Press Release

BiKi.com Lends Support to Privacy Token Beam in their Second Hard Fork 

Beam

Singapore, 18th June, 2020 Global digital assets trading platform BiKi.com will  lend its support to platform-listed project Beam as they execute their second hardfork.  The network upgrade is estimated to be on 28th June 2020 and will occur when Block 777777 is reached. 

Known for their continued support of platform-listed projects as well as their ethos of prioritizing community, the crypto exchange is pleased to collaborate on promoting Beam’s hard fork upgrade along with other community-driven initiatives. 

Both companies will be cross-marketing to their user bases, and will conduct AMAs to help them better understand each other’s platforms. Both parties can mutually benefit from these initiatives since they have very active communities.

Beam Foundation COO, Amir Aaronson stated, “We definitely see the value and the volume BiKi brings to Beam. BiKi supported Beam during our first Hard Fork last year, and is supporting the upcoming one as well. I definitely hope that other exchanges will handle such network upgrades as professionally as BiKi.” 

Confidential and Scalable

The privacy-oriented and scalable Beam cryptocurrency conceals fully the values and metadata of transactions done on the immutable Beam blockchain. 

Presently, Beam wallets have features like atomic swaps that empower the confidential exchange of BEAM with BTC, LTC and QTUM. They also have payment proofs that allow senders to prove their payments despite the blockchain not containing any values.

Issue Confidential Assets, One-Sided Payments and Maintain Stability

The following additional features will come immediately on the CLI wallet and then on the GUI wallet about a month later after the Hard Fork. These will make Beam a truly confidential financial ecosystem that allows for the creation and trade of any digital asset, including the building of financial services. 

Beginning with the Confidential Asset Support, this is a new feature that allows community members to issue their own asset on top of Beam. The asset can then be traded on Beam’s Atomic Swap.

The core Beam mining network will also be greatly affected by the fork, shifting the network’s Proof-of-Work (PoW) algorithm from BeamHash II to BeamHash III. This is the final algorithm the Beam network will settle on. A key benefit is stability and this can provide the opportunity for more in-depth development and investments into both the software and hardware for Beam mining.

Support for privacy protocol Lelantus Mimblewimble will be activated and this enables users to break the linkability of their UTXOs [Unspent Transaction (TX) Output]. This move gives extra protection on top of Beam’s already stellar privacy. The One Sided Payments feature via Mimblewimble allows users to direct anonymous payments without interactively constructing it with the receiver.

To access user funds, it is necessary to upgrade to the new Beam software. A compatible wallet version 5.0 Eager Electron has already been released.

Releases in the Pipeline

The Beam team will also be hosting quite a few upcoming releases including but not limited to:

  • Laser Beam – technology to enable instant payments, micro payments and “streaming” money use cases.
  • Web Wallet and Wallet Service API Interoperability – the focal point of the DeFi ecosystem, this brings Beam to every browser (as well as 3rd party wallet integrations) without sacrificing user privacy.
  • Bridges to Ethereum – creates one-to-one pegs of certain ERC-20 tokens that are represented on the Beam blockchain, with more to be added in the future by Bridge operators. Developing bridges to other blockchains besides Ethereum are also being considered.
  • Wallet Auditability – an opt-in feature in the wallet to allow institutional and business users to seamlessly report transactions to 3rd parties of their choice.
  • DeFi Building Blocks – enable certain kinds of DeFi applications on Beam such as Collateralized Debt Positions (CDP), STO, lending and more.
  • GhostDAG Consensus upgrade – enable much better mining decentralization, faster confirmation as well as much higher throughput so that fees can be kept low even as the demand for Beam and Confidential Assets soars.
  • HW wallet support 

About BiKi.com

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange ranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform for trading more than 150 cryptocurrencies and 280 trading pairs. BiKi.com is focused on providing the safest, most stable and most effective cryptocurrency trading platform. 100% of the transaction fees are used in buyback and burning of platform token, BIKI. Since its official opening in August 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 3 million registered users, 50,000 daily active users, over 2,000 community partners and 200,000 community members. BiKi.com has received investments from Huobi co-founder Du Jun, Genesis Capital Zhu Huai Yang, FBG Capital, ChainUP and others totaling approximately 10 million USD.

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