Layer one privacy blockchain Beam and Dandelion have risen $2M to build a decentralized finance ecosystem on a private and scalable blockchain, according to a press release shared with iHodl.
Among the participants in the fundraising are Collider Ventures, Altonomy, LionsChain, Alternity Capital, Youbi Capital, AirSpeed18, Bering Waters, Taureon, Patrick Dai, Winslow Strong, Ivo Georgiev and others.
According to the companies, the funds will be spent to promote Beam’s upcoming blockchain upgrade, which will allow the blockchain to introduce more support for confidential assets and smart contracts running in the Beam Virtual Machine, executing code compiled to WebAssembly (WASM).
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The Beam protocol enables confidential assets, which allows creators to create tokens that are fully private and integrated as first-class citizens on the Beam blockchain.
It must be noted that apart from confidential assets, the launch of the Beam Virtual Machine (BVM) will open the blockchain to full programmability through Shaders, implementation of Smart Contracts.