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Beam, Privacy Altcoin Set to Complete Its Second Hard Fork In June

Beam has recently announced its second Hardfork, the Double Doppler, to be completed around June 28, 2020. According to the announcement, the Hardfork will provide the digital asset with new features that will improve it.

The last Beam Hardfork in August 2019 changed its mining algorithm from Beam Hash 1 to Beam Hash 2 and implemented several upgrades like support for ‘Confidential Assets’ and support for HTLS. Beam launched in January 2019 and stated that the project will undergo two hard forks in the first 12 months of the project, however, the second one has been delayed until June 2020.

The team of Beam notes that users will need to update their wallets before the Hardfork, although this is only a recommendation as they can still update the wallet after the event. The Eager Electron 5.0 will be released before the fork. Just like in the last hard fork, the team of Beam will be coordinating with miners and pools to ensure they are ready for the transition.

All The New Features of Beam

The mining algorithm will be changed again, this time from BeamHash 2 to the third version. The introduction of Confidential Assets is one of the most important new features that will allow users to send transactions without revealing the value or type of the asset traded.

‘It will allow the issuance of Confidential Synthetics (commodities like gold, stable coins, digital assets such as shares, stocks, and bonds, etc.), Confidential Wrapped Assets (BTC, ETH, etc.), and Community Coins/Tokens. The CA’s will benefit from the incredible usability, privacy and scalability of Beam, being first class citizens in the wallets’

Beam states that Confidential Assets can represent anything from stable coins, issuance of STO shares, utility tokens and other digital assets.

‘We are working with different projects in the industry to find the best use cases for the technology and to create practical applications for them. Eventually, it will be possible to issue any kinds of tokens on Beam to hold and exchange value in full confidentiality, and with great scalability of Mimblewimble.’

To further extend the current Beam privacy mechanism, the hard fork is introducing the Lelantus Mimblewimble, an extra layer of privacy that is optional. In essence, this new feature allows users to mix their funds through a shielded pool which increases anonymity.

The Lelantus Mimblewimble also enables one-sided payments, transactions that don’t require to ‘interactively construct them with the receiver’. 

The team of Beam also noted that they are not planning to attend any offline events due to the current situation with the Coronavirus pandemic but they will keep updating users every week.

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