Steemit Crypto Academy Week 16- Homework Post For Professor (@levycore)|| Privacy Coins (Beam) by @obikay

BEAM COIN

P

Beam coin is a security based coin whose major features include the users total privacy control. All transactions on the beam blockchain are automatically made private and no user addresses or any other private user information are stored on the blockchain. Beam has greater scalability because of its compact blockchain size, support for offline and online transactions, opt in auditability, hardware wallet integration and atomic swap.
Beam is based on the innovative protocol of Mimblewimble

Fundamental Analysis of Beam Coin

The first launching of Beam coin was on the 3rd January, 2019 and was endorsed publicly by many prominent developers in the crypto world like Jameson Lopp thereby giving beam coin enough credibility.

Trading at $0.7286 as at June 4th 2021, Beam coin is the 393 largest Cryptocurrency according to CoinMarketCap.com
Beam coin all time high is $3.0

Beam coin has got a circulating supply of 89,180,480 Beam coins out of a maximum supply of 262,800,000 Beam coins
The market capitalization of Beam is $73,891,293.83 with a 24 hours trading volume of $20,258,781.89

Screenshot taken from coinmarketcap.com

Screenshot taken from coinmarketcap.com

The block time of Beam coin is 1 minuite with a block reward of 50 Beam coins but 40 beams goes to the miners while 10 beams goes to the Beam team. Beams Market dominance is at 0.00%
This implies that beam coin must be really dependent on Bitcoin price for the determination of its own price.

Steps Involved In Creating A Beam Coin Wallet

1- Firstly, I open the official website of beam. I click on the drop down menu at the top right of the page.

2- On the page that opens, I click on download and click on beam wallet

3- On the page that opens, I click on Android Play Store.

4- Next, I get taken to the Google play store where I am to install the APK. I click on install to initiate the download and install at once.

5- On opening the Beam APK, I see the page as in the screenshot below.
I click on create new wallet

6- On the next page that opens, after reading the instructions carefully, I click on I understand

7- On the next page is my seed phrase which I could also call master key. I carefully wrote it down somewhere safe and then I click on * complete verification*
(Note that there is no screenshot for this part as the APK did not allow my phone to take a screenshot as part of it's security/ privacy measure)

8- Next, I am required to input some of the seed phrase which I have previously written down. I input the requested seed phrase and then I click on Next

9-On the next page, I input my desired password which is 10 character long and then click on start using your wallet

10- My Beam wallet is successfully created and is ready to use as can be seen in the screenshot below.

Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)

Advantages of Beam Privacy Coin

Total Privacy Control

p

A Beam wallet owner user at his own will chooses which information would be displayed to the public and also the user has the ability to chose the public that can view his wallet details.

Confidentiality without penalty

Confidential transactions on the beam blockchain doesn't result to the bloating of the blockchain, or decline in scalability or reduction in performance of the blockchain while it completely discloses the transaction value of it's users.

Ease in Mining

p

There is no need for a trusted setup since Beam block Mining is done with the use of Equihash Proof-of-Work algorithm.

Maximum User Privacy

p

No user address is stored in the blockchain. There is no information of any kind that can be used to trace the sender or reciever of a token.

Support Multiple Transaction Type

p

Beam Blockchain supports a good number of various transaction types including time locked transactions, Atomic swap, escrow transactions and more.

Disadvantage of Beam Coin

• With the higher level of user privacy comes other Disadvantages. Beam Blockchain could be used to transact a states illegal commodities such as weapons, drugs and more. This poses a major threat to the concerned country as such transactions cannot be traced because of the stringent privacy policy of Beam blockchain.

• The dominance percentage of Beam coin is not encouraging at all. This could drive potential investors away and also every good investors truly is looking for penny coins to invest in but also considers coins in the top 50 ranking. Since Beam coin has not made it to the top 100 or 50 ranking, it would not really multivate an investor.

Why I chose Beam Coin

• I chose Beam coin because of it's strict privacy policy. Unlike some other coins like Bitcoin whose transactions are very transparent and clearly spelt out on the Blockchain, Beam Blockchain is contrary to this such that even the users address is not stored on the Blockchain and the sender and reciever of the token is kept anonymous to the public eye.

• Also, the beam coin although 2½ years old, is still a penny coin but still posses attractive features. I have chosen the beam coin because of it's potential future increase in value. As both a penny and privacy coin, beam has the capability to increase in value in a near future.

Conclusion

p

Beam Coin is a Penny coin that is privacy based. It resolves the privacy and anonymity challenge of Bitcoin and other top Cryptocurrencies. Beam Blockchain gives power to it's users to manipulate their privacy settings as they wish without interference.

Beam coin is still a penny coin but with it's attractive features such as high scalability, hardware wallet integration, and atomic swap, it stands a chance to become one of the best and most mentioned coins in the near future.

Regards to Professor- @levycore