Beam 2021 Week #20 - The Confidential Asset
Covering May 10th - May 16th 2021
With the the Hard fork fast approaching it is almost time get your Beam wallets upgraded, expect the 6.0 release to drop in the coming week. This version will be Hardfork compatible so Beamers will simply have to upgrade, and at block 1280000, the wallet will do its thing, and the upgraded network will be live. For those that don’t upgrade prior to the fork, it is still possible to do so after; your precious Beams will be safe. To be sure to keep up to date with the latest news surrounding the Hardfork, be sure to subscribe to Beam News on Telegram and follow Beam on Twitter and help spread the word! With that in mind, this week we will take a quick look at confidential assets on Beam.
With the last Hardfork came support for Confidential Assets, with the upcoming one they will receive some wicked added functionality, making them behemoths of the digital asset world. Lets dive in and look at some key points:
First class citizens:
Beam Confidential Assets (CA) can be seen as similar in a sense to ERC20 tokens on the Ethereum network. There is however, one huge difference. Beam CA are first class citizens: they operate on the same level as Beam does, rather than a contract on top of the network. This means that CAs benefit from the same level of privacy, scalability, and functionality as Beam itself.
Smart contract control:
With the upcoming network upgrade it will be possible for CAs to be controlled by the smart contracts, Beam Shaders, running in the Beam nodes. This enables trustless distribution models, capped supplied CAs, and the ability to distribute via staking various assets.
Some incredible use cases:
Confidential Synthetics, such as commodities like gold/stable coins, and digital assets such as shares, stocks, and bonds
Confidential Wrapped Assets like BTC, and ETH
Governance tokens for DAOs
This is just some of the great added functionality coming with the Hardfork next month!
Expect more exciting updates, news and competition coming out soon. So join the Beam Outreach crew to find out more!