Featuring Beam and an exclusive interview with their CMO Beni Issembert
Table of Contents:
The Beam project started around April/May 2018 and their blockchain was officially launched on the 3rd of January 2019, in a celebration of the 10th Bitcoin anniversary. Beam uses a new protocol called Mimble Wimble, that was launched anonymously in the Cypherpunks IRC chat by a person that identified himself has Tom Elvis Jedusor, (both are references in the Harry Potter World, one is a spell, the other is the french version of Tom Riddle). This protocol has been under testing and development since 2016 and Beam became the first crypto project to use this protocol. This protocol is a lot more elegant and also a lot more scalable, which pushes the boundaries of market adoption set previously by other crypto currencies. Beam has a treasury fund built into their coin emission, a similar approach to Zcash when it comes to future funding however it will be entirely governed by a non profit foundation set to be established in Geneva, Switzerland. They also have their emission rate hard capped at 262,800,000 million coins, it is GPU mineable using equihash 150_5 however it is planned that they will be switching to other algo in order to maintain the GPU mineable status and make life more difficult to asic producers in a quest for network decentralization.
We will talk in more detail about the unique set of features that makes Beam standout as one of the most promising projects in the crypto sphere and potentially a force to recon by other privacy coins.
Beam Fundamental Analysis:
CEO - Alexander Zaidelson
A multi-disciplinary executive with experience in general management, Venture Capital, Business Development, R&D, Product Management and Marketing.
Previous to Beam, Alexander was the Principal of CIRTech Fund, the Vice-President of WeFi and formerly was also the Owner and CEO of Wikitup.
CTO - Alex Romanov
R&D Manager with strong technological background and managerial skills. Always hands on. Worked on many complex projects with large distributed teams. Team player with great communication skills.Reliable and Responsible. Fluent in English, Hebrew and Russian.
Previous to Beam, Alex was the VP R&D of Personalics, VP R&D of Music Lab and previously was also the team leader at Magisto amongst other previous work experiences.
COO - Amir Aaronson
A motivated entrepreneur, strong-minded operating expert, Amir has co-founded and managed several technological companies. He spent the past 2 years deeply immersed in the field of cryptocurrency.
CMO - Beni Issembert
Serial Entrepreneur since 2005, Beni is a Lecturer, Marketer, Writer, and Story Teller trying to impactfully bridge the link between Philosophy and Technology.
Head of Product - Sasha Abramovich
Sasha has over 15 years experience delivering customer appreciated value. He has worked in travel (Agoda), ad-tech (AppsFlyer and Kontera), and technology companies (Zend and Exanet).
Previous to Beam, Sasha was the Product Manager of AppsFlyer, Product Manager of Natural Intelligence, the Product Owner of Agoda and Product Manager at Kontera.
Art Director - Alexandra Shelenkova
Former UI Designer of Unlimited Technologies, Product designer at Kama Med, UI Designer of Sebbia and Web Designer of Mobi Gear.
Director of QA - Viktoria Khodichenko
Web-app testing (on Desktop and mobile platforms), functional testing, working with DB (SQL, MongoDB), testing of anti-virus products, writing test documentation, creating test cases.
Previous to Beam, Viktoria was the Lead QA Engineer at Waste Logics Software Limited and QA Test Engineer at AcquireWeb Inc.
Head of Communities - Vera Nevinska
Previous to Beam, Vera was the Ambassador communication Manager for Waves, Business Developer at Luminati.io, Sales Manager at Uran Company and Pre Sales Manager at Absolute Web Services Inc.
Anatol has been a C++ and C# Software Developer since 2004.
Former Viber and Music Lab Core Developer, Vladislav is a Senior Blockchain and Software Developer.
Artem is a highly-skilled C++ and Blockchain Developer. He has over ten years of experience in distributed and asynchronous systems.
Software developer since 2007.
Software developer since 2011.
Vadim has been working diligently as a C++ Software Developer since 2003
Raised on rock, Tatsiana is a passionate and extremely skilled Android developer.
Alexander, a motivated developer, has a rich background in web software development.
Creative and purposeful specialist with experience in web dev., Sergey has been involved in mobile and desktop testing since 2016.
Juri has been working as a software testing engineer since 2015. He has experience in manual and automation testing of the Web and Desktop applications.
Denis, a purposeful and motivated QA, has experience in testing applications on different Mobile phone platforms.
Web designer for the last five years, with full experience in Adobe Photoshop, Illustrator and Sketch.
Professionally involved in cryptocurrency industry since 2013, Guy co-founded and was the CEO of Spondoolies-Tech. In addition, Guy co-founded DAG labs.
Serving on technology and intellectual property working groups for Genome Project-Write, Bishop spent 4 years at LedgerX, implementing a solution to secure storage of digital assets and cryptographic keys.
Gordon is a Venture Partner of FBG Capital, a leading crypto fund based in Beijing. He’s also a co-founder of Neutral, an early stage index fund project.
Maja serves as CEO of OGroup focusing on the convergence of legacy systems and decentralized open protocols. She is a thought leader on digital business transformation and the rise of sovereign digital identity.
Marco is the CEO and Co-Founder of Genesis Mining. Genesis Mining is one of the world’s largest multi-currency mining and Blockchain infrastructure company. It acts as a key driver and advocate for the whole ecosystem.
Wilke Trei is a mathematician with specialisation computational discrete math and freelancing mining software developer with a focus on memory heavy algorithms on Graphic cards.
Bo Dong is a veteran crypto trader/entrepreneur since 2016. Dong has a deep understanding in token economies and liquidity. Dong is the founder and CEO of Altonomy, a well-known liquidity provider in crypto space.
Rami Kasterstein is Co-Founder and Board Member at SpaceMesh. Rami is managing Scale-up Venture Capitaland Scale-Up Crypto Capital.
Ferdous Bhai, a highly-respected Bitcoin Advocate, has established Canada’s largest Bitcoin OTC brokerage, YapCX, and started a high-performance cryptocurrency exchange, ChainRift. Ferdous is an acclaimed proponent of the Bitcoin’s peer-to-peer decentralised permissionless governance.
Liraz is a serial entrepreneur evangelising decentralisation, defense in-depth & open source software. He co-founded First, Europe's largest digital assets group and an information warfare unit for the Ministry of Defense.
Addison Huegel has a vast experience in PR management when it comes to Blockchain and general projects, such as Ethereum Foundation, Kyber Network, Zilliqa, Melonport, Perlin, Aelf, Binance, and more.
Marshall Maynard Ball has been selected to receive a two-year IBM PhD Fellowship for the 2018-19 and 2019-2020 academic years. Ball is particularly interested in the foundations of cryptography and complexity, two fields deeply intertwined and whose connections Ball seeks to further understand.
Oliver Gale is a serial entrepreneur, investor & advisor to early and growth stage startups. Gale founded Bitt and Basetwo.
One of the first things we need to address is "privacy". People often talk about it, discuss it, create projects that supposedly will bring our privacy back, but do we need it? will people address this issue, or keep ignoring it?
Well, moral issues and fundamentalisms aside, we all need to face the fact that nowadays you can't just close your drapes and expect to keep the world out! It should always remain a matter of choice, you should be able to choose the level of disclosure you want to apply to your life. You can broadcast all your passwords online if you think that privacy is meant for those who have something to hide, or even tell everyone your deepest fears and desires, but you should be able to choose differently... don't you think?
Let's face it, we are in the digital age, surrounded by it, depending on it, addicted to it... an inevitable change is happening in our society ... should we apply different, much less demanding privacy standards on our digital lives? Should we broadcast online things that we hide from our next door neighbour?
We can't also turn our backs to the fact that crypto currencies are here and they just don't seem to be going away...
Cryptocurrencies brought the user the power to control it's own finances, and there are a good number of privacy coins aiming to bring the solution to create a private/anonymous crypto financial system for everyone.
As more and more people realise that we need to claim our privacy back, and that financial privacy is something natural that we should take seriously, the demand for a solid solution for private digital money will keep on rising.
The existing projects aimed for privacy like Monero, ZCash, ZCoin, Dash, etc, besides their specific valuable tech details and advantages, lack to offer a complete scalable solution that engulfs all the aspects that a privacy coin need to address if it aims to be adopted as a compliant, private global solution.
Beam addresses the problem with a different point of view, aiming to grant the user the freedom to choose the level of privacy they want to apply, ranging from full disclosure to total anonymity. This will definitely widen the universe of adoption by allowing the flexibility to be private and compliant.
Currently, as cryptocurrency develops and adoption rises, a major issue arising on the path of privacy coins is the compliance with global/local regulations. This issue usually drives these projects to isolation from governments and institutions and creates almost an underground movement that has serious scalability problems.
According to Beam CMO, Beni Issembert, they are working with an undisclosed “top 4” global auditing firm, and have been working with the Japanese government to turn Beam into the first privacy coin that is completely private and legalized in Japan. This means that these people are building an auditable structure and working side by side with a government that has shown serious aggression toward private coins, they are also establishing a legal foundation and we can only conclude that they are positioning themselves to create a solid private coin that will be able to gather the conveniency and trust of the users while having the compliance and auditability that the financial world requires.
On the tech side, they use the mimble wimble protocol, and join the very restrict group of coins that are not a BTC fork. This allows a compact blockchain, and much faster transactions (while BTC has 5-7 trans./sec and ETH around 15 trans./sec, according to Beni Issembert, Beam features 17 trans./sec from day one and have already been tested 30 trans./sec), meaning that true scalability is at reach.
Seems good, but it is not all, these people have an awesome roadmap ready for 2019, releasing the atomic swap feature with Bitcoin on the coming days/weeks, Android and iOS wallets, their own lightning network, and a lot of other key targets. If everything from the list is done by the end of the year, these guys will be riding a bull.
On top of all this, they have no loose ends, as there is no premine, no ICO and a limited emission curve. They have private funds and will be using them for development, what shows a strong investor support and a solid structure.
So, if we think about it and filter a few points from the interview with Beni, the fact is that Beam is trying to reach a different level among private coins and I would even dare to say, among all crypto. If these people are able to accomplish their intended goals, they’ll be creating a true private store of value, something that none has accomplished yet… with an auditable structure, legal compliance, adjustable privacy level, corporate structure, 100% privacy, compact blockchain, faster transactions … they are coming closer to a truly global form of digital money.
Interview with Beni Issembert, Chief Marketing Officer of Beam
These are some of the highlights from our interview with Beni. For the full audio recording and transcript of the interview, please click here.
What is Beam?
Beam is not only the first Mimblewimble implementation and one of the future top leading privacy coins in the crypto world, Beam for me is a philosophy. To answer to your question, Beam is one of the tools that we provide people that brings freedom.
Why is privacy important?
We do consider privacy as a human basic right, and by the way there are some countries like the US and other European countries that are protecting individual privacy by law. GDPR in Europe is one of the example of the interest in protecting privacy. The fact that I would like, as a human being, to be able to disclose some information when I want and to whom I want, is I would say the really basic of freedom. I'm not forced to show you my body, for example. But in a digital world, especially in the financial world, everybody has access to what you are doing. In other words, that we are no longer sovereign on our money and people sacrifice their financial privacy without giving any kind of consent. Privacy for us at Beam is also a code, a movement. For us Beam privacy is the capacity for any individual to decide by itself what he wants to disclose, when and to who.
Knowledge, privacy = freedom and democracy… This is Beam.
What is Mimblewimble?
Mimblewimble first of all it's a spell coming from the Harry Potter universe...Mimblewimble is, if i had to use a slogan, is what Bitcoin had to be 10 years ago. Mimblewimble is a protocol that was released by an anonymous guy called Tom Elvis Jedusor, it’s the french version of Tom Riddle. And this protocol is very elegant and is solving two main problems in the crypto industry which are privacy and the second problem that Mimblewimble is trying to solve with some degree of success already is scalability. Bitcoin today is between 5 and 7 transactions per second, Ethereum if im not wrong is a little bit less than 15 per second and Mimblewimble from day one was 17 per second and I can tell you as of today, we have been doing further research, can achieve 30 transactions per second. So we are much more lighter via Mimblewimble than any other kind of blockchain. So this is Mimblewimble, privacy, scalability with a very high tech orientation, I mean the protocol is very elegant but quite computational challenge that's why it took to our friends of Grin more than 30 months to implement it and that's why took us, with all the good will, a bit less than 9 months to become the first coin in Mimblewimble.”
What is the difference between Beam and Grin?
First of all let me magnify the fact that we are good friends. I know that some people are trying to build an artificial wall between Team Grin and Team Beam but I must say that I'm very surprised because first of all we are talking to their team on a weekly basis, where we exchange a lot of information and a lot of tips and it happen that we helped them also when it comes to some funding. I mean we are brothers and sisters from the same Mimblewimble family. We may have some differences in terms of the approach but we have the same goal, a crypto world more private and more scalable.
Now when it comes to the approach the main differences would be the fact that we have a limited emission curve and they do not. We have 262 millions of Beams total, that's it, and they have unlimited. So it's a philosophical question and debate we had with them and we didn't agree with that and that's why we did Beam.
The other thing is we have a corporate structure, and I know that what I'm about to say isn't very welcomed by some people but we are very proud to be a startup, we are very proud to have a CEO, we are very proud to have some money that assured the stability of the solution we are trying to bring. Grin on the other hand did choose a very challenging path, which is the community path by saying that they are not here for the money and the community will finance the development and maintenance of Grin. I mean I have a lot of admiration for team Grin because they do have a lot of faith in humanity, my faith in humanity is a little bit more realistic I would say, and unfortunately the recent events when i saw some other Grin member trying to get some money for living is a very sad situation for us.
What is the difference between Beam and other privacy coins?
Maybe it's a surprise to some of our listeners and readers but Zcash is not private by default. Only 10% of the transactions on the network are actually private, so in general we have a coin which is not 100% private so we have a problem, on top of that Zcash is a fork of Bitcoin so there is no scalability at all, we are not only trying to solve the problem of privacy but also the scalability.
Monero for example is another story, first of all Monero is really truly private but it’s very heavy, so it's not scalable. And Monero has also its own problems of reputation, bad use, and at the end eventually most users will forget about Monero because of these shady identity and bad use by some bad people all over the world...they are 1.0 privacy coin generation, we are 2.0.
Are there any plans to implement other kind of features?
We are walking in a research mode because it’s not an easy thing, to understand Mimblewimble and our blockchain are new. I mean we are not a fork of something we did build our blockchain from scratch using C++ languages but we built everything from scratch. So everything that we are doing is experimental, nobody has done it. So the Lightning Network that we are working is based on research and we are also partnering with a lot of people that are willing to learn a bit more about Mimblewimble. So they can build sections for their networks and coins and the most famous one you have probably heard is Litecoin where they announced they are partnering with us to implement Mimblewimble as a side-chain on Litecoin…
In terms of Beam besides the lightning network we are going to release by the end of this month, beginning of April, our atomic swap feature with Bitcoin, which is going to be very good news for our ecosystem.
I mean maybe we are the only project that does care about the people who are supposed to use our product, so our clients are Alice, Bob, and Carol. We don't use them we serve them.
...we developed and deployed already an Android-based wallet for the mobile. Next week you will have the iOS version of this wallet...
More than that we have published our updated roadmap last week where we explain exactly where we want to go. The main point here, and this is after scalability and privacy, is to reach a certain level of compliance. Because, I mean we need to be foolish here to believe that if you are not compliant you will survive. If you want to live in our world we must be compliant because at the end the ones that provide legitimacy is a question of compliance.
Now compliance is our main goal, we are building an opt-in auditability feature that will allow our users, but mainly business and individual entrepreneurs, to audit their transactions when they are made in Beam. This means that, as a business today if you get some crypto, unless you are living in a very specific country, but you get some crypto in terms of income, your accountant will say “No I don’t accept that” so you would not be able to count it as income and it's the same thing with expenses. With Beam, in a couple of months from now, you will be able to go to your accountant, and eventually to your tax office and to make all your transactions, if you choose to, only if you choose to, auditable. It means that you will, you won’t have to disclose the identity of the one for example that sent you some money, but your auditor would be able to know that the money that you got in Beam is legit, is kosher. I would say as the CMO of Beam and one of the guys that believes in privacy and this kind of freedom that this is, I would say, the main game changer that will help crypto to be included in our modern day to day life.
Is there anything being done to the fact that in order for Beam wallets to transact they both need to be online?
It's a technical challenge, not a conceptual challenge, it's a technical challenge that can be solved by implementing the technology already in Beam which is called SBBS - Secured Bulletin Board System which means that we do have a kind of journal that is recording in a very cryptographic way all the transactions and keeping the information which is helping us to avoid two wallets to be online at the same time. It has been solved already using SBBS technology.
One more question regarding auditability, so people will be able to create a key and specify which information they would like to be visible on it?
Yes, I mean I can at least disclose that we are working a group of companies well known in this area, I can say that we are working with one of the big four, I’m speaking about KPMG, Deloitte, E&Y or BDO. One of them it’s official, they are working with us in the design of the auditability...We will have to, there is no other solution, to speak to every single regular, the European one, the US one, the Asian one and to design and to customize our auditability based on their accountancy law.
And the best example I could provide you with is regards a kind of trust level from one of the most competitive markets today, which is the Japanese one. I don't know if you know but trading privacy coins in Japan is forbidden by law. Getting back to Japan, one of our investors based in Glasgow and indeed is opening a lot of doors for us in Japan and hopefully and eventually we will be the first privacy coin to be legalized in a compliant way in Japan.
How did you fund initial development of Beam?
We raised a little bit more than 5 million dollars from private investors and VC’s, this money is going to be burned until the end of this year to finance the development of Beam. And from the end of this year we are moving the governance of the coin to a nonprofit foundation…we are going to be based in Geneva, Switzerland. And the foundation is going to govern the coin and develop it, just with a board of directors and advisors mainly from the crypto world and from the academic world but also legal affair world where we will begin our approach with some legal instances to help us to do this kind of things. The foundation, we raised those 5 million dollars to do what we have done so far and then Beam will be 100% the property of the community.
Does the Beam company have any revenue sources?
No, what we did is the people that invested in us through the company will have a percent of the treasury funds, they are getting a little portion every month for the duration of 5 years. Basically they are eating at the same table as the team, we all get a little portion every month from the treasury fund.
Why the choice for Switzerland when it came to the decision of where to create the foundation?
We chose Switzerland for a lot of reasons.
We wanted a presence in Europe, definitely. Europe is maybe not the most interesting crypto continent in the world, but for us Europe is the most advanced entity when it comes to privacy. So it's also a statement from us saying that to the community. Why Switzerland, because it’s also easier for us since we do have a local presence in Switzerland to manage the foundation. And to be frankly honest it’s the easiest way to build a nonprofit foundation that is able to enjoy both the European presence and both the external presence from Europe because Switzerland is not in Europe.
And last but not least when you register a non profit foundation, and this is not my first foundation, you need to understand and define with your beneficial owner because there is no equity in a foundation. So when, and I'm going to answer the question in your mind which is: who is the UBO of the Beam foundation? The UBO of Beam foundation are students. I mean, what we would like to do is to finance research, future research when it comes to privacy tech. It means that this Foundation has one goal which is to help the world to develop better technology and have a better understanding when it comes to privacy.
Switzerland is helping us because the regime of non profit foundation for students, for research, is easier in Switzerland than all other kinds of legislation. So that’s why we implemented our foundation in Geneva
What major releases did you have and what are your major releases coming in the near future?
This is a very interesting question, very important question, we are judged by the market on our capacity to deliver what we promise at the moment we promised it.
We said that we were going to do our first release by the end of December 2018, we had 3 days delay but it was delayed on purpose because we wanted to celebrate the Bitcoin 10 years anniversary…
Right now we have been releasing a couple of things. Payment and exchange API, a huge API for mining pools, our Lightning Position Paper. You have the CLI command line wallet, you have also another big release. In March at the end of this month, we are going to be able to pronounce ourselves… Beam/BTC atomic swaps. We are working on a very strong integration of hardware wallets with Trezor. Like I said before the iOS wallet is almost ready for release, fast node sync, payment confirmation and payment platform integration. This is only for March.
Now if we speak about June, we have our proof of work when it comes to algo change, our lightning POC of course, the Bulletin Board for Swaps, the one-sided payments.
And more towards September of course we are going to release some stuff about, important to us, the lightning alpha, etc etc. At the end of the year we will have a lot of good things also, like the POW when it comes to the algo change, the lightning beta, and the last but not least the GhostDAG proof of concept, which is my little baby and we hope to be able to reach at time, this very important future for Beam.
What is the future vision for Beam?
If Beam could be one of the ultimate alternatives when it comes to digital cash and when it comes to private means of exchange and a private store of value, then we will be the happiest people on Earth.
...So let's dream together with Beam to help the young generation to get back any kind of level of privacy/financial privacy, then Beam will have achieved its main goal.
We want Beam could build one of the ultimate alternatives when it comes to digital cash and when it comes to private means of exchange with a private store of value then we will be the happiest people on hearth… Let's dream together with Beam to help the young generation to get back any kind or level of privacy/financial privacy, then beam will have achieved its main goal.
The young generation eventually will be able to use a ultimate digital cash solution, called Beam, that will help them getting back their financial privacy.
Our main news channel is Twitter. You will see that we are not annoying one, we are only providing news when we have them, we are very eager to keep a normal communication on our social networks and to use them for what they are, which is tools and not life. You can follow us also and be a part of the community if you are in Europe and the US on Telegram. If you are in the east part of the world we have also a QQ and a WeChat group which is well done by our Chinese community. And if you are a little bit more courageous you can take part in our discussion on Reddit and on Github where we have our code.
For more information and updates on Beam, visit the following resources:
Website | Twitter | Telegram | QQ Group | Reddit | Github | Medium
Beam Trading Analysis:
- Historical Support with the bullish cross on MACD on Daily lead to the reversal of price action
- Price action has a support of Tenkan Sen, Flat Kijun and rising 8 Exponential Moving Average
- Red horizontals with aqua boxes marked as the next point of resistance points
- Price action is above the kumo cloud which is bullish even though the kumo is thin
- Price action is bouncing off 8EMA which is bullish as well
- Can expect a little pullback to the aqua line at 20212 sats level and more sideways movement as price action seems to be in the 5th wave
- Price bounced off the 200 Moving Average as the bottom of the 4th wave and currently has support of Kumo, Tenkan Sen, Kijun Sen and 55 Exponential Moving Average(Yellow)
- Red horizontals with aqua boxes marked as the next point of resistance points
TA from our awesome team member @CryptoKnight60
Beam Mining Analysis:
Algo: Equi 150_5
Max Supply: 262,800,000
Circulating Supply: 11,500,000
Price per Coin: $0,90
Total Market Cap: $10.5M
32Sol Mining over 24h = 1 Beam
Miner Software: Gminer v1.36
Beam Potential Value based on market competitors and coin emission schedule:
Monero Market Cap: $900M
Zcash Market Cap: $350M
Dash Market Cap: $800M
Now based on each market cap we will speculate the potential value per Beam for total supply and circulating supply.
Max Supply: $3,42 per Beam ( 900,000,000 : 262,800,000 )
Circulating Supply: $78,26 ( 900,000,000 : 11,500,000 )
Max Supply: $1,33 per Beam ( 350,000,000 : 262,800,000 )
Circulating supply: $30.43 ( 350,000,000 : 11,500,000 )
Max Supply: $5,70 per Beam ( 1,500,000,000 : 262,800,000 )
Circulating Supply: $130,43 per Beam ( 1,500,000,000 : 11,500,000 )