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Beam 6.0 hard fork for more privacy in DeFi



The crypto platform Beam is planning a relaunch for more privacy on decentralized financial markets ( DeFi ). Transactions should become more secure and discreet and offer more privacy.


Decentralized financial markets ( DeFi ) offer the advantage that users can completely decide about their property and assets. Quite the opposite of the traditional financial system, where the financial business is subject to a multitude of laws and rules.


However, DeFi has one disadvantage: no privacy. All actions (and transactions) can be tracked directly on the blockchain, such as Ethereum, and are visible to the public. You not only see who has which wallets, but also all activities that originate from these wallets. Beam wants to solve exactly this problem and is introducing a new hard fork that is supposed to create more privacy and transparency. " With the hard fork, Beam closes a large gap in decentralized financial markets, " said Beam's official statement in the latest news update.


What the relaunch is about

It starts on June 13th at block 1,280,000. The aim of the relaunch is to transmit updates for the beam shaders and the integration of the beam virtual machine live into the mainnet. Updates will also optimize the entire program (including the logic behind it) and better coordinate it with the needs of the user. For Beam, this is a big step in the right direction to make Defi trustworthy in the future.


But despite all the euphoria, there are also critical voices who believe that the new hard fork is not compatible with the old wallets. The question arises whether those who do not update themselves run the risk that their wallet is suddenly no longer compatible. The answer to this question is currently still open. But first about the background of Beam.

The background of Beam

Beam's goal is to create a platform and cryptocurrency that can be used in the real world. This is particularly about transactions by users and companies that Beam would like to make more trustworthy.


"No company in the world wants all of their financial movements to be publicly tracked."


The topic of privacy is not new to crypto. If you look at cryptocurrencies such as ZCash and Monero, they offer a higher level of trustworthiness, but no real privacy. Beam recognized this gap and created new possibilities with Mimblewimble and Lelantus MW protocols.


Mimblewimble is a technology named after a Harry Potter spell (Yes, you read that right!). With its own protection program, it offers complete privacy for user-defined transactions and also supports time-limited swaps, atomic swaps, and escrows.

A hard fork for privacy

The main goal of the hard fork is to bring more privacy to Defi. This is implemented by installing an upgrade, the Beam shader, on its own platform. The beam shader runs within the beam virtual machine, which works according to its own logic. For Beam, this is the key to more privacy. It also enables developers to create Defi applications such as confidential assets, AMM pools, lending, stable coins, and others.  


Thanks to the decentralized application option ( dApps ), the hard fork extends the framework for all financial activities that offer users more security and privacy.


You have to know that Beam was not always a decentralized platform on Defi . It was only through the recently initiated implementation of BeamX DAO that decentralization became possible in the first place. This step also made it possible to turn the Beam Foundation into a decentralized DAO control.

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