Mimblewimble Blockchain Platform to Bring Privacy to DeFi With BeamX Launch on Nov 19
Beam, the privacy-oriented crypto project, is finally set to debut into the booming DeFi space with a product dubbed ‘BeamX.’ This platform will enable DeFi developers to build financial applications based on fundamental factors that define the Beam ecosystem; at the very core is confidentiality. BEG had earlier reported Beam’s intention to provide privacy solutions for the DeFi space; it now seems that the project is ready with its value proposition.
The BeamX DeFi Platform
According to the announcement, BeamX is scheduled for launch on Nov 19, with the initial iteration being a test network that aims to ‘flesh out the infrastructure, documentation, and developer tools.’ The Mainnet is set to be activated sometime in Q1, 2021, after the Beam hardfork. Prospectus apps include lending, stablecoins, and decentralized exchanges, which leverage the concept of Automatic Market Making (AMM) to create liquidity.
This innovation is set to benefit from an underlying set of tools, including Confidential Assets, Laser Beam, and Atomic swaps. Developers will be able to build DeFi apps through smart-contract like functions dubbed Beam Shaders.
These contracts will be compiled from various programming languages into WebAssembly (WASM) with execution delegated to the Beam Virtual Machine, which runs in the platform’s nodes. As for the integration with Beam wallets, BeamX apps will be embedded via a web-based framework.
Privacy Coming to DeFi
Beam, which leverages the mimblewimble blockchain for enhanced privacy, saw it fit to introduce confidentiality in DeFi as well. Currently, this is an issue given that most DeFi apps run on the Ethereum public blockchain, which means that their activity is exposed. This includes crucial information, such as bot trading strategies, on-chain lending, and margin trades. The blog post reads,
“The only way to resolve any such issues is by adding privacy to DeFi, which is exactly what the BeamX platform is targeting.”