Beam is one of the top gainers during the daily timeframe as the cryptocurrency has recorded a good gain of nearly 20%. The token had been on a bullish trajectory in early February; however, the token was hit by market correction towards the end of the month which resulted in strong bearishness. The current price movements suggest that the token has broken its bearish downtrend and is currently on its way to establishing an uptrend. At the time of writing, the cryptocurrency stands at a price level of $0.39. Along with a rising price, the trading volume of Beam has also increased by nearly 300% during the daily window.
What problem is Beam trying to solve?
The blockchain technology gained its current following because of its value proposition of transparency and value the value of the proposition persists, blockchain’s extensive use and adoption in the recent years have led to a new debate – about user privacy. A huge chunk of the industry’s current userbase was first attracted towards the technology because of the security it provides as opposed to centralized corporations that are infamous for violating user privacy.
However, privacy-centered projects like Beam soon became the need of the hour as users require anonymity and privacy, in general. In the increasingly digitized world, data privacy is priceless as knowledge becomes power. This led to an influx of privacy-focused projects which catered to the segment of this specific segment of the market.
What sets Beam apart from other privacy-focused projects is its core technology. The project combines MimbleWimble – a renowned technology for privacy – along with LelantusMW. This core technology enables the project to introduce the world of confidential decentralized finance. The network provides the perks of decentralized finance but with a focus on privacy that does not compromise on any other factors like scalability and efficiency. The Beam token can be used as a medium of exchange of store of value but in a confidential manner.
Future outlook
The value proposition of Beam is very important in the increasingly digitized world. This gives the cryptocurrency a bullish outlook for the future. The network also has comprehensive expansion plans like an Ethereum bridge etc. which will further its bullish trajectory. According to the estimates of Digital Coin Price, the token is expected to end the year with a price level of $0.51 while the five-year projection places it at $0.89.
