Beam is a cryptocurrency developed based on the MimbleWimble protocol, offering strong privacy, fungibility, and scalability. All transactions in Beam are private by default. New nodes joining the network do not need to synchronize the entire transaction history but can request a compressed history containing only system state and block headers for fast synchronization.
Beam is an attempt to implement MimbleWimble as a new cryptocurrency, written from scratch in C++. Unlike Grin, which has an unlimited token supply, Beam tokens have a limited supply with periodic halvings of rewards.

Vision

Beam offers an optional audit feature where users can create audit keys and send them to accountants, auditors, tax authorities, or other entities of their choice. Auditors can check a users transactions on the blockchain. Auditability does not allow retroactive access.
Store of Value
One important thing to note is that the team positions Beam more as a store of value rather than a medium of exchange. Currently, or in the near future, BEAM’s scalability will not allow it to be used as a global digital currency. However, they are researching scalability solutions such as the Lightning Network for Bitcoin and the Thunderella protocol by ThunderCore to improve performance.

Foundation

Beam did not choose an ICO, STO, or other fundraising methods but instead created a startup called Beam Development Ltd. According to Beam’s website, 13 institutions initially funded the project. To continue development and pay employees monthly salaries, Beam established a treasury that pays out 20 Beam per block during the first year of the project. From years 2 to 5, they receive 10 Beam per generated block. After five years, the treasury will no longer accept collective rewards. Over time, Beam plans to establish a dedicated non-profit foundation to oversee the project.
Currently, around 40 blocks are confirmed per hour, generating 19,200 BEAM (40 blocks x 20 BEAM x 24 hours) daily for the treasury, assuming a constant number of transactions. At the current price ($1.46), this generates $10 million annually for the treasury. Considering the number of team members Beam currently employs (22 according to LinkedIn), this is enough to continue development and should also cover repayment to initial investors.
The idea of establishing a foundation funded by the treasury is similar to ZCash. They receive 3% of the total mining reward annually, injecting approximately 6,125 ZEC into the treasury, currently worth about $30 million, which should cover their monthly costs of $500,000.

How It Works

Both the sender and receiver participate in transactions, unlike Bitcoin transactions where only the sender signs. Both parties use the Schnorr protocol to sign transactions. Schnorr allows multiple signatures to be combined into one. When of single signature size, all individual signatures within the signature are authorized.
Wallets send transactions to nodes, each containing a list of inputs and outputs along with zero-knowledge range proofs. To ensure each transaction is positive without revealing the actual amount in the transaction, Beam uses a compact zero-knowledge range proof implementation called Bulletproofs. Ensuring transactions are positive is crucial because allowing users to create negative-value transactions means new tokens could be created out of thin air, which should be prohibited.
If everything checks out, nodes validate transactions and add them to the mining pool. Blocks on the Beam blockchain are mined using an improved ASIC-resistant Equihash proof-of-work algorithm. After mining a block, transactions are sent back to nodes for validation and distribution.
Beam is a deflationary token with a capped supply. Mining rewards halve every four years. The issuance of new tokens will stop after 133 years. Beam uses Groth as its denomination unit, named after a computer scientist and cryptographer who contributed to zero-knowledge proofs. 1 BEAM = 100,000,000 Groth.

Features

Users have complete control over privacy - users decide what information is available and which parties can control their personal data according to their wishes and applicable laws.
Confidentiality without bloat - in BEAM, confidential transactions do not lead to blockchain bloat, avoiding excessive computational overhead or loss of performance or scalability while fully hiding transaction values.
Trustless setup.
Blocks are mined using the Equihash proof-of-work algorithm.
Limited emission with regular halving.
No addresses stored on the blockchain - no information about senders or receivers of transactions is stored on the blockchain.
Uses the "cut-through" feature of Mimblewimble for excellent scalability through a compact blockchain size.
No ICO. Treasury-backed, issuing tokens in each block during the first five years.
Implemented from scratch in C++.

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