An absolutely huge week for Beam, with the much anticipated release of Eager Electron 5.0 for desktop. This release is compatible with the upcoming Hard Fork, expected around the 28th of June, so we would encourage you to upgrade now in anticipation. The fork compatible mobile wallet will be released in the near future. The Hard Fork is introducing some massive upgrades, to set Beam up for domination as the confidential DeFi ecosystem we all deserve. If you haven’t caught up with the incoming upgrades, check them out in the Hard Fork announcement, and the earlier newsletter. The three major features incoming are: Lelantus Mimblewimble, for breaking linkability, Non-interactive transactions, for Bitcoinesque push transactions, and of course Confidential Assets, for Beam based asset issuance.
Last weeks newsletter touched on Confidential Assets and what they mean for Beam. An important question was also raised regarding their issuance; namely, the amount of Beam to lock for creation.
The locked Beam will only be redeemable after all of the Confidential Asset has been burned by the creator. For this to happen, they must own all of that particular Confidential Asset.
Both sides of the lock amount came with their own tradeoffs. A lower locked amount would mean the barrier to entry for creating Confidential Assets was lower. A higher locked amount would prevent the network being spammed with useless assets.
Let’s have a quick look at the survey findings
The community stepped up and had some great insights into the pros and cons, some different potential solutions, and their feelings on the locked amount of Beam for Confidential Asset issuance.
The community spoke, and the figure has been set. As you can see above, the majority of votes were for 1000, with 5000 not far behind, and the weighted average being 3143. With the data in tow, we decided to use the wisdom of the crowd, and go with the weighted average, and set the lock amount at 3000 BEAM!
Excitement is already building for Confidential Assets launch on mainnet, with testnet seeing some action with ECO from Niran, and a great guide on CA issuance from Raskul!
Confidential Assets are currently supported in the Eager Electron 5.0 release, but will only be supported at the protocol level after the Hard Fork. They will be integrated into the GUI wallet in EE 5.1
Research, Development, and Product
The development team still hard at it, with the Eager Electron 5.0 release the last week. With the majority of the 5.0 work behind them, they are shifting focus to the 5.1 release that will integrate Lelantus Mimblewimble, Confidential Assets, and Non-interactive transactions into the GUI wallet.
Research continues on the DeFi front, to identify the most important needs for outside developers, with a tool kit for Beam building in the works
Beam GitHub has seen some changes, with the compartmentalisation of the wallet to enable more efficient and effective delivery, and improve the experience for outside contributions.
The team will increase dev resources to help outside developers with integration and building on top of Beam
Work on Atomic Swap optimisations are taking place, to improve both the execution and user experience for the swaps.
Web Wallet release for testnet coming very soon
Mobile Wallet release for the fork will be released in the coming weeks
Alex Romanov gave a presentation on Messari Mainnet event Monday evening. The presentation will be shared in the near future, and you can join us in the Beam Both over the next couple of days
A great piece on privacy in Indian Privacy Law, Beam Privacy in India & Notable Data Privacy acts around the world, by Beam India lead Ambassador Suhas Hegde
Upcoming AMA with Beam Foundation COO, Amir Aaronson, and Binance South Africa community on the 5th of June
An absolutely awesome AMA in Beam Africa, centred around Human Rights violations and how to handle them, with Beam Africa Lead Agbona, and Senator Ihenyen
Why Privacy Matters - Part 4, outlining recent privacy issues around the globe and spreading the important message as to why privacy matters
Wilke Trei gives us more insight into Beam Hash III, answering the community questions on Beam’s upcoming pow algorithm change
Sign up, stay tuned, and see you all next week!
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