic swaps (a peer-to-peer exchange technology), budgeting tools, and support for Confidential Assets.
For any digital asset to succeed, there must be utility, and BEAM demonstrates that in spades. Making the coin even more useful is Constant, providing an easy route to liquidity without having to liquidate. As the Beam team forges ahead with its roadmap, making new friends and partners along the way, there’s little doubt that demand for their privacy coin will rise.
Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world.
BEAM is a next-generation confidential cryptocurrency based on an elegant and innovative Mimblewimble protocol. The ideas behind Mimblewimble protocol allow for the creation of a coin that is confidential, scalable and optionally auditable. We believe that the Beam coin will serve as a truly usable confidential store of value, with the addition of second-layer solutions like Lightning to allow for day-to-day usage.
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