The BEAM project is preparing to implement the second major update of the network and reveals its date
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Answer The BEAM project is preparing to implement the second major update of the network and reveals its date
After the first successful major update of the BEAM project in August 2019, the privacy-focused BEAM blockchain is prepared to implement a second major update on Sunday, June 28, 2020.
The new update will bring with it a new hashing algorithm as well as a new upgrade that focuses on DeFi and allows users to issue cryptocurrencies with privacy.
The mainnet of the BEAM project was launched on January 3, 2019, coinciding with the 10th anniversary of the creation of the first Bitcoin block.
BEAM project coin currently has a market capitalization of $31.3 million BEAM coin is currently trading for $0.48, having gained approximately 34.5% in the last month.
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As for the most popular trading pairs for BEAM are the pair: BEAM / BTC and BEAM / USDT.
It can be bought and sold on different platforms such as Binance and Gate.io.
BEAM is a privacy-seeking cryptocurrency that, like Monero, Zcash, is based on the privacy protocol known as MimbleWimble, which stands for “MW.”
The MW protocol uses the original Bitcoin architecture and cuts out parts of the chain, such as scripts, according to CoinJoin principles.
Coinjoin provides a reliable way to combine multiple Bitcoin payments from multiple spenders making it difficult to determine which spender sent the transaction to the recipient.
This type of transaction was originally proposed by Greg Maxwell in 2013.
Beam allows its users to choose their level of privacy, and according to the project’s white paper, transaction details are kept very little in the public record.
As we noted at the beginning of the article, Beam successfully completed its first major update on August 19, 2019.
not This update the mining algorithm from Beam Hash I to Beam Hash II and it happened in block 321,321.
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The upgrade also included a new fee system and support for relative time locks.
The Beam blockchain will implement a second major update at block 777777, which is expected to happen tomorrow, June 28.
The major update, previously discussed in this year’s first quarter roadmap, will include an upgrade to the Proof of Work algorithm, from BeamHash II to BeamHash III.
More details about the BeamHash III hash algorithm will be released at the time of the update.
The major update will also activate support for the “Lelantus MimbleWimble” protocol, activate support for unilateral payments, and activate support for issuing cryptocurrencies.
The Beam team also mentioned that users will be able to enforce additional rules for different types of tokens, which will allow the creation of smart assets and enable a variety of applications for Beam including Decentralized Finance (DeFi) models.
The amount of BEAM required to create a secret asset will be capped at 3000 BEAM.
MW transactions are published in their original form to an unconfirmed transaction set, so the inputs and outputs of transactions will remain visible when they are unconfirmed.
Miners are required to create transaction blocks in a way that allows transactions to hide some of this information.
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A confirmed block will have fewer inputs and outputs mixed together in a way that makes it difficult to get to know all the details of a transaction, and it works differently than Coinjoin where Lelantus suggests it enables direct anonymous payments where users can pay each other by hiding assets Transactions and amounts.
There are some differences from the original “Zcoin Lelantus” app such as the support for secret assets and hidden transaction values.
“Lelantus” is also the basis of the one-sided payments system that will be implemented in the next major update of the Beam project, after reaching block 777777, Beam users will have to upgrade to BEAM version 5.0 wallets.
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