/Confidential crypto network Beam incorporates the Beam Foundation

Confidential crypto network Beam incorporates the Beam Foundation

Beam, a next-generation confidential cryptocurrency based on the Mimblewimble protocol, announced it has officially launched the Beam Foundation.

The Foundation is funded by part of the Beam Treasury (aka Founders’ reward). In the first five years of Beam’s existence, the Foundation will be receiving 4% of all the mined coins.

The Treasury is used to repay Beam investors, incentivize the Core Team and to support the Beam Foundation (largest single beneficiary of the Treasury)

The Beam Foundation will operate as a non-profit company registered in Singapore run by a Board of Directors, with the goal of promoting the development of BEAM cryptocurrency and supporting financial privacy in general.

The Board will consist of up to seven members, with the initial four members being:

  • Guy Corem — Professionally involved in the cryptocurrency industry since 2013, Guy co-founded and was the CEO of Spondoolies-Tech. In addition, Guy co-founded DAG Labs.
  • Bo Dong — a veteran crypto trader/entrepreneur since 2016. Dong has a deep understanding of token economies and liquidity. Dong is the founder and CEO of Altonomy, a well-known liquidity provider in cryptocurrency space.
  • Ferdous Bhai — highly-respected Bitcoin advocate, has established Canada’s largest Bitcoin OTC brokerage, YapCX, and started a high-performance cryptocurrency exchange, ChainRift. Ferdous is an acclaimed proponent of Bitcoin’s peer-to-peer decentralized permissionless governance.
  • Wilke Trei — a mathematician with a specialization in computational discrete math and a freelancing mining software developer with a focus on memory-heavy algorithms that run on GPUs.

Although not in the immediate plans, the Foundation will strive for decision making to be more distributed by creating a DAO-like governance system.

The Beam Foundation will also launch a community funding system in the near future to provide support for community efforts aimed at development, research, and promotion of Beam and related areas.

Beam is a scalable, privacy-oriented cryptocurrency based on the elegant breakthroughs of the Mimblewimble protocol, which completely conceal the values and metadata of transactions, in a prunable way which also reduces bloating on the blockchain. In addition to enhanced privacy and fungibility, this allows for much greater scalability.

More Info:

Beam Position Paper

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