Privacy Blockchain Beam Completes $2 Million in Funding to Enable Privacy DeFi Building Blocks

May 21, 2012 – Layer 1 privacy blockchain Beam is bringing confidentiality to the DeFi space.

Privacy Blockchain Beam Completes

May 21, 2012 – Layer 1 privacy blockchain Beam is bringing confidentiality to the DeFi space. The project has secured $2 million in funding to implement privacy DeFi building blocks such as AMM, LP, collateral, algorithmic stabilization tokens and more.

Several institutional and individual investors participated in the first round of investment, including Collider Ventures, Altonomy, LionsChain, Alternity Capital, Youbi Capital, AirSpeed18, Bering Waters, Taureon Patrick Dai, Winslow Strong, Ivo Georgiev, and others.

The project is transitioning governance from Beam Foundation to the BeamX DAO, enabling decentralization of governance. This DAO will be managed by BEAMX, one of the first Confidential Assets (CAs) on the blockchain.

Privacy Blockchain Beam Completes

BeamX supports programmatic decentralized application (DAPP) functionality. These smart contracts (aka Shaders) provide a complete framework to turn the Beam wallet into a one-stop store for private financial tools.

Privacy Blockchain Beam Completes

The application code is executed by a Beam Virtual Machine (BVM) embedded in Beam nodes and wallets. The BVM will go live on the mainnet in mid-June via a hard fork. In late June, the first DAPPs to vote in the BeamX DAO poll and pledge BEAM for BEAMX will be directly accessible from the wallet’s built-in DAPP store in the desktop and web wallets.

Together with native DAPPs, Beam is building a decentralized bridge to Ether, followed shortly by logins to the Coin Smart Chain Binance Smart Chain and Polkadot.

Privacy Blockchain Beam Completes

Other components, such as the Prophecy Machine, are also under development to enable a mature DeFi infrastructure and interoperability.

Posted by:CoinYuppie,Reprinted with attribution to:
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