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Privacy Coin Beam Introduces New Proof-of-Work Algorithm. Watch In-Depth Explanation

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Wed, 13/05/2020 - 19:28
Privacy Coin Beam Introduces New Proof-of-Work Algorithm. Watch In-Depth Explanation
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Privacy cryptocurrency Beam has just introduced a new proof-of-work algorithm, BeamHash III, that will come into effect with the new hard fork that is slated for June 28.

In a new video update, the algorithm’s designer Wilke Trei explains its main peculiarities.



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Giving GPU miners a head start

Trei claims that GPU miners are able to get ‘the big piece of the cake’ with Beam since it will remain ASIC-resistant for the following years. 

According to its PoW strategy, Beam wants to make ASICs affordable. This would help to increase adoption in the mining community. 

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One of the most salient properties of the BeamHash III is that it will be less compute-heavy compared to its two previous iterations.  

Additionally, it will allow Beam miners to utilize the memory bandwidths of state-of-the-art GPUs in a more efficient way than any other Equihash cryptocurrency. 

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Another hard fork

As reported by U.Today, the mainnet of Beam, which is based on the Harry Potter-themed MimbleWimble protocol, was launched back in January 2019.

Back in August, it completed its first hard fork powered by the ASIC-resistant Beam Hash II algorithm.

The second fork, which was announced by Beam back in April, will change the mining algorithm to Beam Hash III at block 777,777.

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