The Beam project, a cryptocurrency focused on privacy, successfully performed the first hard fork anti-ASIC fork in its history. The event took place this Thursday, August 15, at the height of block 321,321.
The beam is one of the two main projects in the cryptocurrency space based on the MimbleWimble protocol, to provide privacy for its operations. The other project, Grin, also recently made a fork in its network, to cancel mining with specialized ASIC hardware.
The update introduced a new version of the Beam mining algorithm, which is based on EquiHash. The new algorithm, called Beam Hash II, Source: makes mining in Beam incompatible with ASIC chips.
Beam CEO Alexander Zaidelson and other members of the Beam project team were interviewed for the Messari tracking portal about the hard fork event. Zaidelson said the main objective of the hard fork was “to signal ASIC device developers that it makes no sense to start working in miners before the second fork.”
According to the project roadmap, this is the first of two bifurcations programmed to favor mining with GPU graphics cards and CPU processors in the Beam network. The development team plans to maintain specialized mining resistance for at least the first 18 months of the project’s life.
Information provided by Beam users points out that after the fork the network hash rate was 5.66 Msol / s (the unit of measure of the Beam hash rate ). A total of 13 pools or mining groups present in the project network concentrate 45.23% of the computing power in Beam, which keeps it safe from 51% attacks.
Zaidelson said that the fork does not change anything for Beam users, since the main goal was the adjustment of the Beam Hash I mining algorithm, for version II, which in addition to being resistant to ASIC mining, is more efficient in that to energy. However, he said they added “first layer support for Confidential Assets and HTLC support to enable Laser Beam” (a Lightning Network ), explained the CEO of Beam.
For its part, the CTO of the project, Alex Romanov, referred to two other developments that come with the hard fork. The first is the mandatory application of PoW (proof of work) for SBBS (Secure Bulletin Board System) messages to prevent spam ( spam ) attacks. The second is the modification of the calculation of the minimum rate for transactions, which will be established based on the number of exits and cores in the transaction.
Beam’s main network was activated the first days of January this year, becoming the first cryptocurrency based on the MimbleWimble protocol. A few weeks later, the Grin cryptocurrency was launched. Currently they are the main projects based on this protocol; however, according to Zaidelson himself, new MimbleWimble based cryptocurrencies emerged, mostly, Beam and Grin forks.