Beam has officially announced that it has launched the Beam Foundation.
The announcement comes 18 months after the launch of the company’s MimbleWimble-based crypto protocol as a further step towards decentralisation insofar as, thanks to the creation of the foundation, decisions will be made on how to spend the funds allocated to the treasury fund for continuing to support, promote and develop the protocol.
The treasury fund is composed of 4% of the annual cryptocurrency issued in the next 5 years and therefore can boast over 6 million Beam that, at the current price of $0.4 is equivalent to 2.5 million dollars.
As explained in the post, the foundation was registered in Singapore because the country offers, in addition to a crypto-friendly regulation, the advantage of being a meeting point between east and west and indeed many conferences and events in the crypto world are organised in this city-State.
At full capacity the Beam Foundation will be able to rely on 7 different members, among which for the time being were announced:
- Guy Corem, CEO of Spondoolies-Tech and co-founder of DAG Labs;
- Bo Dong, crypto veteran since 2016 and CEO of Altonomy;
- Ferdous Bhai, founder of the Canadian YapCX platform and ChainRift exchange;
- Wilke Trei, mathematician and miner.
The remaining 3 current vacancies will be filled later and different candidates will be evaluated. Meanwhile, Beam’s COO, Amir Aaronson, will take over as COO of the Beam Foundation, which has also published its own constitution.
Initially, the funds will be allocated to the Beam Core Group, but then a gateway will open for all those who want to make a contribution and apply for funds for their own business based on Beam.
Just a couple of months ago, Beam carried out an update fork for the blockchain in order to improve its resistance to ASICs by switching from the PoW (Proof of Work) Beam Hash I algorithm to Beam Hash II.