The privacy-focused coin BEAM will execute its second hard form which is supposed to provide more privacy layers to the DeFi apps, as the entire industry awaits for a new category of decentralized finance. In our latest cryptocurrency news today, we take a closer look at the new hard fork layout.
According to a press release, the new system-wide upgrade dubbed BEAM Eager Electron 5.0 happened yesterday at the block number 777,777. BEAM will offer more privacy layers to Defi apps and the Hard fork of the Mimblewimble-based privacy coin will be the last planned consensus change.
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The coin will also roll out new features including shifting the network to the Beam HASH III algorithm.
BeamHASH III is a bandwidth and memory POW algorithm which is designed to provide support to the GPU of the network’s architecture while also enhancing the security and longevity of the network. right before the upgrade, there are some notable changes as well that will support the upgrade such as BEAM wallet and nodes. The mining pools and exchanges made some preparations as well before the upcoming hard fork. The Eager Electron 5.0 will not require the users to carry out hard actions beyond a software upgrade.
Beam Hard Fork Announcement
The work towards Beamhash III and other consensus upgrades
has been ongoing, and we are excited to announce the block height at which this will take place, 777777!
— BeamPrivacy (@beamprivacy) April 22, 2020
As the DeFi market is booming and could be the next big thing in crypto, the total value locked in these projects surpassed $1.6 billion from the $318 million before. However, while the sector continues to record growth and keeps on going forward, it still lacks features that are considered important such as privacy, as most of the projects are based on Ethereum. Beam however hopes to change that with the upcoming hard fork. The CTO of the platform said:
“Eager Electron 5.0 is a major step forward, both technologically and product-wise, to making Beam a leading platform for confidential decentralized financial applications allowing trading any value, anytime, quickly, reliably, and privately.”
Other features that will come with the upgrade include the linkability feature that will protect users from falling victims to hackers and the transactions process of the Confidential Assets that will be conducted much easier. CAs are independent tokens on the BEAM network and can be issued by the users themselves that have more than 3000 beams locked. Beam also stated that its CAs are considered as the first-class token of the ecosystem and will be given priority as a native token.
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