Beam will make the first move to a private DeFi with the June 2020 hard fork7. Juli 2020
The main cryptomoney with a strong focus on privacy, Beam (BEAM), is making its first official move towards decentralized finance, or DeFi.
In anticipation of Beam’s upcoming hard fork, the team behind the project updated a number of relevant specifications, paving the way for so-called „Confidential Defi,“ Beam announced to Cointelegraph on June 24.
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Confidential assets are the core of Beam’s future DeFi offering
Scheduled for June 28, the hard branch will enable the Confidential Assets, or Beam CA, standalone tokens on the Beam network. The Beam CA will be a key component in Beam’s future DeFi offering, said Beam advisor Guy Corem.
Beam CA’s are part of Eager Electron 5.0, a network upgrade aimed at providing the key infrastructure for creating confidential DeFi applications. The CAs will enable multiple use cases and can be linked to anything from cryptosystems such as Bitcoin Millionaire to traditional products such as gold, stocks and bonds, the company said.
Beam’s CAs include important privacy features, such as the ability to unlink transaction history and send assets through non-interactive transactions. Anyone can issue CAs by blocking 3,000 Beams, which would be approximately $1,400 at the time of this publication.
Along with confidential assets (CA), the upcoming Beam Hard Fork will also extend the Beam DEX in the already available atomic swaps, which will come out of its beta version. CA’s will be immediately interchangeable with cryptoswaps such as BTC, Litecoin (LTC), BEAM and QTUM.
Gus Sullivan, community leader at Beam, said the upcoming fork turns Beam into a privacy currency and a private DeFi ecosystem.
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Beam announced the next hard fork in April. Although the company did not explicitly say the hard fork would be related to DeFi, Alex Romanov, Beam’s CTO, had spoken about the company’s progress in February 2020.
The transition from Beam to DeFi comes amid strong growth in DeFi’s ecosystem. Since mid-June, the value locked in DeFi has shot up almost 80%, jumping from around $900 million to an all-time high of $1.6 billion at the time of this publication.
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In early April, Cointelegraph reported on another DeFi project focusing on privacy. The privacy project, Incognito, promises to allow its users to privately use DeFi platforms without the need to touch Ethereum.