Beam Privacy Cryptocurrency to Undergo Second Hard Fork at Block 777,777 in June 2020
Beam, a privacy centered altcoin which was launched on top of the Bitcoin mainnet on January 3rd, 2019, has announced the date and timeline for its second hard-fork which would be executed on June 28, 2020 on the 777,777th Block of the network. The announcement was made via a blog post,which was published on April 22nd, detailed that the new hard-fork would see the Proof-of-Work based mining consensus change from BeamHash II to BeamHash III.
Beam Hard Fork Announcement
The work towards Beamhash III and other consensus upgrades
has been ongoing, and we are excited to announce the block height at which this will take place, 777777!
— @Beamprivacy (@beamprivacy) April 22, 2020
Some of the major changes that would be implemented with the second hard-fork would include,
- PoW algorithm will change from BeamHash II to BeamHash III. More details on BeamHash III will be shared closer to the time.
- Activate support for Confidential Assets
- Activate support for Lelantus Mimblewimble
- Activate support for One-Sided Payment
The upgrade to the PoW mining consensus is expected to bring significant improvement to the present mining network and enhance the GPU card capabilities along with it.
The beam would also avail a testnet a few weeks prior to the scheduled hardfork and the launch of the testnet would depend on the block time. The hardfork would only require users to make a software upgrade. The platform is planning to release the node and desktop wallet binaries a month in advance to give necessary amount of time to its users to upgrade to the latest version.
The users would be required to upgrade to the latest version of the wallet called Eager Electron 5.0 prior to the hardfork as the upgrade won’t support the earlier versions and that is one of the key reasons for releasing it a month prior. The firm also assured that the funds will remain safe even if some people forget to upgrade in the given time frame.
The Second Hard-Fork Comes Within a Year of the First One
Beam network’s first hard fork came in August 2019 which also saw major upgrades in the mining consensus software changing from Beam Hash I to Beam Hash II at block 321,321. The first hard fork resulted in the decline of the mining difficulty, which was found because some miners forget to upgrade their software on time.
Beam being a privacy-focused altcoin uses Mimblewimble privacy protocol. Although a research study from Dragonfly Research analyst, Ivan Bogatyy claimed that the protocol in question cannot be seen as an alternative to Monero or Zcash, due to certain privacy breaches in the past, Beam challenged the study claiming their implementation of the protocol was not used in the study.