Private DeFi: How Beam is Laying the Foundation for the Future of Decentralized Finance
While the crypto bear market continues to rage on driving many blockchain projects out of business, Beam remains resilient and true to its ethos of building with a steady sustainable development approach. The 2021 crypto market rally saw many projects aim for aggressive growth, allocating exorbitant marketing budgets and promising high yields, in a bid to create unsustainable short-term token price rallies and attract users.
At Beam, we were always firmly committed to the long game and focused on building out the infrastructure for a robust private DeFi experience, making measurable improvements to the efficiency and functionality of Beam blockchain.
In this article, we will review the current offerings of the BeamX DeFi ecosystem and highlight the upcoming Beam DEX that will tie together many DApps like the Asset Minter, Beam Bridge, and the private stablecoin Nephrite.
Beam Wallet v7.3
Beam Wallet is available on all modern operating systems (web, desktops, and smartphones) and lies at the heart of the BeamX private DeFi ecosystem.
Each wallet features a built-in DApp store with numerous pre-installed decentralized applications (DApps) including an Asset Minter, an NFT Marketplace, DAO Governance, Beam Anonymous Naming Service (BANS), and more.
Begin your private DeFi journey by downloading the latest version of Beam Wallet here.
Beam Asset Minter
The Beam Asset Minter DApp enables users to create custom confidential assets (think privacy tokens) on the Beam blockchain through a simple no-code interface.
The Asset Minter is highly customizable giving publishers the freedom to create unique assets powering diverse use cases.
CAs are minted through a decentralized smart contract without reliance on intermediaries, ready for secure and anonymous transactions on the Beam blockchain.
Beam Bridge
Beam Bridge released in March 2023 is a two-way bridge between Beam and Ethereum enabling cross-chain asset transfers.
The bridge DApp connects Beam’s private DeFi (PriFi) to Ethereum’s vast token ecosystem currently supporting $ETH, $DAI, $WBTC, and $USDT.
Beam Bridge is open-source, easily portable, and open to modifications letting developers customize and run their own bridge for any EVM-compatible blockchain. Read the official announcement for Beam Bridge here.
Beam Anonymous Naming Service (BANS)
Beam Anonymous Naming Service (BANS), inspired by Ethereum Naming Service (ENS), lets users create a personalized decentralized identity for trading assets on the Beam blockchain.
It goes without saying that your transaction metadata remains private and is known only to the participants of each transaction. BANS provides our community with an easily readable way to name their wallets (think Alice.Beam or Bob.Beam).
In the future, BANS will power human-readable wallet addresses for DApps in the BeamX ecosystem and form the foundation for your Web3 private decentralized identity (DID). Refer to the official BANS announcement here.
BEAM Faucet
The Beam Faucet DApp allows users to receive small amounts of free $BEAM to conduct network transactions.
The latest improvement to the Faucet adds support for all confidential assets, allowing developers to seamlessly create faucets for their token projects.
The Faucet DApp is an excellent way for our community to freely explore the BeamX DeFi ecosystem. Each faucet withdrawal is 0.5 $BEAM good enough for over 400 transactions.
BEAM NFT Gallery
The launch of Beam NFT Gallery in 2021 ushered in a new era for non-fungible token (NFT) privacy, allowing users to privately transfer and store their unique digital assets.
In contrast to traditional NFTs (on Ethereum or Binance Smart Chain) that have public metadata, where anyone may access its transaction details and ownership data; confidential NFTs on Beam offer complete privacy, anonymizing ownership and hiding all metadata.
The Gallery offers our community a secure native NFT marketplace. As bridge functionality continues to improve, adding support for more token types and connecting Beam to the broader blockchain ecosystem, users may bridge NFTs from any EVM-compatible blockchain (Ethereum, Avalanche, BSC, etc.) for anonymous storage and transfers on the Beam blockchain.
Atomic Swap
Atomic Swap enables users to anonymously swap tokens across different blockchains in one single transaction.
Atomic Swaps are decentralized and peer-to-peer, providing the community with a trustless solution for cross-chain token swaps.
Many leading blockchains are supported including Bitcoin, Litecoin, Qtum, Dash, and DOGE.
Nephrite Private Stablecoin
The community-led decentralized privacy stablecoin Nephrite is another exciting development for our confidential DeFi ecosystem. Any crypto user that has ever wished for the ability to mint and store stablecoins anonymously may now do so.
Nephrite is minted with zero input from intermediaries and follows a protocol architecture similar to Liquity ($LQTY) on Ethereum.
We expect Nephrite to play a big role in supporting the launch of the upcoming decentralized exchange (DEX) by allowing the market to create stablecoin trading pairs and deep liquidity pools for yield rewards. Head over to the Nephrite start guide and start minting your very first privacy stablecoins.
BeamX DAO Voting
The BeamX DAO Voting DApp empowers the community to democratically govern and participate in the decision-making of Beam.
The Voting dApp acts as an on-chain ballot for community-created proposals recording votes and the final outcome.
Users can vote by staking the $BEAMX governance token and receive voting power proportional to their stake in the voting pool. True to our commitment to being fully decentralized, the Voting DApp by design ensures that our community always has the final say in the direction Beam takes. Refer to the official announcement for DAO Voting here.
Beam Messenger
In light of the rampant personal data breaches and user privacy scandals that have plagued Web2 instant messaging (IM) platforms for decades, we’ve devised possibly the most secure censorship-resistant IM platform on the planet.
Beam Messenger leverages all of Beam’s industry-leading privacy protocols to deliver a fully anonymous messaging experience. Beam Messenger is a smart contract that lives on the blockchain and works by establishing a local peer-to-peer connection between the communicators’ Beam Wallets.
The Messenger is fully decentralized and independent from web front ends (think websites), offering an inclusive, secure, and censorship-proof way for our users to communicate and exchange ideas.
What’s n[D]EXt?
For the last two years, our team has worked tirelessly to lay the foundation for a secure scalable private DeFi ecosystem and deployed several DApps including an asset minter, an Ethereum bridge, and an NFT Marketplace. With the launch of the privacy stablecoin Nephrite complete, the final piece to bind together the BeamX DeFi ecosystem is a decentralized exchange (DEX).
We’ve deployed a $BEAM/$BEAMX liquidity accumulator to create initial liquidity for the DEX’s launch incentivizing early yield farmers with double yields for locking their tokens. Get started with the Liquidity Accumulator DApp that comes preinstalled in the Beam Wallet DApp Store.
The DEX will power anonymous token swaps on the Beam blockchain, making front-running and sandwich attacks a thing of the past. The DEX is scheduled for release on May 4th (tomorrow).
Come discover Beam and join our community!
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