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BEAM: Binance Lists Beam, Roadmap Update, the latest version Clear Cathode 3.1, Laser Beam, an implementation of bi-directional payment channels between two Beam wallets

Biweekly update 13th September — 27th September

Another chilly Friday for all the Beamers! Watching this MW project is pure pleasure, as the team copes with a significant amount of development and actively participates in social life. Beam is continuing to move forward, adapt, and learn. They are passionate about the vision of building the best-in-class confidential cryptocurrency and a robust ecosystem around it, giving financial privacy back to individuals and businesses. In this update, you can discover Laser Beam, an implementation of bi-directional payment channels between two Beam wallets, an essential building block toward a full Lightning Network implementation. Moreover, the recent Android release introduced the long-awaited Restore from Seed feature and significant UI improvements: address and transaction management, notifications, privacy mode, and more. The iOS wallet will be catching up on the feature set soon. Excluding merges, 8 contributors have pushed 78 commits to master and 81 commits to all branches. On master, 125 files have changed, and there have been 4906 additions. The team reflects a lot on what they’ve already done and what is planned. Sasha Abramovich showed how the Beam website has been changing over the period. A development status paper was published, featuring the upcoming work on Lelantus-MW and all the implementations contributed to Bright Boson and Clear Cathode. Besides, the new roadmap update occurred. The 2019 goal is to build a solid Layer 1 network for Beam. In 2020, they will spend more time on expanding Layer 2 and making Beam more of a platform. Crypto media and community members published various articles and videos. You can learn “how to set up a free Beam node with Google Cloud Computing” with Wilke Trei, watch a solid review by SmashingBloke, look at Alexander Zaidelson, Beam CEO speaking at the Blockchain Ukraine Event and compare MimbleWimble coins with Randy Hilarsky. Finally, extremely hot news — Binance listed BEAM! Can you imagine that the project reached the most adopted crypto exchange last week? It’s only the beginning! The number of subscribers in social networks remains increasing sharply. Let’s Beam together!

Development

BEAM GitHub metrics
Developer activity (from BEAM Coinlib.io)
  • Discover Laser $Beam, an implementation of bi-directional payment channels between two Beam wallets, an essential building block toward a full Lightning Network implementation. Check how to use it. To learn more:
  1. Laser Beam
  2. Beam Lightning Network Position Paper
  3. Github Project

Major releases since June:

The last Android release introduced the long-awaited Restore from Seed feature and significant UI improvements: address and transaction management, notifications, privacy mode and more. The iOS wallet will be catching up on the feature set soon. You can read more on the process of defining and executing UI in this in this excellent 2-part article by Sasha, our Head of Product.

Not Planned, but Executed — Lelantus-MW

The Lelantus paper was first published by Aram in December 2018. The technology caught the attention in July 2019, and Vlad Gelfer, Beam core dev, started studying it and finding ways to adapt it to Mimblewimble. The result of this work is a special Mimblewimble-adapted flavor of Lelantus that they called simply Lelantus-MW. For more details on the protocol and how it is different from the original Lelantus, read our Wiki article here. The PoC implementation of Lelantus-MW can be found here, it is still work-in-progress. They will go on working on Lelantus-MW and plan to fully implement it on Testnet before the end of 2019 and release Lelantus-MW on mainnet in early 2020.

What was Planned but not Done

  1. The Clear Cathode version was planned to include One-sided Payments and Multisig Support. As they started working on Lelantus, it became clear that in addition to greatly improved privacy, it can also be used for non-interactive payments on Beam. Therefore, one-sided payments will be released together with Lelantus.
  2. The implementation of Multisig support was moved to the next release.

Features

  1. Any wallet with a seed phrase can be RESTORED on mobile (read: no need to switch to desktop to restore your funds anymore)
  2. Sidemenu, settings, Addresses, UTXO, and Main app screens were redesigned to bring all the info in a better structured and more eye-pleasing way
  3. Many tags (ex: categories) can be assigned to a single address now
  4. Transaction details can be shared in a nice receipt-like way (read: no need to make screenshots anymore)
  5. QR code can also be read from the photos, saved in a Library
  6. The wallet can now “speak” in multiple languages beyond English
  7. Graceful undo of transaction and addresses: when unintentionally deleting an address or sending funds you’ll have a chance to undo it from a snack bar with a nice countdown
  8. Transactions can be searched by the transaction ID, comment, address or contact

Improvements

  1. On “Receive” and “Send” screens the address is copiable with a single long tap

Fixes

  1. Numerous usability and stability fixes, we won’t consume your time here, please check GitHub if you want to know more :)

Known limitations

  1. When restoring your funds in automatic mode, verify that your most recent transaction (from any device) was completed at least 1 hour ago. Otherwise, your restored balance may be incorrect and additional restore procedure will be required.
  2. When restoring your funds with your specific node, verify that the node is fully synchronized with the blockchain before starting the restore procedure. Otherwise, your restored balance may be incorrect and additional restore procedure will be required.

Points to mention

  1. DO NOT SIMULTANEOUSLY RUN TWO WALLETS INITIATED FROM THE SAME SEED PHRASE. No funds will be lost in any case, please read this article for full details
  2. If you really want to run two wallets (read: geek mode), initiated from the same seed phrase, make sure each wallet is connected to the node configured with the owner key (which is derived from the seed phrase)
  3. Even if two wallets are connected with such a node which is properly configured with the owner key, the transaction history will not be syncronized among them (each wallet will see the correct balance but only its own transaction history)
  4. BEAM website evolution (in pictures).

What’s next? BEAM Foundation is the next good step to come. As promised, they are working on migrating most of the decision-making processes from a centralized framework to a decentralized and semi-autonomous one. The dedicated website and crowdfunding platform are being developed.

  1. Ready to release Clear Cathode 3.1 Android
  2. Good progress on Clear Cathode 3.2 Desktop
  3. [Trezor Wallet] HW wallet integration #624
  4. [Desktop Wallet] Add texts that elaborate online time (Send/receive time) #853
  5. [Desktop Wallet] Add ability to list swap transactions in desktop wallet #761
  6. [UI Wallet] Peers didn’t change in settings.ini after updating #823
  7. [UI Wallet] Wallet isn’t loading in case you run the wallet on already used port and change setting to the random node #806
  8. [UI Wallet] Loading process and progress bar improvements #814
  9. Excluding merges, 8 authors have pushed 66 commits to master and 76 commits to all branches. On master, 139 files have changed and there have been 4695 additions
  1. [Release] Clear Cathode 3.1.6 Android — Release Notes
  2. [Hotfix] Clear Cathode 3.1 Android — Release Notes
  3. Good progress on Clear Cathode 3.2 Desktop
  4. [Atomic Swap] Show the composite status of the nodes for all the coins in a user-friendly and informative way #831
  5. [UI] Main screen (new version) #850
  6. [Beam Wallet] Crash in logger. Race condition #876
  7. [UI] Change background colour (mainnet) + add gradient (all) #852
  8. [CLI Wallet] — Wrong status and direction for sending to yourself #874
  9. Excluding merges, 8 contributors have pushed 78 commits to master and 81 commits to all branches. On master, 125 files have changed and there have been 4906 additions

Social encounters

  1. MimbleWimble Coin Comparison of Grin, Epic Cash and Beam | a video by Randy Hilarsky
  2. Binance Bir Kripto Parayı Daha Listeledi! | a story in Turkish by Coin-Turk
  3. Binance добавила приватную монету Beam | a story in Russian by Happy Coin
  4. MimbleWimble e l’aggiornamento per il wallet di Beam: Clear Cathode 3.1 | a story in Italian by Cryptonomist
  5. リクルート投資ファンドから出資を受ける仮想通貨Beam、バイナンス上場で一時約20%高騰 | a story in Japanese by CoinPost
  6. Binance niêm yết Beam — đồng coin ẩn danh dựa trên giao thức Mimblewimble | a story in Vietnamese by Toyeu Bitcoin
  7. Beam. Hardcorowy research Bionicznego Koguta | a story in Polish by Bitcoin PL
  8. SmashingBloke Talks Beam Cryptocurrency | a video by Smashing Block Crypto
  1. MimbleWimble Coin Comparison of Grin, Epic Cash and Beam | a video by Randy Hilarsky
  2. Binance Bir Kripto Parayı Daha Listeledi! | a story in Turkish by Coin-Turk
  3. Binance добавила приватную монету Beam | a story in Russian by Happy Coin
  4. MimbleWimble e l’aggiornamento per il wallet di Beam: Clear Cathode 3.1 | a story in Italian by Cryptonomist
  5. リクルート投資ファンドから出資を受ける仮想通貨Beam、バイナンス上場で一時約20%高騰 | a story in Japanese by CoinPost
  6. Binance niêm yết Beam — đồng coin ẩn danh dựa trên giao thức Mimblewimble | a story in Vietnamese by Toyeu Bitcoin
  7. Beam. Hardcorowy research Bionicznego Koguta | a story in Polish by Bitcoin PL

My First Anniversary of Being a Privacy Advocate in Lagos, Nigeria — an article by Agbona Igwemoh. “The past year has been exciting and filled with learning and unlearning. Over the year, Beam has grown in leap and bounds, and I believe I’ve grown along with the project. I am ready to take on more responsibilities, in growing the Beam community beyond Lagos, and Nigeria.”

  • Alexander Zaidelson tweeted “Talking Beam at BlockchainUa in Kyiv. When asked the audience who knows about Beam, 90% of hands were up.”
  • Sasha Abramovich talking at Node.24 in Bangkok.

Upcoming events:

  1. San Francisco Blockchain Week, USA, October 28th — November 3rd 2019
  2. Beam Official Meetup, San Francisco, USA, November 2nd 2019 — (to be confirmed)
  3. Genesis DevCon 2019 — Bangalore, India, November 23–24th 2019 (to be confirmed)
  4. Beam Official Meetup — Bangalore, India, November 24th 2019
  5. Beam 2nd Official Meetup — Istanbul, Turkey, November 2019 (date to be confirmed)

Roadmap

  1. According to the recent Roadmap Update:

First, they decided to extend the scope of the Double Doppler release till the end of the year.

The release will include the following major features:

  1. A decentralized marketplace for Atomic Swaps in the Beam wallet
  2. Lelantus-MW on Testnet
  3. Confidential Assets POC/Testnet
  4. Multisig
  5. Hardware Wallets — Finalizing Trezor working on Ledger support
  6. Opt-in Audit — initial features

The next version, codenamed Eager Electron, will be released in the first quarter of 2020 and will contain the following items:

  1. Second Hard Fork (PoW update)
  2. Lelantus-MW on Mainnet
  3. Confidential Assets on Mainnet
  4. Tor/i2P integration

Some of the functionality that they originally planned for 2019 but was given lower priority compared to other tasks:

  1. GhostDAG research and POC — delayed to 2020
  2. Porting to Rust — they will seek the community help for this. Beam Foundation will issue grants to perform this task.
  3. Enhanced Wallet Security — delayed till they start working on Beam Business Wallet
  4. Lightning — while Lightning is a fascinating technology, they feel that Beam network is fast and private enough at the moment, so the work on full Lighting implementation is also delayed
  5. BLS Signatures — currently delayed, they will review this in the beginning of 2020

The next big thing — looking further into 2020!

The 2019 goal is to build a solid Layer 1 network for Beam. In 2020, they will spend more time on expanding Layer 2 and making Beam more of a platform.

Confidential Assets being the first step in this direction, the natural next steps is to offer full Smart Contract capabilities to our network.

Smart Contracts will allow for a multitude of applications, including stable coins, P2P lending, non-custodial exchanges, and other DeFi applications.

Mimblewimble does not support smart contracts per se, so the right way to add them to Beam is through a sidechain. They will be researching the existing projects to choose the right technology for the sidechain (can be Libra, Ton or something else). The high-level design goals are to create a sidechain with Turing-complete smart contracts, multiple assets with the ability for 1-to-1 pegging to assets on Beam mainnet, fast execution, and strong privacy.

  1. Another article depicts additional milestones:

It is their deep belief that any transfer and holding of value requires confidentiality. Confidentiality is needed for crypto coins, stable coins, utility tokens, tokenized securities, even for crypto kitties. The plan is to enable the issue of additional Beam Assets (or bAssets) on their blockchain.

To enable wide adoption, they will work in two directions:

  1. Bridges to Bitcoin, Ethereum and eventually other blockchains. Such Bridge will allow locking an asset on Ethereum and issuing a matching bAsset on Beam. The bAsset can then be traded between Beam wallets in full confidentiality
  2. bAsset Issuer, allowing a 3rd party to issue their own tokens on Beam blockchain. Such a token can represent any kind of value and have associated rules that will be enforced by the issuance server

Finance

Source: https://explorer.beam.mw/
Source: CMC

Partnerships and team members

Here you can find the list of the shops and services that do accept Beam as a Payment Method. It is updated every week!

Beam_Accepted_Here

Every week new businesses are accepting Beam as a Payment Method. Here is the list of this week’s newcomers:

  1. Linksnappy
  2. Cointracking
  3. Cryptosupply
  4. Burrelllaw
  5. Happy Kids Dirty Hand
  6. BitcoinMeister
  7. Gohuo Zumi
  8. Robot Companion — NSFW
  9. Proxy SEO
  10. ImmoDesta
  11. Fym Hot Sauce
  12. Korean Community via the link.

Rumors

No updates.

Social media metrics

Social media activity
Social media dynamics
Social media dynamics

The graph above shows the dynamics of changes in the number of BEAM Facebook likes, Reddit subscribers and Twitter followers. The information is taken from BEAM coingecko.com.

This is not financial advice.

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