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Beam will take the first step towards a private DeFi with the hard fork from June 2020

June 25, 2020

Beam (BEAM), the most data protection cryptocurrency, is making its first official move towards decentralized finance (DeFi).

Anticipating Beam’s next hard fork, The team behind the project updated a number of relevant specifications and paved the way for the so-called “confidential definition” that Beam Cointelegraph announced on June 24.

Confidential assets form the core of Beam’s future DeFi offering

Scheduled for June 28th With the hard fork, the independent token Confidential Assets or Beam CA are activated in the beam network. Beam CAs will be a key component in Beam’s future DeFi offering, said Beam consultant Guy Corem.

Beam will take the first step towards a private DeFi with the hard fork from June 2020Beam will take the first step towards a private DeFi with the hard fork from June 2020

Beam CAs are part of Eager Electron 5.0, a network update designed to provide the key infrastructure for building sensitive DeFi applications. Certification bodies enable different use cases and can be linked to cryptocurrencies such as Bitcoin (BTC) and traditional products such as gold, stocks and bonds.

Beam certification bodies contain important data protection functions, e.g. For example, the ability to unlink transaction history and send assets using non-interactive transactions. Anyone can issue CAs by blocking 3,000 beams, which is approximately $ 1,400 at the time of this release.

Together with confidential assets (CA), The next beam hard fork will also expand the Beam DEX in the already available Atomic Swaps, which will be released in beta. CAs can be exchanged immediately for cryptocurrencies such as BTC, Litecoin (LTC), BEAM and QTUM.

Gus Sullivan, parish leader at Beam, noticed this The next fork turns Beam into a privacy coin and a private DeFi ecosystem.

Beam’s new DeFi plans continue to evolve in a growing ecosystem

Beam announced the next hard fork in April. Although the company didn’t specifically say the hard fork was related to DeFi, Alex Romanov, CTO of Beamhad spoken about the company’s progress in February 2020.

The transition from Beam to DeFi takes place amid strong growth in the DeFi ecosystem. DeFi’s blocked value has increased nearly 80% since mid-June, rising from around $ 900 million to a record high of $ 1.6 billion at press time.

Total value blocked in DeFi

Total value blocked in DeFi. Source: defipulse.com

At the beginning of April, Cointelegraph reported on another DeFi project on data protection. The data protection project Incognito promises to enable its users to use DeFi platforms privately without having to touch Ethereum.