The team behind the mimblewimble-based privacy coin Beam will launch a DeFi platform enabling developers to create confidential, decentralized, and user-friendly financial applications.
Dubbed BeamX, the platform will arrive on November 19th, with the first iteration being an experimental network, while the mainnet should be released in Q1 2021.
Beam Announces DeFi Platform Called BeamX
The press release shared with CryptoPotato described the new platform as a new “confidential and decentralized” DeFi network. The November 19th launch is scheduled to operate as an experimental phase, aiming to “flesh out the infrastructure, documentation, and developer tools.”
Although the mainnet is expected to launch during the first part of 2021, the upcoming beta version will enable users to benefit from an already available set of tools. Namely, those are Atomic Swaps, Laser Beam, and Confidential Assets.
The product release will occur during an upcoming event where some of the other well-known participants include Binance, Polkadot, and Avalanche. The statement reads that the three organizations “expect the first outside developments to be built on BeamX” during that event.
The new platform also plans to include other applications such as decentralized exchanges (DEXes), an Uniswap-like Automatic Market Making (AMM), DAI-like Algorithmic Stablecoins, lending, wrapped assets, and NFT tokens.
Future integration upgrades include Oracles and interoperability with two of the most popular blockchain projects – Ethereum and Polkadot.
Focus On Privacy
Similarly to the already existing token, BeamX will focus on privacy. The announcement highlighted several current issues with the current DeFi ecosystem, which have prompted Beam to aim for confidentiality.
Most decentralized finance applications run on the Ethereum blockchain, which is a transparent and public chain. According to Beam, this raises major concerns for investors and developers.
“From front running bots to visible on-chain lending and margin trades, players big and small have their transactions exposed, along with the strategies they adopt.” – reads the statement.
Beam argues that the only way to progress from this point forward is by “adding privacy to DeFi,” which is the team’s main objective with the BeamX platform.