Beam Set to Launch its DeFi Platform Called BeamX On November 19

The Mimblewimble-based privacy coin Beam’s team is going to launch its own privacy-centered decentralized finance (DeFi) platform. Beam intends to bring privacy and its expertise to the decentralized finance space with the launch of its DeFi platform known as BeamX. This privacy-focused platform will be beneficial for the developers of decentralized finance.

As per a Medium blog post, the launch of BeamX is scheduled to occur on the 19th of November. The first iteration will be an experimental network that aims at providing more details regarding the documentation, developer tools, and the network infrastructure. While on the other hand, the team behind Beam plans to launch mainnet in the first quarter of the next year.

The launch of BeamX will be taking place during an upcoming event in which Beam is taking part along with other participants including DeFi protocol Polkadot, Avalanche, and the leading digital currency exchange Binance.

DeFi developers can leverage the BeamX platform for creating new confidential, user-friendly, and decentralized applications as well as other financial instruments. A set of tools will be accessible to users in the beta version of this platform which they can utilize for their own benefits. This set of tools includes confidential assets, Laser Beam, and Atomic Swaps.

Moreover, Beam’s newly-developed DeFi platform will come with some other potential apps as well such as Non-Fungible Tokens (NFT), decentralized exchanges (DEXs), Uniswap-like Automatic Market Making (AMM) protocol, wrapped assets, lending, and DAI-like Algorithmic Stablecoins. Apart from this, other key features that will be present on this platform are Polkadot interoperability, Ethereum interoperability, and oracles.

The world’s second-largest blockchain network Ethereum is a public blockchain and is transparent. And a majority of decentralized finance apps are currently operating on this transparent blockchain. However, the team behind Beam thinks that this may arise some concerns such as the lack of privacy. And to focus on privacy is the so-called target of Beam’s new platform.

As a statement from the blog post reads:

“One does not have to look far to see the issues arising from the lack of privacy…The only way to resolve many such issues is by adding privacy to DeFi, which is exactly what the BeamX platform is targeting.”