Privacy Coin Beam Experiencing Too Many Technical Issues

Jan 21, 2019 at 20:01 Update Date :Jan 21, 2019 at 20:01 UTC

Beam, a recently launched privacy coin, reportedly experienced some minor technical issues with its blockchain this morning.

The company tweeted on its official twitter handle this morning to inform the users that its blockchain had stopped the generation of new blocks amid an investigation.

After an hour or so, Beam updated users that the issue was resolved and all funds were intact.

Grin and Beam

Beam is a new type of cryptocurrency launched at the beginning of 2019 along with Grin, another privacy coin which operates on the “mimblewimble” protocol. 

The mimblewimble protocol is claimed to have been designed in such a way, so as to make transactions confidential and virtually untraceable. A transaction between two users is inserted in a “block of transactions”, making it impossible to track the source of origin and its delivery address.

The original concept was first put forth in 2016 with Grin touted to be the first privacy coin modelled on the protocol. The idea of launching Beam only originated in March 2018, with the launch going live on Jan. 3, 2019 ahead of Grin, which was launched on Jan.15.

Grin and Beam, although built on the same protocol, are separated by a fine line when it comes down to investing either one.

  • Unlike most cryptocurrencies like Bitcoin (only 21 million BTC tokens in circulation), Grin is present in infinite supply. Beam, however, is a finitely regulated privacy coin.
  • Beam is more appealing to investors from the business world due to its venture capital investments whereas Grin, is a community-funded venture and being an open-source could contribute to its development indefinitely.

No Smooth Sailing for Beam

Since its inception, Beam has reportedly been the centre of a vortex of technical glitches, coming on Jan. 9 that exposed users’ wallets to potential hacking schemes until the problem was resolved by Beam developers with the release of a patch version of its wallet.

The two privacy coins have opened a gateway to a new realm for crypto geeks with major cryptocurrency developers tweeting in their support ahead of their respective releases.

The new mimblewimble architecture promises to become one of the most sought-after projects in coming times, but Beam and Grin, the front-runners at its head, could take an unprecedented lead, provided they are able to resolve these frequent early disruptions.

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