Home Cryptocurrency BEAM Introduced the BEAM Foundation

BEAM Introduced the BEAM Foundation

BEAM Introduced the BEAM Foundation

  • The beam is taking the first steps towards decentralization.
  • The beam is finally focusing on its long-term goal of passing control to a non-profit Foundation.
  • The Foundation will develop and promote Beam Protocol and advance the wider agenda of privacy-related concerns.

The beam is taking the first steps towards decentralization by announcing the launch of the Beam Foundation. They are finally focusing on their long-term goal of passing control to a non-profit Foundation.

Beam Treasury has allocated funds specifically to the Beam Foundation who will use it to develop and promote the Beam Protocol and to advance the wider agenda of privacy-related concerns.

Registered in Singapore, the Beam Foundation is a Company Limited by Guarantee which is the most preferable way of registering a non-profit organization in Singapore. Beam chose Singapore not just because it is crypto-friendly but also because of its diverse population and culture, an amalgamation of the East and West.

The Board for the Foundation will comprise of seven members. Initially, there will be four members of the Board. They are –

Guy Corem — Involved in the cryptocurrency industry since 2013. Co-founded Spondoolies-Tech. Additionally, I co-founded DAG Labs.

Bo Dong — A veteran crypto trader/entrepreneur since 2016. Has a profound comprehension of token economies and liquidity. Dong is the founder and CEO of Autonomy, a known liquidity provider in the cryptocurrency ecosystem.

Ferdous Bhai — Exceptionally regarded Bitcoin advocate, built up Canada’s biggest Bitcoin OTC financier, YapCX, and made an elite digital currency trade, ChainRift. Ferdous is an acclaimed defender of Bitcoin’s shared decentralized permissionless administration.

Wilke Trei — A mathematician with a specialization in computational discrete math and a freelancing mining software developer with a special focus on memory-heavy algorithms that run on GPUs.

They have collectively served Beam as advisors and have supported this project for quite a while. They work keeping in mind the best interests of the project. There is a provision for the number of seats on the Board to be increased later on. The COO of the Beam Foundation will be Amir Aaronson who is the current CEO of Beam and will be responsible for the operational aspects of the work.

According to the Emission Schedule, they will have access to 20% of the Treasury, which is, 4% of total coins emitted in the first 5 years of existence of the protocol. Therefore, in five years’ time, the total coins with the foundation would be 6,307,200 Beam.

In January 2019, 1 million Foundation tokens were sold for $1 each as a hedging move. The other investors will receive their share in monthly installments over the course of five years.

The Beam Core Group is responsible for the initial development. A community portal will be launched in the future for whoever may be interested in funding this project.

Additionally, the Foundation will support global awareness and business development for Beam and also cater to a wider agenda of privacy.

The Board is responsible for governance and it will be done via a simple majority of votes.

Beam Company will transform into the Beam Core Group in the near future and will act as the development arm of the Bea Foundation. The Core Group will continue to deliver the Beam vision. In the initial 6 – 12 months the Core Group will solely work on the development after which independent developers will also contribute.

In an effort to ensure transparency, financial reports will be published on The Foundation website. This is Beam’s first step towards building a fully decentralized global community.

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Prerna Sengupta
Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.

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