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Beam
About Beam
The migration from the Merit Circle token (MC) to BEAM was initiated through the approval of proposals MIP-28 and MIP-29 in late 2023. Token holders can swap their MC tokens for BEAM at a 1:100 conversion ratio. The migration is open for 12 months, starting on 26th October 2023, and will see BEAM take over all the roles that MC previously held in the ecosystem. Non-migrated MC tokens will remain active but will not benefit from the updated functionality of BEAM, effectively reducing the total circulating BEAM supply as time progresses.
BEAM is an open-source blockchain designed specifically for the gaming industry and forms the core of the Merit Circle ecosystem. It provides a flexible and chain-agnostic platform for developers, enabling the seamless integration of blockchain technology into games. BEAM supports smart contracts, transaction handling, and digital asset management, creating a simplified and enhanced gaming experience for players and developers alike. Initially launched on Avalanche, BEAM has since expanded to incorporate Immutable's zkEVM infrastructure, powered by Polygon, enhancing scalability and efficiency within the ecosystem. The ecosystem includes Sphere, an NFT marketplace for in-game assets.
BEAM serves multiple functions within the Merit Circle ecosystem:
1. *Gas Token*: It is used to cover transaction fees within the Beam network, which powers gaming and NFT transactions. 2. *Validation and Delegation*: BEAM holders can validate transactions on the network, and future plans include delegation capabilities, allowing users to delegate their BEAM tokens to validators. 3. *Governance*: BEAM is used in Merit Circle’s decentralised governance, allowing tokenholders to vote on proposals related to the ecosystem's growth and operations. 4. *Payments and Digital Assets*: BEAM facilitates payments for NFTs and other digital assets on platforms like Sphere, the gaming marketplace integrated with the Beam network. 5. *Game Development*: Through the Beam SDK, developers can integrate blockchain features into their games, enabling digital ownership, trading, and seamless player interactions.