The Next Generation Scalable Cryptocurrency-Beam

jenifer2 (46)in #beam2018 • 6 years ago (edited)

INTRODUCTION

After the appearance of bitcoin, the world gave way to large amounts of cryptocurrencies as alternative and improved options for trading and mining. Each of these cryptographic options has arisen due to the need to have secure and reliable transactions.
Up until now, their has not been a perfect solution to the limitations of bitcoin. Beam Project is bringing scalability and anonymity for transactions. As we proceed, we will consider the problems of current cryptocurrencies, and various solutions which Beam blockchain is bringing to make crypto transactions overcome their present limitations.

Blockchain has many areas where it is being tested. Few areas include Computing, Data storage, Medicine, Digital Payment Priocessing, Automotive Markets, etc. This increasing sectors makes it necessary for the technology to meetup with increasing demands.
Beam is the next generation of confidential cryptocurrency on an elegant and innovative basis. It has an interesting and sometimes odd history in its relatively short existence. It is actually an unknown store-of-valued coin.
Thousands of improvements have emerged in the market, but Beam has ensured that this is the safest option. Implementing an unknown system, "Blockchain" is now providing full security to its users that many are joining the market. It is a decentralized currency which offers scalability, confidentiality and security.

Beam and its Characteristics:

Confidentiality:

Each operation is totally private and the information is not exposed of any of the users that operate through this protocol in the Blockchain.

Compatibility:

Manage mining nodes broadly supported by tools that execute it. Its Equihash algorithm adapts to most GPU equipment making its compatibility 100% reliable.

Usability:

Beam project provides a wallet for desktop and mobile devices, designed to support day-to-day usage for both individual and small business users. The implementation of Beam solutions is also cost-friendly.

Sustainability:

Beam is open source, implemented from scratch by c++ developers, community-governed, and backed by the Beam Growth Pool in which 20% of block mining rewards goes to this pool to provide incentives for development and promotion of Beam.

Scalability:

The “cut-through” feature of Mimblewimble helps to avoid excessive computational overhead. This makes magnitude of Beam blockchain orders smaller than any other blockchain implementation at present.

The Solution

As mentioned above, BEAM is based on the Mimblewimble concept, which allows enabling transactions with more privacy without being an obstacle to the network. Its root is built in C ++ to be able to offer the privacy that characterizes it, thus allowing the core of BEAM to more comprehensively encompass the size of the blocks in the chain and give more control to privacy.

Confidential Transaction:
Confidential transactions are implemented by using cryptographic commitment scheme which has two basic properties namely hiding and binding. It is similar to giving someone a closed safe box with some message(s) inside that only you know the combination for. In due time, you can reveal the key and the person can make sure that your commitment is valid (binding) while he can not know what it was before the key is received (hiding).

MimbleWimble concept utilizes a well known commitment scheme called Pedersen Commitment that achieves this using Elliptic Curve Cryptography with the formular

C = r * G + v*H
Where r is a blinding factor, a secret key hiding the real value v and G & H are generator point on a specific elliptic curve.

Benefits Of Beam

Mimblewimble, in its current form, is not very compatible with the Bitcoin protocol. This is mainly because for Mimblewimble to work, script must be purged from transactions. As such, there would no longer be room for a whole set of Bitcoin features, like time-locked transactions (used for the Lightning Network among other things), atomic swaps (for cross-blockchain interoperability), and more.
But that doesn’t make Mimblewimble useless. Mimblewimble may, for instance, be the perfect fit for a privacy-focused sidechain.
A wallet for desktop and mobile is designed to support day-to-day usage for both individual and small business users. The built-in dashboard makes budget management easy, featuring actionable spend and earning insights.
It creates a lean blockben with low transaction details per transaction
With Beam there is no such a thing as a transaction history per coin. Each coin has a specific block in which it was first created. But from then on, its value simply becomes part of the combined Unspent Transaction Output (UTXO) set, which defines all outputs that store coins and could potentially be spent at any time.