- Layer one privacy blockchain Beam has raised $2M funding for its upcoming upgrade.
- The blockchain will deploy WASM smart contracts and confidential assets.
- Alongside mainnet development, the Beam Foundation will transfer to BeamX DAO.
Layer one privacy blockchain Beam has raised $2M funding to build a DeFi ecosystem on a private and scalable blockchain. The platform is based on a suite of privacy-centered tech such as Mimblewimble, Lelantus-MW, and Dandelion.
Investors who took part included Collider Ventures, Altonomy, LionsChain, Alternity Capital, Youbi Capital, AirSpeed18, Bering Waters, Taureon, as well as Patrick Dai, Winslow Strong, Ivo Georgiev, and others.
The company aims to use this funding for promoting its upcoming blockchain upgrade. The blockchain plans to introduce more compatibility for confidential assets and smart contracts that run in the Beam Virtual Machine.
Amir Aaronson, COO of Beam Foundation, said, “We are excited to close the investment round to build the new vision of Beam.”
Talking about the future plans of the company, he added, “Once we achieved such an amazing privacy level with Beam, we figured it’s time to build on top of this great privacy-preserving tech the platform for DeFi DApps and to make the project more decentralized. By deploying Confidential Assets and WASM smart contracts, Beam is set to be the most advanced blockchain for private DeFi, the next major evolution for this space.”
According to Beam, the launch of the Virtual Machine will open the blockchain to full programmability through Shaders. Beam has designed these programs specifically to enable access to support functions. Along with this, the BVM will run WebAssembly (WASM) which will potentially support almost 40 high-level programming languages. It will also enable access to a complete range of DeFi applications such as decentralized exchanges, lending protocols, and algorithmic stablecoins.
Alongside the mainnet deployment of the BVM, the Beam Foundation will gradually transfer governance to BeamX DAO. It will utilize the BEAMX token, one of the platform’s first confidential assets.
Further, users will be able to access the first governance DApps for voting in the BeamX DAO. They can open these straight from the DApp store, embedded into their Beam wallets. Users can also stake BEAM with it. Later on, the blockchain hopes to add bridge integrations with Ethereum, Binance Smart Chain, Polkadot as well as others. It also looks to integrate on-chain oracles in the future.