Confidentiality has a name on the blockchain Beam

pjmuek (39)in #crypto • 6 years ago (edited)

Current situation

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Many of the new technological applications are using the blockchain technology as the basis for their development. This coupled with the large flow of money into the market for existing cryptoactives has generated serious questions about the security of the capital invested.

In the subject of security, one of the critical points for most investors or companies is the confidentiality of their financial information: money available, available assets, financial statements and movements of their capital. Both inside and outside the cryptographic world these data are of great importance, which is why both companies and investors would like this information not to be publicly accessible.

The reason that this information is kept with suspicion is that whoever owns it has an open door for them to register, interpret and analyze the capital investment strategies of the company, the main trading partners and the terms of the negotiations.

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When available with the proper analysis, sufficient information could be extracted to violate the economic activities of investors and companies in a thousand and one ways. The confidentiality of new products, goods or services would never be assured and the fear of using blockchain technology would never allow this global economic system to end up evolving towards blockchain technology.

Beam a new concept within the blockchain

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Beam is a next generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol. Beam raises two fundamental concepts of the blockchain to another level: Immutability and incorruptibility. This gives the users certainty that their money will always be well protected and that no manipulation of the network will be possible.

At the same time, Beam was conceived from its first steps to establish itself as a store of value capable of being scalable with speeds and characteristics far superior to current competitors.

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Beam developed a set of features that make it really an innovation:

Users have full control over privacy: the user will have full control over their personal data. Each user can decide what information he wants to make available, for this the user must consider the requirements established by law.
Confidentiality without penalty: for Beam confidentiality is not a problem, the system is designed so that the chain of blocks does not have to increase its size, avoiding a decrease in performance due to increasingly higher demands at the computer level.
Trust configuration is not required
The blocks are extracted using the Equihash work test algorithm
Limited emissions using a periodic division in half with a total amount of coins ~ 210 million
There are no addresses stored in the blockchain: no information is stored in the blockchain about the sender or receiver of a transaction. This is one of the most outstanding features of this platform, no transaction will leave relevant information that could be used by third parties against the issuer or receiver of the assets.
Scalability: the use of the cutting characteristic of the MIMbleWimble Beam block chain allows this platform to have the chain of blocks of a smaller magnitude of the cryptographic world.
Beam supports many types of transactions, such as custody transactions, atomic transactions, atomic exchanges and more.
Without prejudice. No ICO. Backed by a treasure, issued from each block during the first five years.
Implemented from scratch: this whole ecosystem is designed to revolutionize the value storage scheme, so a team of professional developers has been working on a C ++ implementation for greater confidence and security of all.

Mimblewimble, the technology that allows the magic of Beam!

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We can not talk about Beam without going into the magic behind the scenes. Mimblewimble is a computational protocol published by an anonymous author. The concept of Mimblewimble focuses on enabling transactions with a high degree of privacy without this being a reason for network obstruction.

Mimblewimble focuses its operation on two pillars:

Confidential transactions

Reduction of the transaction

Confidential transaction!

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Confidential transactions are the product of a cryptographic transaction scheme where great emphasis is placed on two basic properties: concealment and linking.Although some solutions to this have been proposed, these are still partial solutions for a big problem. Greg Maxwell discovered encrypting the quantities. Nicolas van Saberhagen has developed a system to blind transactions entries. Shen Noether combined the two approaches to obtain "confidential transactions" from Maxwell and the darkening of van Saberhagen.

These are applications to mask or blur information, the system will generate and store this information. Subsequently generated and stored is that these applications are implemented. The Beam ecosystem does not store this data, which makes it possible for users to have the desired confidentiality. Beam does not seek to solve the problem of a blockchain, it generates a platform with a blockchain where confidentiality is not a simple but a reality.

Reduction of the transaction

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This feature is what makes this technology a development with great capabilities due to its scalability. Beam generates chains of blocks of smaller size that allow to obtain extraordinary results with the same computational power that its competitors. A block in a chain of blocks is a large list of transactions and can be considered as a large transaction product of the combination of all the entries in that large list.

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If we generalize the application of this concept, taking it even further away from the individual blocks to the whole blockchain, a system is created that only needs the current state of the transactions instead of the complete history of each and every one of the transactions that have occurred.

After creating a transaction, only the commitment will be recorded in the block chain; neither the addresses of the users nor the quantities exchanged will be recorded in the public book. This is the anchoring point that makes this platform and one of its greatest virtues.

Reducing the amount of data required to store and verify transaction data allows Mimblewimble to work with smaller blocks!

Conclusions

Beam relies on Mimblewimble to allow users to send and receive money securely and privately. This feature makes the platform the ideal tool to make investments, the ability to operate with different levels of security allows us to adapt to the set of laws of the countries in which it is being invested. Additionally, it gives investors the possibility to keep the investments made in technological development or first-hand innovations a secret.

One of the main characteristics of a good store of value is the capacity of it to allow the rotation of the stored asset without this considerably reducing the protected capital. If additionally the warehouse allows the safeguarded capital to increase its value we have the best place to safeguard our money.

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The cryptocurrencies are the safest value store of our times, since the blockchain is designed to be incorruptible and unchanging is a safe system for investors, the only problem that current systems present is the lack of confidentiality of transactions.

This feature is provided by Beam to the blockchain. Confidentiality is the quality that will allow investors and companies to be sure that their assets are safe, that the fortunes of years of work will not be violated and that the investment strategies and investment mechanisms of their company will never be disclosed. to your competition. Beam opens the possibility to hundreds of investors who, having really privacy and confidentiality, can see the cryptocurrency as a store of value of the new century.