KEYTAKEAWAYS
- Beam Network is a blockchain platform for gaming, launched by Merit Circle DAO on Avalanche, offering fast transactions and cross-chain NFT capabilities.
- The $BEAM token, converted from $MC, serves as the network's native currency for transactions, smart contract interactions, and future governance voting.
- Beam's ecosystem includes various tools and dApps, such as AMM Swap, explorers, and a marketplace, with over 180 games already hosted on the platform.
CONTENT
Beam Network: A game-changing blockchain platform by Merit Circle DAO, revolutionizing online gaming with Avalanche subnet technology, LayerZero integration, and cross-chain NFT capabilities.
WHAT IS BEAM?
Beam Network is a game-changing blockchain platform introduced by Merit Circle DAO, aiming to redefine the online gaming experience and development using blockchain technology.
Launched in November 2023 as a subnet on Avalanche (AVAX), Beam leverages the network’s scalability, speed, and security features. This setup ensures quick execution times and lower transaction fees for in-game asset trading and other common gaming operations.
Additionally, Beam integrates with the interoperability protocol LayerZero, enabling all game assets to be minted as cross-chain NFTs. This allows for seamless asset transfers across different blockchains.
Thanks to its convenience and unique features, Beam has rapidly garnered attention from game developers and players alike. Currently, Beam hosts over 180 crypto games on its platform.
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Merit Circle DAO
Merit Circle is a dynamic global community that began reshaping the future of gaming through its revolutionary DAO (Decentralized Autonomous Organization) back in 2021. Committed to pioneering the next generation of immersive gaming experiences, the ecosystem is deeply rooted in the Web3 domain, recognizing the gaming industry’s urgent need for a revolution.
One of Merit Circle’s primary goals is to integrate blockchain capabilities into gaming. By doing so, they aim to shift traditional paradigms, transforming users’ efforts and skills into tangible ownership. After all, according to Merit Circle DAO’s vision, games belong to the people, not just the developers.
At the heart of Merit Circle’s infrastructure is Beam. Technologically speaking, Beam is Merit Circle DAO’s blockchain network—a new blockchain designed to support Web3 gaming. So, it’s accurate to regard Beam as a distinct crypto project.
Notably, Merit Circle DAO is divided into 4 distinct verticals:
- Merit Circle Investments focuses on strategic investments across the Web3 space, creating a resilient treasury to support ongoing growth.
- Merit Circle Gaming aims to disrupt industry norms by expanding engaging and well-designed games, while also enhancing gaming infrastructure to provide more entertaining and rewarding experiences.
- Merit Circle Studios is at the forefront of the gaming industry, contributing on a larger scale by developing new games and incubating innovative projects.
- Merit Circle Infrastructure leverages internal expertise to address growth challenges in the NFT and gaming industries.
>>> More to read : Avalanche (AVAX): Rapid Innovation Blockchain
$BEAM: THE BLOCKCHAIN TOKEN OF BEAM SUBNET
Following a governance vote, the original governance token $MC was converted to $Beam tokens at a 1:100 ratio. Until October 26, 2024, those holding $MC tokens on Ethereum or BNB Chain can convert them via the official migration website.
To interact with Beam, you need $BEAM tokens. $BEAM, the native cryptocurrency of the Beam network, was launched on October 26, 2023. This token is essential for all transactions on the network, including asset transfers and interactions with smart contracts, thereby enabling a seamless and immersive gaming experience.
- Uses of $BEAM Tokens
The $BEAM token will serve as the native currency of the Beam network, fully inheriting the privileges of the former $MC token, including:
- Public Chain Token: $BEAM acts as the fuel for blockchain games and other activities on the Beam network.
- Governance Voting: In the future, community members can use $BEAM to vote on official or community proposals.
Previously, the total supply of $MC was 1,000,000,000. With the 1:100 conversion ratio, the theoretical supply of $BEAM would be 100,000,000,000. However, not all tokens will be migrated, so the actual total supply will be slightly lower.
>>> More to read : GameFi : The Future Of Gaming
HOW BEAM OPERATES
1. Based on the Avalanche Blockchain
Beam operates as a subnet within the Avalanche ecosystem. In this role, Beam is not just an independent blockchain but a part of a dynamic, interconnected network. It benefits from Avalanche’s scalability, speed, and security features while maintaining the ability to operate independently, with a specific focus on gaming applications.
It can be said that Beam is one of the most ambitious gaming projects launched as a subnet on Avalanche.
2. Proof of Authority (PoA) Mechanism
In the developer preview mode, Beam uses a reputation-based consensus method known as Proof of Authority (PoA), enhanced through the Snowman protocol. This setup delegates transaction verification to a selected group of reputable institutions, thus ensuring the blockchain’s integrity. The PoA model emphasizes the value of the validators’ reputations, who are carefully chosen based on their trustworthiness. This allows for a highly scalable system where blocks and transactions are verified by pre-approved participants acting as system hosts.
3. EVM Compatibility
Another distinctive feature of Beam is its compatibility with the Ethereum Virtual Machine (EVM), an advanced computing simulator that supports Solidity-based smart contract coding. This cross-platform consistency enables developers to seamlessly port Ethereum-based applications to Beam, opening up a world of possibilities for creating immersive and engaging games. If you have developed on Ethereum before, you will find the transition to Beam effortless.
BEAM ECOSYSTEM
As a continuously evolving ecosystem, Beam boasts a variety of external tools and dApps, including:
Beam AMM Swap: Considered the ecosystem’s official decentralized token exchange.
Beam Mainnet Subnets Explorer: A tool for exploring transactions on the Beam mainnet.
Beam Testnet Subnets Explorer: A browser specifically for developers and testers.
Beam Sphere: A designated marketplace for trading unique game NFTs.
BeamOS: Described as the gateway to the Beam ecosystem.
Beam LayerZero Bridge: Enables asset bridging between the mainnet, testnet, and other networks.
As a gaming blockchain, Beam has garnered significant interest from the gaming community. Its game hub lists over 180 games, including titles like “Raini: The Lord of Light”, “Genopets”, and “Big Time”.
>>> More to read : Top 10 Promising Projects in the TON Ecosystem
FAQ
- What is BEAM ?
Beam is a gaming blockchain supported by Merit Circle DAO, allowing gamers and developers to collaborate and engage in immersive gaming experiences.
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