Beam Announces Their New Proof-Of-Work Algorithm

Privacy-focused altcoin, Beam has just announced its second hard fork. The designer of the algorithm, Wilke Trei recently uploaded a new video saying that this new second hard fork will upgrade their Proof-of-Work (PoW) algorithm.

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The network’s Proof-of-Work algorithm will shift from  BeamHash II to BeamHash III as their second fork will occur at block 777,777. 

Confidential assets, one-sided payments, and the support of privacy protocol, Lelantus Mimblewimble would be some of the new features yet to be unlocked in the new design and Beam’s new hard fork is expected to launch on June 28, 2020. 

Users would have to update their Beam Software

As the block height reaches 777,777, the older wallet versions would stop working and in order to gain access to their funds, users would have to upgrade their wallets to version 5.0 or higher. The Android and IOS Mobile wallets will be launched later.

By the end of May, Beam is planning to launch the node and desktop wallet binaries, which will give users 30 days to update their Beam software.

The current blockchain will be supported by the node and wallet binaries. As the block reaches its height target, the node and wallet binaries will switch to a new consensus mechanism.

How will GPU miners benefit from BeamHash III 

BeamHash III is better for GPU mining and GPU miners. Wilke Trei believes that the miners will be earning a huge profit as Beam will remain ASIC-resistant for the upcoming years.

The  BeamHash III design has a wider memory operation which will lead to the better use of the fuller capacity of a GPU card. This is because the potential advantage of other devices will decrease, hence making the saturation of the given bandwidth of the GPU card easier.

This new development in the Beam’s PoW algorithm can be game-changing for their mining network. This definitely is good news for all the miners and they will be eagerly waiting for its launch.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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