The DeFi sector is one of the sectors that is strongly present in the year 2020, and it remains so until the moment. After the rising momentum around this sector last summer, many expected that it would disappear and that it was just a media bubble.

However, the course of events suggests otherwise, as many crypto and blockchain projects are turning to this emerging sector to develop customized products and protocols.

Among these projects, we find the Beam project, which relies on the “mimblewimble” protocol, as it announced preparations to launch a DeFi platform to enable developers to create confidential, decentralized and easy-to-use financial applications.

The new platform called “BeamX” will be ready on November 19, and the first release will be a beta network, while the main network will be released in the first quarter of 2021.

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Beam Project and BeamX Decentralized Finance Platform:

Description of the Beam . project to source The new platform is a clandestine and decentralized DeFi network.

The new platform is scheduled to start on November 19 as a beta phase, this phase generally aims to embody the infrastructure, documentation and provide development tools.

Although the main network is expected to be launched during the first quarter of 2021, the upcoming beta version will enable users to take advantage of the set of tools already available, such as:

Atomic Swaps, Beam Lasers, and Secret Origins.

The release of the new platform will occur during an upcoming event in partnership with several well-known names in the crypto arena including Binance, Polkadot and Avalanche.

The statement said that the three participants are expected to build their first external developments on BeamX during the event.

The new platform also plans to include other applications such as Decentralized Exchange (DEX) platforms, Uniswap-like Automated Market Creation (AMM), DAI-like stablecoins, lending, encapsulated assets, andNon-fungible NFT coins.

Future upgrades include integration with Oracle and interoperability with two of the most popular blockchain projects, Ethereum and Polkadot.

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Focus on privacy:

As it is known about the “Beam” project, which relies on the “mimblewimble” protocol, which focuses on privacy and confidential transactions, the BeamX platform will also focus on privacy.

The announcement highlighted many of the current issues with the current DeFi system, prompting Project Beam to seek confidentiality and privacy.

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Most decentralized finance applications work on the Ethereum blockchain, which is transparent and generally available. According to Beam, Ethereum raises great concerns for investors and developers at this point, as the clarification came as follows:

Bots that are at the forefront and provide visual online lending and margin trading, so big and small players can be exposed to their transactions, along with the strategies they adopt.

The developers of the Beam project see the only way to move forward from this point forward is to add privacy to DeFi, which is the main goal of the team through the BeamX platform.

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