Beam has released their Eager Electron set of products, and with v5.1 heralded the coming of testnet capability to create Confidential Assets on the BeamX testnet. This guide will allow you to try out the functions and create your own first confidential asset on the BeamX (testnet) blockchain.
What is a Confidential Asset?
A CA on the Beam blockchain is fully private asset, issued by you.
What can a Confidential Asset be used for?
CA’s can act as many things like loyalty points for your customers, individual tradable company shares and even confidential synthetics / digital assets like bonds or collateral-backed stable currencies. Use cases for CA’s are truly endless.
So let’s begin creating your first confidential asset on the BeamX blockchain…
NOTE: This guide utilises the TESTNET of BeamX, and any CA’s you create using this guide will hold ZERO value. But.. it gives a good overview of the highly anticipated MAINNET release of the same technology, due to come alive before the end of Q1 2021.
Local CLI (Command-Line-Instruction) Node for your computer to allow your Beam Wallet to read the Blockchain and stay synchronised.
Local CLI (Command-Line-Instruction) Wallet for your computer to allow you to store your own immutable currency.
After NODE and WALLET are unzipped and on your computer, follow the steps below to get started.
Step 1 – beam-node.cfg
Using a simple text editor, add two lines into beam-node.cfg file:
Save and close this file.
Step 2 – Synchronise the NODE
Open a terminal window (CMD on windows) and use the command:
Allow the node process to reach 100% synchronisation, as shown below (leave this window open and the process running):
Step 3 – Initiate the WALLET
Whilst leaving the node window open and running the node process, open a second terminal window and enter the command:
This will give you a new wallet, complete with 12 word seed phrase and an initial wallet address. Copy the seed phrase and store it somewhere safe. In that same window, now run the listener command to keep your wallet hearing the blockchain height from the node (leave the listening window open and the process running):
./beam-wallet-beamx listen -n beamx.raskul.com:10123
Step 4 – Register your CA
To create a confidential asset on the Beam testnet, you will require to have 1000 Testnet Beams in your testnet wallet (3000 for mainnet). If you need some testnet Beams to test all this, please message me and I will send you enough to get you started
MESSAGE ME IN MY TELEGRAM CHAT ROOM
(Or mine them yourself at my TESTNET MINING POOL )
./beam-wallet-beamx asset_reg --pass yourwalletpassword -n beamx.raskul.com:10123 --asset_meta "STD:SCH_VER=1;N=CAnameCoin;SN=CAticker;UN=CAFullName;NTHUN=CAsingleUnitName" --fee 100 --enable_assets
Let’s break this command down a bit to understand it easier…
asset_reg = register the asset on the Beam blockchain
–pass = the wallet password your wallet was created with in step 2
-n = specify the node to listen on (can be 127.0.0.1:yournodeport)
SCH_VER = prefix, denotes that the metadata is standard
STD:N = Give your Confidential Asset a unique name (eg Bitcoin).
SN = The shortened (or TICKER) name for your Confidential Asset (eg BTC)
UN = Full user-determined name for your Confidential Asset (eg Bitcoin)
NTHUN = Smallest denominational value of the Confidential Asset (eg Satoshi)
–fee = the fee to pay (in Beam) to register the Confidential Asset
–-enable_assets = The flag to command the wallet to enable Confidential Assets (reused in every CA command line).
The Beam wallet will then administer an ASSET ID, make a note of this. An example of the Wallet output is shown below. You can see in this example an Asset was created with Asset ID 4.
Step 5 – Issue amount of CA
After registering the asset, now it’s time to determine how many you want to issue to your wallet in the first instance.
./beam-wallet-beamx issue --pass yourwalletpassword --asset_id 1 -n beamx.raskul.com:10123 --amount AmountofCAtoCreate --fee BeamFee --enable_assets
Your wallet will then perform the processes and conversations with the Beam blockchain to issue the number of assets you have specified. In this case I have created 21millions ‘Raskuldoge’.
See below the only public info which is shown, is the Asset ID and it’s numerical issuance.