Hello, I’m interested in BEAM but I have some questions and comments based on my limited understanding of the project.
From what I can gather BEAM is a straight copy of GRIN with the parameters changed to be non-inflationary. This means there will be a fixed amount instead of a constantly growing supply, which may make this token more of a store of value than a means of exchange over time.
Is there any other major difference between BEAM and GRIN?
If you are following GRIN you know that they have changed their mining setup to try and exclude ASICs at least for a little while so the barriers to entry are a little lower and thus more people might be able to mine the coin at first.
From your position paper it looks like BEAM will be mined using the Equihash algorithm and you mention that Equihash can now be mined with ASICs.
ASICs are efficient, but they are also expensive and the supply is controlled by a monopoly. If you want the maximum number of individuals to participate in your project and have a wider allocation of BEAM (instead of concentrated in the hands of those who can afford ASICs) might I suggest changing the algorithm to be ASIC resistant?
I think BEAM could differentiate even further from GRIN by finding a mining algo that encourages wider participation and adoption.
It would be great if BEAM could find a way for mining to be done by the most people for the least cost, and thus be more widely accessible. Maybe we could mine with only CPU, or actually use the hashpower for something useful like the way Gridcoin uses BOINC.
Anyways, I am intrigued by this deflationary mimblewimble project and would be more intrigued if there was a way to mine it that was fair for everyone.