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Beam Africa

The ABC of BeamX

Hi Beamer,

It’s been a while I wrote about a project dear to my heart. Our very own Beam has officially launched its net into the DeFi ecosystem. This launch was marked by a virtual party where the entire team and community had fun discussing and sharing Beam coins in a “roulette”. If you missed it, this is a link to the lead-up video of the party. Though BeamX is still in its tesnet phase, it sure has been launched into the world and is accessible for all to use. Download the BeamX wallet here.

Understanding BeamX

In this post, I am going to explain BeamX in the simplest way by focusing on three key features of BeamX. Strap in!

Firstly, the X in BeamX stands for Experience. Not Expo, not Exchange, not Extra and definitely not Xbox. It is Beam Xperience.

BeamX basically enables the creation of financial applications that are confidential, decentralised and user-friendly. Understand it this way if you find it hard to decode all the techy terms.

Beam aims to maintain its privacy centered ecosystem even in a DeFi form. As we know, most DeFi applications are built on the Ethereum blockchain network which is clearly not focused on the confidentiality of transactions. Beam is focused on bridging this gap and with the launch of BeamX, we are expected to see confidential DeFi applications built on a safe and private zone; the Beam blockchain.

The ABC of BeamX

Now to the nitty-gritty of BeamX. Below are 3 takeaway features of BeamX:

A — Atomic Swaps,

B — Bidirectional Payment Channels (Laser Beam) and

C — Confidential Assets

A — Atomic Swaps

Beam introduced Atomic Swaps with Bitcoin, Litecoin, Ethereum, Qtum and recently, Dash and Dogecoin. This gives you the ability to swap/trade your Beam for any of the coins listed on the Atomic swap directly from your Beam wallet. You no longer need to withdraw your Beams to insecure exchanges in order to swap them. You can carry out all transactions and make a profit without leaving your wallet. More coins will be added in the coming weeks. For direction on how to set up the atomic swap on your wallet, please consult this guide by Raskul HERE.

B — Bidirectional Payment Channels

This is also known as Laser Beam. Cool name huh? 😎

Well, Bidirectional Payment Channels are a layer 2 solution, which aims to alleviate a humongous part of blockchains’ traffic by making it possible to settle transactions off-chain; they make Bitcoin, Ethereum and LiteCoin (and other networks) a great deal more efficient. Through BeamX, atomic swaps will be simplified and bidirectional payments channels will be feasible.

It is worthy of note that Payment Channels are also suitable for micro-payments.

C — Confidential Assets

Now, this is where the fun is. On BeamX, you can create your own cryptocurrency assets which will possess all of Beam’s classy features and attributes such as Confidentiality and Scalability. Perfect genetic engineering that actually solves world problems. Presently, we have testnet assets like $Raskul and $Boomer. Therefore, If you are keen on building assets on the blockchain, follow this link to a guide and get creative!

The future of BeamX

The above features will be joined by infrastructural upgrades such as Oracles and interoperability with Ethereum, Polkadot, Chainlink and soon enough, other blockchains.

Ethereum/Polkadot

Beam is building Bridges to Ethereum, Polkadot and eventually other blockchains. “Such Bridge will allow locking an asset on Ethereum and issuing a matching bAsset (Beam Asset) on Beam. The bAsset can then be traded between Beam wallets in full confidentiality”. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way — Alex Romanov.

With Bridges, you don’t have to be scared of transacting on non-private blockchains. BeamX has brought Privacy to your doorstep, literally.

Chainlink

“Beam will leverage the Chainlink Price Feed framework to launch decentralized price oracles. In particular, these Price Feeds will support the ability for a confidential stablecoin protocol running on Beam, along with bridges, and many other applications integral to DeFi and interoperability.”

Note: The Mainnet activation for BeamX is expected in Q1 2021 post hard fork.

Till next time, Scarlet signing out!.

For more information about Beam, do check out the links below:

Visit the website here, also check out the FAQ section here

Download the sleek wallet here

Join the African community on Telegram

Follow Beam Africa, and Beam on Twitter.

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