Beam’s Upcoming Hardfork Will Pave The Way Towards Private DeFi

Major privacy-oriented cryptocurrency, Beam (BEAM) is making its first official move towards private DeFi through its upcoming June 2020 hardfork.

On June 24. Beam announced its anticipation of Beam’s soon-to-come hard fork. The team behind the project updated a number of relevant specifications, paving the way to the so-called “Confidential Defi.”


BeamHash III – The Final Algorithm The countdown has begun to the final Beam algo change with BeamHash III to be born into the #BEAM mainnet at block 777,777. A glorious time to be alive as #DeFi takes it's final step towards full self-sovereignty in the privacy of Beam. pic.twitter.com/eIXtxdN9dy — BeamPrivacy (@beamprivacy) June 24, 2020

Scheduled for June 28, the hard fork will enable Confidential Assets, or Beam CA, independent tokens on the Beam network.

Beam advisor Guy Corem says that Beam CA will be a key component in the future Beam’s DeFi offering.

Beam CAs are part of Eager Electron 5.0- a network upgrade meant to provide the key infrastructure for building Confidential DeFi applications.

CAs will enable a number of use cases and can be linked to anything from cryptos like Bitcoin (BTC) to traditional commodities like gold, stocks, and bonds.

Beam CAs includes major privacy features like the ability to unlink transaction history and send assets using non-interactive transactions.

Beam CAs can be issued by anyone by locking 3,000 beams.

Beam’s upcoming hard fork will also expand the Beam DEX on the already available atomic swaps, which will come out of beta.

CAs will be immediately swappable with cryptos like BTC, Litecoin (LTC), BEAM and QTUM.

Gus Sullivan, community lead at Beam, noted that the upcoming fork makes Beam both a privacy coin and also a private DeFi ecosystem.

Source: Cointelegraph | Image: Unsplash

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