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THE SCALABLE CONFIDENTIAL CRYPTOCURRENCY

The Need for Anonymity


Back in 2009, Satoshi Nakamoto released Bitcoin and gave the world a great hope of an independent, non-inflationary and decentralized
currency. Today, Bitcoin is still by far the leading digital currency out there. However, with time it became clear that Bitcoin’s anonymity is
an illusion – all the transactions are part of the public ledger, and with today’s big data tech it is possible to trace what is going on1. Nobody
wants their bank account balance and transaction history to be available for everyone to see, so there emerged the need for private curren-
cies.
Several great privacy coin projects have been developed, but they are either too computationally heavy or not truly decentralized or both.
We strongly believe that financial privacy is a basic human right, and we felt that something must be done to fulfill that right. That’s how
BEAM was born.

What Is BEAM?
BEAM is a decentralized currency with strong privacy, fungibility and scalability. BEAM transactions are private by default, and storing the
entire transaction history is not necessary for blockchain validation, which reduces the blockchain size and improves scalability. BEAM will
support many transaction types such as escrow transactions, time-locked transactions and atomic swaps.

The Team
BEAM has put together a remarkable team of first-class engineers and entrepreneurs, and a strong advisory board comprised of accom-
plished cryptocurrency veterans. We have 7 full-time developers, a growing marketing team and seasoned management. BEAM CEO is
Alexander Zaidelson, an experienced entrepreneur, executive and VC investor, the engineering team is led by CTO Alex Romanov (over
15 years experience running complex R&D projects in numerous industries), the operations are run by COO Amir Aaronson, experienced
entrepreneur and executive, and marketing is under the lead of CMO Beni Issembert, who has vast experience in consumer marketing
both in the crypto world and outside it. The list of advisors includes people like Yonatan Ben Shimon, Guy Corem, Sebastian Stupurac, Stas
Oskin and Gordon (Guo) Chen. We are actively building a global community of developers who share our mission of creating a private
digital currency and will maintain and improve BEAM.

Alexander Zaidelson Alex Romanov Amir Aaronson Beni Issembert


CEO CTO COO CMO

The Technology
BEAM is based on Mimblewimble2 – an elegant protocol released by an anonymous contributor in 2016. Named after a tongue-tying spell
from the Harry Potter saga, Mimblewimble uses Pedersen Commitment scheme for full anonymity and zero-knowledge range proofs to
ensure validity of transaction amounts.
To enhance privacy and reduce the blockchain size, Mimblewimble merges all intermediate outputs within a single block and across
multiple blocks, thus only storing the current UTXO state and making the blockchain size an order of magnitude smaller than in other
leading currencies.
BEAM team implemented Mimblewimble from scratch using C++.
BEAM blocks are mined using memory-hard Equihash Proof-of-Work algorithm. The block time is 1 minute on average.

https://www.chainalysis.com/
ht ps:/ download.wpsoftware.net/bitcoin/wizardry/mimblewimble.txt August 2018
Why Current Solutions Don’t Deliver
The leading privacy coins today are Monero, Dash and ZCash. We deeply respect the founders and supporters of those projects, but they
each have certain deficiencies:

Monero:
Privacy is achieved by using Ring Confidential Transactions (RingCT) method which creates multiple transactions that mask the real
transaction. This results in excess transactions on the Monero blockchain and hurts scalability.
ZCash:
By default, transactions on ZCash are not private because zk-SNARKs technology used for privacy is very computationally heavy. Less
than 10% of transactions are actually private.
Requires periodic trusted setup. If trusted setup is compromised, the perpetrators can forge and unlimited amount of coins, thus
destroying the ZCash ecosystem.
Dash:
Not cryptographically private. Coinjoin is used for mixing transactions, with masternodes serving as transaction mixers.
Not truly decentralized. Masternodes may be subverted by malicious actors, and users may be de-anonymized.

Mimblewimble protocol overcomes those deficiencies, providing full privacy while keeping a compact blockchain and decentralized
architecture.

Who Maintains BEAM?


BEAM will be maintained by the non-profit BEAM Foundation based on the community. BEAM will not conduct an ICO nor will it premine
its tokens. Both the Core Team and the Foundation are funded through a BEAM Treasury that receives 20% of the mined block rewards
over the first 5 years of operation. A significant percentage of Treasury is reserved for the Beam Foundation.

Our Roadmap
Development started in March 2018. In June 2014, the fully-functional POC was achieved. Public testnet launch is planned for September
2018 and will include a desktop Wallet application, and a network of tens of nodes.The source code will be made public immediately prior
to the testnet launch.
Mainnet launch will be launched in December 2018. At launch, BEAM will have a full-fledged desktop wallet and integration with hardware
wallets. Our post-launch roadmap includes mobile wallets, Dandelion integration, Confidential Assets and more.

March 2018 June 2018 September 2018 December 2018


Project kickoff Internal POC Public testnet Mainnet launch

Fully functional mining Source code is open for


node the community review
Command line wallet 50 mining nodes ready
for testing
Wallet desktop application

Fundraising Status

http://www.beam-mw.com https://t.me/BeamPrivacy
http://www.beam-mw.com https://t.me/BeamPrivacy

August 2018