The Bitcoin market in particular has witnessed a stream of demand for privacy-centered blockchain technologies and Beam is among the leading projects in this field. Beam (BEAM), based on the assumption made at the beginning of this paper, is $0 as of September 20, 2024. 122 which is only a tiny rise than it was 24 hours ago. Still, it is not one of the leading crypto assets in terms of market capitalization although it is gradually gaining popularity among investors and developers due to its distinct concept based on the beam development team’s vision of the future of the blockchain and its focus on the anonymity of users.

Beam is another cryptocurrency that has been launched in January, 2019 to enable the users to make confidential transactions and better scalability through the Mimblewimble protocol. This innovative approach has placed Beam as a possible rival to other privacy coins such as Monero and Zcash. Users have found the concept of privacy appealing since they relate to the protection of data and their money in the current world.

The basic mode of operation of Beam is rather typical of digital currencies: the specific feature that distinguishes this cryptocurrency is the use of the “opt-in auditability” function. This enables users to determine the level of transparency they wish to have on their transactions to third parties for a various purpose ranging from auditing to regulatory approval. This is more so for business entities and individuals who want privacy for some of the transactions they engange in but at the same time may need to prove compliance for others.

The Beam ecosystem has been growing incrementally over time, a fact that has seen many more applications being built on this platform. Starting from DeFi platforms and ending with anonymous marketplaces, B2-case projects demonstrate the application of Beam’s technology versatility. This is in addition to the recent release of the Beam Confidential Asset system that provides the means for creation and exchange of numerous tokens while preserving anonymity.

Recent Becky news include; The Beam Foundation has recently embarked on improving network scalability and performance. While the latest update which is the “Eager Electron” is expected in the second half of 2021, it is expected to bring some enhancements such as; faster validation of transactions and shortening of the block times. Such improvements are hoped to provide Beam with higher transaction speed and throughput, something that has been quite a challenge in blockchains.

The Beam community has also participate in promoting the usage of the cryptocurrency in various platforms. Currently the developers of the project are actively working on enhancing the user experience, and based on recent changes that have been implemented to the Beam wallet it should be noted that the wallet has become simpler and more user friendly to new entrants. Furthermore, attempts have been made to bring Beam into alignment with existing cryptocurrencies and payment systems which can positively impact its operational possibility in real life situations.

Nevertheless, Beam has issues typical for most cryptocurrencies: it has great POTENTIAL backed by powerful technology and a constantly expanding environment. There is still some ambiguity regarding to which extent privacy coins will be regulated or even banned due to the fact that they can be used for unlawful purposes. However, the opt-in auditability of Beam may hold an answer for privacy campaigners as well as meet the standards of the laws.

The project’s relatively low market capitalization as compared to many other cryptocurrencies is another positive, as well as negative factor for investors. On the positive side, this could imply a huge growth potential standing however it also comes hand in hand with volatility and liquidity risks. Like in all other cases of investment in cryptocurrencies, all potential investors are encouraged to do their homework as well as assess their tolerance to risk.

In the future, the Beam team will keep on working on enhancing the technology of the network and introducing its application across different areas. With the planned introduction of the smart contract functionality in Beam during early 2025, it indicates that this new development could unlock opportunities for the decentralized applications in Beam network. This development could potentially enable Beam brand itself as a privacy-focused smart contract platform in a sea of similar deemed platforms such as Ethereum and Solana.

The increasing attention to decentralized financing or DeFi has not been left without attention from the Beam team. There are plans on the pipeline to build privacy preserving DeFi solutions on the Beam network, which might be beneficial given that the sector of DeFi is placing higher priority on anonymity.

That is why projects such as Beam that focused on privacy and with the possibility to scale are going to gain more attention of both ‘mom and pop’ investors and institutional ones as the market goes further. The extent to which Beam will achieve these objectives will be dependent on efficacy the innovation’s guarantees on privacy, scalability, and usability while establishing a vibrant ecosystem of applications and users.

This therefore leads to the conclusion that despite the fact that Beam may seem to be unknown in the world of cryptocurrency, the outlook of the project focuses on essential aspects such as privacy and scalability and therefore there is a reason to consider the project in the coming future. Due to the increasing trends of data privacy as well as financial secrecy, such platforms as Beam may play significant roles in especially the future of financial and blockchain technology.