Mimblewimble-Based Privacy-Focused Cryptocurrency ‘Beam’ Gets Funding From Japan

Siamak Masnavi

On Monday (February 18th), Japan's Recruit Holdings Co., Ltd, which owns Indeed, the world's No. 1 online job search engine with over 200 million unique visitors per month, announced that, via its recently launched blockchain technology fund, it had invested in Beam Development Limited.

RSP Blockchain Tech Fund, Recruit's Singapore-based $25 million blockchain-focused venture capital fund, was established in November 2018 by Recruit Co., Ltd., an intermediate holding company of Recruit Holdings Co., Ltd.

So, why did Recruit decide to invest in Israel-based Beam Development Limited, the company that carries out the development of the privacy-focused cryptocurrency Beam? Here is how Recruit explained it in its press release:

"Recently, with the increase in settlement services and exchange services using tokens, there are great expectations for the use of blockchains in corporate activities. However, with existing tokens, there is a challenge of potentially confidential transaction data information being leaked to third parties. While securing Auditability of transactions by allowing transaction data to be verified by a specified third party, Beam token provides a blockchain with a function that prevents the divulgation of transaction data to third parties and protects the user's transaction information. "

The Mimblewimble protocol, on which the cryptocurrecies Beam and Grin are based, was originally proposed in 2016 by anonymous cryptographer “Tom Elvis Jedusor”, which, according to Motherboard, is "Voldemort's real name in the French edition of the Harry Potter novels (equivalent to the English 'Tom Marvolo Riddle')." This technology was designed to address the issues of privacy and scalability in Bitcoin.

Here are some of Beam's core features:

  • "All transactions are private by default"
  • "No addresses or other private information are stored on the blockchain"
  • "Opt-in Auditability"
  • "Confidential Assets"
  • "Supports online and offline transactions, atomic swap, hardware wallets integration"

The development of Beam started in March 2018, and the Beam mainnet launched at 01:40 UTC on January 3rd. Since then, Beam has faced some technical issues. For example, on January 21st, the Beam blockchain stopped at block 25709, and was down for around 2.5 hours.

Featured Image Credit: Photo via Pexels.com

Rapper Akon Gets Approval for Crypto City in Senegal

Michael LaVere
  • Rapper Akon says he has reached an agreement with Senegal officials to build Akon City.
  • Akon City will run on 100% renewable energy and have an economy built around the cryptocurrency Akoin.

Rapper Akon has finalized an agreement to build a cryptocurrency-fueled city in Senegal. 

The imagined new city, named Akon City, is being planned from the ground up on an economy that utilizes the cryptocurrency Akoin. According to a tweet, the rapper had received a green light from Senegal officials to move forward on the project.

In addition to cryptocurrency, Akon City will reportedly be the first city to run entirely on renewable energy, with the rapper envisioning it as a real-life version of the fictional nation Wakanda from Marvel’s Black Panther series. Akon was gifted the 2,000-acre piece of land in 2018 by Senegalese president Macky Sall. 

According to the official roadmap for Akoin, the cryptocurrency is expected to launch and be listed on exchanges in the first half of 2020, despite not yet having a white paper. Akoin is being billed as a “unique” ecosystem to bring together digital and real-life tools and services. The project is placing an emphasis on supporting the efforts of African entrepreneurs. 

Featured Image Credit: Photo via Pixabay.com