Transcript AMA HyperDAO x BEAM
Mr. Alex Zaidelson from BEAM will be engaging with the HyperDAO community on HyperDAO’s telegram channel

Vin
Our AMA is now live

Echo Wng
Dear friends, this evening we’ll hold an AMA about Beam, a project growing from a confidential and scalable cryptocurrency to a Defi ecosystem.

Echo Wng
Let’s welcome the business lead of Beam, Alex Zaidelson!

Echo Wng
Welcome, Alex!

Alexander Zaidelson
Thanks, happy to be here!

Echo Wng
Thanks for joining us this evening!
shall we start now?

Echo Wng
Q. Can you pls give us an introduction about the team and yourself?

Alexander Zaidelson
Sure!
1. Beam team is quite diverse, in terms of background and in terms of geography. Some people on the team are crypto old-timers, while for others, including our CTO, most of the development team and myself, Beam was the first project in the crypto space.

2. Our team is spread between Israel, Belarus, Great Britain, Thailand, and we have our great ambassadors across the globe in countries like Kenya, Spain, China, US, Korea, and more.
3. As to myself, I have a background in software development, entrepreneurship, product management, and venture capital investment.

Echo Wng
Q. What firms have you started or project successfully before?

Alexander Zaidelson
I have a pretty diverse entrepreneurial experience…
The first startup I did in 2005 was built around P2P file sharing networks that were extremely popular back then. By the way, the p2p file sharing technology was one of the precursors of cryptocurrencies, built on the same ideas of decentralization and censorship resistance.

My company was working on monitoring the P2P networks and selling content there. My other startup was called Wikitup — it was a desktop dictionary application that pulled information from Wikipedia and Wiktionary and presented it to the users.

Both Wikipedia and Wiktionary are also built on similar ideas of democracy and decentralization. My other experience included a Big Data company and a venture capital funds — built on much more centralized ideas

So I can say I came to Beam with experience and understanding of both centralized and decentralized worlds.

Echo Wng
Q. I saw a lot of praise of beam from a live show held some time ago. So I was curious, What makes Beam a strong team?

Alexander Zaidelson
Well, it’s an interesting question.

I don’t think there is a very clear answer to that or a single thing that makes our team so good. I will try to list several things

One — great professionalism. I can say that our team is one of the best and most productive in the industry.

Two — teamwork. Over the years, we have developed great synergy and understanding between the team members, and things go really smoothly.

And three — shared values. Everyone on the team believes in the power of technology and everyone cares to build a great product and to deliver it to the community.

Echo Wng
Impressive
Thx Alex for the introduction, let’s move on to the project part.

Echo Wng
What kind of project is Beam? And does it have the vision to share with us?

Alexander Zaidelson
Sure, with pleasure.
Beam is quite a special project because of its technology, goals, and vision.

Beam started as a confidential and scalable cryptocurrency based on Mimblewimble protocol. Right from the beginning, the vision was to create a confidential currency that can really be used by private people and businesses alike and that can fulfill the dream of crypto replacing money — a coin that is fully confidential but also allows for opt-in compliance.

When we launched Beam on Jan 3, 2019, the vision started to grow. We started thinking that we can build a whole DeFi ecosystem around Beam — ecosystem that will allow people to trade any kind on the value in full confidentiality.

Beam also has a special funding model. The project’s funding is based on a Treasury. The Treasury gets 20% of all the mined coins in the first 5 years of existence

Originally, Beam raised money from professional investors (no ICO) to fund the development. Part of the treasury is used to repay the investors.

After the initial period of about 1.5 years, the original Beam company passed control to Beam Foundation which is a non-profit body and which also receives coins from the Treasury on a monthly basis to use them to fund development and community building

Echo Wng
Q. Why did you start this project? What problems have you solved or aim to solve?

Alexander Zaidelson
I think one of the motivations was to build something that can really realize the original dream of Satoshi — building new Internet money that can really be used by everyone.

What properties are needed for money? It should be easy to use, scalable, decentralized, and inflation-proof.

In addition, it needs to be confidential — people and businesses do not like to share their financial history with anyone.

And, since most of the businesses have to pay taxes, money also has to be auditable.

We started Beam because no cryptocurrency answered the needs. Bitcoin and its closes are not confidential. Existing confidential currencies like Monero and Zcash are not scalable (huge blockchains), not auditable, not easy to use, and have issues with privacy.

So the initial motivation was to create a coin that combines all the desired properties. We saw that the Mimblewimble protocol is a great technology that can realize this potential, so Beam started

Echo Wng
thx for the elaboration, very clear and helpful

Echo Wng
Q. Can you share with us the latest progress or milestone? I’ve heard you have a huge update recently.

Alexander Zaidelson
Of course, there’s a lot to share

We just recently published our latest release — Eager Electron 5.0

https://medium.com/beam-mw/eager-electron-5-09146-2863-release-notes-47cf5e655e13

this version is a huge step forward to building our DeFi ecosystem

It includes a lot of deep infrastructure changes, some of which are consensus-breaking, so the network will need to hard fork and all the nodes and wallets will need to be upgraded.

This version has many new features, I will be glad to go thru them now

Echo Wng
pls do

Alexander Zaidelson
So here are the key features — Confidential Assets, Lelantus-MW, Offline Payments, and new PoW algorithm. I will give more info about each of them now

1. Confidential Assets — Anyone can now create a new kind of token on the Beam blockchain and trade it in full confidentiality. Somewhat similar to Ethereum and other blockchains where people can create their own tokens and set rules for them.

2. Lelantus is a new privacy protocol developed by our friends at Zcoin. We adapted Lelantus for Mimblewimble and created Lelantus MW. Lelantus MW makes Beam privacy even better by breaking all potential linkability between UTXOs.

3. Offline payments — One of the features that comes with Lelantus MW is the ability to perform offline payments. Before 5.0, Beam wallets had to come online in order to receive funds, which can sometimes be inconvenient. Offline payments remove that requirement, so people can now receive funds without getting online.

4. A new Proof-of-Work algorithm — Beam Hash III. BeamHash III is the third and the last update of Beam’s proof-of-work algorithm. It is more efficient than Beam Hash II. Right from the beginning, we announced that we will do two changes in the PoW algorithm to delay ASIC development until the network becomes more mature. Now that we release this last PoW update, people can start working on building ASICs

Echo Wng
offline payment is quite innovative and convenient from my personal viewpoint
so many updates!
and also several improvements?

Alexander Zaidelson
Indeed, a lot of groundbreaking work was put into this release.

Of course, there are improvements in every release

this version introduces may improvements in our Wallet usability, improvements in our decentralized Atomic Swaps marketplace, and of course several bug fixes.

Echo Wng
Q. How long for the update took?

Alexander Zaidelson
Let me think…

Our previous release was 4.2, it was published on April 16, 2020.

So looks like it took less than 2 months

Echo Wng
wow

Alexander Zaidelson
But actually a lot of research work started months before that, as early as September last year

Especially the Lelantus MW research — it is really a first of its kind implementation

We will be publishing an in-depth scientific paper on that work, really a lot to share

Echo Wng
I see, amazing, especially in this special time

Echo Wng
I guess this update is the significance for your team?

Alexander Zaidelson
Oh yes, this time was tough for everyone. But our team is distributed and working from home is very natural for us

Alexander Zaidelson
[In reply to Echo Wng]
I think it is super significant. It is actually a turning point when Beam becomes more than the best privacy coin — it grows to be the privacy-oriented DeFi ecosystem

Echo Wng
hhh, this is the benefit of being distributed

Alexander Zaidelson
:))))

Echo Wng
super significant…

Alexander Zaidelson
I am so excited about our DeFi ecosystem because it will allow similar functionality to existing “smart contract” blockchains like creating multiple kinds of tokens, create 1-to-1 pegs to tokens on blockchains (Ethereum, etc.), and execute smart financial services such as loans, STOs, Stablecoins and more.

Echo Wng
so glad to know these at the first time

Alexander Zaidelson
But, unlike existing blockchains, it will allow people to do all that in full confidentiality.

When you work on Ethereum, Stellar or any other DeFi platform, everyone sees what you are doing. Not so in Beam — all your transactions and operations are confidential, as they should be.

Echo Wng
Q. Who are your typical users?

Alexander Zaidelson
Everyone and anyone.
:)

Beam is not targeting a specific user group, we strive to create a coin for anyone.

I do think though that on average our users are more privacy-conscious than the general crowd, and they understand the need to keep their transactions confidential, and not visible to anyone like on Bitcoin, Ethereum and others.

Echo Wng
Q. How many users do you have now? Any special plan to grow user base recently?

Alexander Zaidelson
I don’t know :))))
Seriously, our blockchain is confidential, so I cannot even tell how many users we have.

It’s not like Bitcoin where you can see exactly how many addresses there are and how much money everyone has.

Echo Wng
make sense

Alexander Zaidelson
The only information we have about the blockchain is the number of transactions.

Note: just the number, not the amounts nor senders or receivers

Since launch, Beam processed over 3 million transactions. In the last weeks, we are running about four thousand transactions a day.

You can check it on our community-developed blockchain explorer here:

https://explorer.beamprivacy.community/

What I can share is the size of our awesome community.

Our community is well over 50 thousand users, and we are constantly working to grow it. We are present on Telegram, Twitter, Reddit, Discord, Youtube, QQ and more. We also have an amazing team of ambassadors all over the world, and they are doing a great job of spreading the word on financial privacy and on Beam in their countries. I invite everyone to visit our website at www.beam.mw and join our community.

Echo Wng
That’s great!

Echo Wng
Thx Alex for such a detailed introduction! very informative and enlightening!

Alexander Zaidelson
Glad to hear that!

Echo Wng
our pleasure! Let’s move to our second part

Alexander Zaidelson
Sure

Echo Wng
Let me invite Ryan from HyperDAO and pls you have a rest for a few minutes

Ryan Ang
Hi everyone!

Echo Wng
hi Ryan

Ryan Ang
and thanks @AlexanderZaidelson for taking time out to share with us :)

Echo Wng
thx for joining us

Ryan Ang
Love the stickers by the way (You can find Beam stickers on telegram group)

Ryan Ang
[In reply to Echo Wng]
thanks for having me :)

Echo Wng
so, Ryan, pls take some time to introduce HyperDAO to us, especially to dear Alex team.

Echo Wng
Q. What project is HyperDAO?

Ryan Ang
Sure, I’ll give a brief introduction of HyperDAO for those that are less familiar :)

Alexander Zaidelson
[In reply to Ryan Ang]
Thanks, Echo!

Ryan Ang
So, HyperDAO aims to be a one-stop decentralized finance platform that enables users to employ a variety of financial services at cheaper prices and with more efficiency and interoperability than what traditional institutions can offer.

HyperDAO is designed to work as a DAO where the community can come together to jointly develop the platform together. We are open-sourced and have provided SDKs to developers such that they can participate in its development. As more services roll out, the community will be able to see that a lot of our services involve community participation such as in the stable coin system, crowdfunding, asset management and forecasting.

done

Echo Wng
thx

Q. What advantages does HyperDAO have in the market?

Ryan Ang
So I think HyperDAO has 3 advantages that distinguish itself from other DeFi projects in the space
a. Comprehensive one-stop financial system

Unlike other projects that provide a single or some financial functions, HyperDAO aims to be a full-service one-stop platform for every kind of financial need. There is a lot of synergies that will be created when we integrate these financial functions together, the most practical being tremendous cost savings and convenience for users.

b. Flexibility

The platform allows for tremendous flexibility in terms of the types of financial service and assets it can provide. For example, unlike other stablecoin systems who have limitations on the type of collaterals and the type of stablecoins generated, HyperDAO will allow multi-asset collaterals and can generate different stablecoin pairs, not just USD.

In the asset management space, verified users can post their own portfolios and allow other users to track them for a reward. Our community nomination zone also allows users to pitch projects to the platform to be funded.

c. Purposeful decentralisation

In HyperDAO, governance by the community is vital, with HyperDAO token holders having the right to vote on many governance measures. They can even elect representatives, nominate projects or asset managers to be introduced to the system.

The HyperDAO community nomination zone, discussion forum, peer to peer services, microfinance system and forecasting system are also fully user-initiated, user-driven, as you can see, these are functions quite unique to HyperDAO.

done :)

Echo Wng
thx Ryan for the introduction:)

Echo Wng
I still have some questions for you and Alex

Echo Wng
Q. Defi seems to be a hot word in this one year, how do you two look at this market? Will it make money? Will it grow fast?

Ryan Ang
yes it has been a hot topic these few years

I think that if people had an opportunity to get to understand DeFi, they can see that there are a lot of benefits, especially in terms of costs savings.

However, in terms of how disruptive or how revolutionary it is, it’s not merely as simple as people put it out to be, there are still many issues that have to be resolved.

One of the most pressing issues is liquidity, for example, the liquidity of a DEX often pales in comparison to that of centralised exchanges, and because liquidity begets liquidity, it is hard for DeFi projects to compete.

I think that when the public sees cryptocurrencies as an asset class on the same level as that of equity, fixed income or commodities, that’s when we’ll gain a foothold.

The long-term vision for the DeFi industry and HyperDAO is a fluid system that runs parallel to the traditional financial system.

As more institutional players come in and more interest is generated in the sector, we’ll see more integration and easier access to DeFi, so that’s one aspect that HyperDAO will work towards in the long run.

done :)

Echo Wng
Understood, it’s a long run

@AlexanderZaidelson any comments?

Alexander Zaidelson
I agree that DeFi is a complex ecosystem and it will take some time for it to grow.

But I think even today some DeFi components are very popular in the crypto world , and I specifically mean stable coins and crypto loans

And I think the demand for those will grow more.

Ryan Ang
agree, we are beginning to see a lot of growth in the sector and we’re still in the early stages :)

Echo Wng
Q. Do you 2 have any cooperations in jointly drive the Growth of the global Defi industry?

Alexander Zaidelson
I think it is worth exploring

We are open to cooperation with good projects in the industry

Ryan Ang
We saw that Beam 5.0 will support confidential assets and enable users to trade these assets with full confidentiality on the Beam blockchain; the other being offline payments which bring a lot of convenience to the everyday user, HyperDAO is interested in bringing such services onboard its platform too and will be glad to partner up with Beam to further explore and develop these areas together :)

Echo Wng
this is my favorite question

thx Alex and Ryan for all the time and introductions!

Alexander Zaidelson
Thanks, everyone!

Echo Wng
it’s our honor to have you 2 sharing!

Ryan Ang
Thanks for having us :)

Echo Wng
and thx to everyone for your attention and questions

Thx to all