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- 1 BEAM is integrated with an interoperability omnichannel protocol, LayerZero.
- 2 Merit Circle announced a migration of MC tokens to BEAM at a fixed ratio of 1 MC to 100 BEAM.
Merit Circle is an organization that supports and promotes web3 gaming initiatives by using a completely decentralized governance model. BEAM token was launched on October 26, 2023, with a total supply of slightly less than 63 billion, out of which over 44 billion are already in circulation.
What is BEAM?
One of the major undertakings of the DAO is Beam (BEAM), a gaming-focused blockchain recently launched by Merit Circle.
It is integrated with LayerZero, an interoperability omnichannel protocol that allows the minting of all game assets as omnichannel NFTs for easy transfer across chains.
Avalanche’s architecture is used to launch subnet blockchains, which are separate from the main chain and maintain their own validator networks and core operational rules. However, they use Avalanche’s core security mechanism and take advantage of the chain’s key features, such as fast transactions and low fees. Beam is an ambitious gaming project launched as an Avalanche subnet. Last November, Beam became a public blockchain.
Features of BEAM
It is important to note that Merit Circle’s Beam project should not be confused with an older crypto platform with the same name, BEAM (BEAM), a privacy-focused blockchain.
The two projects use the same token ticker, BEAM, but differ about the brand name capitalization. Beam offers users an environment with fast processing times and low fees, thanks to its leveraging Avalanche’s base architecture.
Beam has 8 block validators on its subnet. As the platform grows, more validators are expected to join. Validators from the wider Avalanche platform can also offer their resources to Beam.
During the permission mode, Beam used the proof of authority (PoA) block validation method to process transactions. With PoA, a group of validators with a strong reputation or trusted credentials are given the responsibility of validating transaction blocks.
Early in its public mode era, Beam continues to operate as a PoA chain. Later in the year, Merit Circle plans to move the platform to the proof of stake (PoS) validation model, the default block validation method used by Avalanche blockchain.
What is BEAM Token?
BEAM is the Beam blockchain’s native cryptocurrency, and all transaction fees on the network are paid in BEAM. When Beam fully transitions to the PoS validation model, BEAM tokens will also be used for staking.
The platform’s staking rules specify that BEAM holders will be able to delegate funds to their preferred validator node and receive a portion of the block rewards generated.
Merit Circle DAO has its own crypto token, MC, which is crucial for the governance of the organization. However, upon launching Beam, Merit Circle announced the migration of MC tokens to BEAM at a fixed ratio of 1 MC to 100 BEAM.
MC Holders will be able to migrate their funds to BEAM until October 26, 2024. After the migration is complete, the BEAM token will acquire governance function as well, replacing MC in this capacity.
Summary
Merit Circle is a decentralized organization that supports web3 gaming initiatives. Beam is a blockchain operating as a subnet on Avalanche (AVAX), which revolutionizes gaming through player experience and asset trade. BEAM is the native cryptocurrency used for transaction fees, and soon for staking when Beam transitions to the PoS validation model.
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