BEAM (ETH: $BEAM)Â is a blockchain-based platform where gamers and developers worldwide meet to improve the gaming industry.Â
This article will delve into this network, its tokenomics, and token price. Let’s dive in.
What is $BEAM?
$BEAM is the native cryptocurrency of the Beam network built on Ethereum. The BEAM network is built for the gaming industry. It is a gaming network ecosystem that enables games and developers to work together to develop the gaming industry.
Beam is powered by the Merit Circle DAO (decentralized autonomous organization). Beam SDK is the main layer enabling game developers to build games. It empowers gamers and developers to utilize various tools to integrate blockchain elements into their games seamlessly. The programmatic control that the Beam SDK gives game developers could have a transformative impact on the gaming industry.
The $BEAM token is the driving force of the Beam Network. Additionally, it plays a governance role in the Merit Circle DAO. Since its launch in early 2021, the network has been governed by $BEAM token holders.
The Role of $BEAM Token
$BEAM is the native token of the Beam Network. It serves as the utility token for the ecosystem and is required for all transactions. Beam tokens are used to pay for transactions, transfer assets, and interlink intelligent contracts on the web. Beam is crucial to ensuring a seamless and immersive gaming experience.
The BEAM DAO
The Beam DAO (Decentralized Autonomous Organization) is integral to the Beam ecosystem. It governs the protocol’s development, funding, and overall direction through decentralized decision-making.
The Beam DAO operates on the principles of decentralization and community governance. It allows BEAM token holders to participate in important decisions regarding the platform’s development, upgrades, and allocation of resources. This participation is typically facilitated through proposals and voting mechanisms. The BEAM DAO functions by:
- Proposal Submission: Any community member holding BEAM tokens can propose changes, improvements, or initiatives for the Beam ecosystem. These proposals cover various aspects such as protocol upgrades, marketing strategies, partnerships, research, and more.
- Voting Mechanism: BEAM token holders can vote on proposed ideas or initiatives. The voting process is usually transparent and can be done using the tokens held in their wallets.
- Decision Making: Proposals that gain significant support through the voting process can be implemented, funded, or further discussed by the Beam development team or the community.
The Beam DAO aims to create a decentralized and inclusive environment where the community has a say in the evolution and development of the Beam Network. It promotes transparency, fairness, and active involvement from token holders in shaping the project’s future.
Building on $BEAM
Game developers favor Beam due to its compatibility with the Ethereum Virtual Machine (EVM). It allows the developers to integrate Ethereum applications into the Beam network, fostering an environment for developing immersive and interactive games on the platform.
Beam utilizes the Proof of Authority (PoA) consensus algorithm. PoA is a consensus mechanism where only authorized entities can validate transactions on the network. All requests have to receive approval from the Merit Circle DAO. A developer requires 4 out of 8 signatures to start building applications on the Beam Network.
Token Price
When writing, the BEAM is currently trading at $0.1077. It has surged over 224.40% in the past month. However, it is down 10.05% in the past seven days. Its market cap is $15,964,142, with a 24-hour trading volume of $1,110,031.
Tokenomics
BEAM tokens have a circulating supply of 148,152,520 BEAM and a maximum supply of 262,800,000 BEAM.
Social Media
BEAM has 123.9k Twitter followers, 30,482 Discord members, and 1,260 Telegram subscribers.
Should You Add BEAM To Your Portfolio?
Beam is a relatively young project. However, it is a revolutionary concept that could change the future of the gaming world if it succeeds. It already has several projects in the pipeline and has performed well recently. For instance, its price is up 224.77% in the past 30 days. However, it might still be too early to tell about its long-term prospects.
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.
