Beam: The scalable confidential cryptocurrencies + privacy (Mimblewimble)

adewararilwan (59)in #blockchain • 6 years ago (edited)

Introduction

Long ago till present time, blockchain has improved the areas of computing data storage, medical industries, so also the automotive markets (including the trades and transactions) using cryptocurrencies. Cryptocurrencies such as the Bitcoin has proven to build a different entire revolution among others. But it has entirely lack a perfected area of private transferring of assets. When it comes to peer to peer transaction functions; these as a result of:

INSECURITY AND NON PRIVACY

The issue of non privacy is one the main knot, the blockchain is facing such as Bitcoin (cryrtocurrencies). In the sense that there is possibility for people to be able to track a transaction source and data which has been done by parties involved that can necessarily lead to public view.

you may be asking about the blockchain “added privacy features” that – why the problem of insecurity and non privacy?
This isn’t the case because due to blockchain effort in meeting the global demand, this could lead to making them being:
Inefficient
Prone to scalabilty

Looking for an ideal situation where you want transaction to be confidential that could only be seen by parties involved so also the authorization from parties to view. Beam bring solution!!

What is Beam?
Beam is a scalable confidential cryptocurrencies which is built on a Mimblewimble protocol for the automation of algorithms.
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BeamMIMBLEWIMBLE PROTOCOL AND SOLUTION

Beam uses the Mimblewimble protocol that can make its network faster, efficient and scalable.

Mimblewimble Protocol

Mimblewimble protocol was published by mystery author. The protocol focuses on:

1) Confidential Transactions :

The confidential transaction uses the cryptographic commitment scheme that include (hiding and blinding)

Hiding- A transaction that seem to be giving to someone, which is only revealed to him/her as at time he/ she want to use. It cannot be view until the key/pass to it is revealed by the giver.
Blinding- As at the time revealed, the receiver making sure the giver commitment is valid.

2) Transaction cut through:

It is that after creating the transaction, it is only its commitment that is recorded on the blockchain. Neither the address of the user nor amount exchanged will be recorded. These require the cutting down amount of data require to store and also verification of transaction data using smaller blocks. Benefit: it gives room for extraction of personal data from the blockchain.
Check for value, range, proofs of Minblewimble Minblewimble Wesite

Beam SOLUTION (Based on Minblewimble)

Beam intended solution to the blockchain using the Minblewimble protocol is by:

- USER AUTHORIZATION MANAGEMENT

Users are given the control over the transaction information to be shared and whom to be shared with.

- HIDDEN TRANSACTION VALUES

The users transaction values are concealing/ hidden for the sake of privacy

- HIDDEN PARTIES ADDRESSES

Both the sender and receiver in the transaction addresses are not been disclosed to avoid publicizing data to the public.
Enabling of multiple transactions with a private manner using the escrow, atomic swaps and time locked.

- NON TIME WASTING TRANSACTION

This enable a fast and efficient transaction followed by quick confirmation and sealing.

Beam is built to deliver special feature/ attribute to users through its:

Confidentially

This is achieved through the use of mimblewimble protocols where all transaction are being kept privately to users. There are no traces of any information of transaction stored in the blockchain.
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Scalability

Mimblewimble features of transaction cut through is used in order to avoid excessive computation.

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Usability

A desktop and mobile wallet is designed
for both individual and business users in order to support its day to day usage.
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Compatibility

Beam creates an extensive set of tools that can be used for running and managing mining nodes.
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Versatility

They create scriptless script technology that allows a wide variety of transaction and simple transmission of value such as escrow and time locked transaction.

WHAT Beam can do

SECURITY

Escrow
Atomic swaps
Time locked

Escrow:

In order for security, Beam use the escrow feature where they stand has third party that handle funds on behalf of the transacting parties.

Atomic swap:

Beam use the scriptless script technology that allow implementation of wide variety of transaction types to features with atomic swap where the cryptocurrencies can be exchange for one another without the need of a third party.

Time Locked:

Beam used the time locked smart contract restricting any spending of user coin until the specific time of use.

SUMMARY OF BEAM REVOLUTION

Though blockchain has really built an incorruptible revolution to people’s benefit. Looking at it from the angle of the Bitcoin revolution case. The same applies to Beam also, it is a scalable confidential cryptocurrency that has the futures of:

Privacy: Users has been rendered worried about their security concerns but since they cant leave their exchange offline because of the fact that they need to stay online and access their fund up for investment and purchases , they really had no choice than to continue using like that. Now Beam has brought a solution in the aspect whereby the users now have the absolute control over the transaction data and allowing the option of transparency.
Removal of address, amount of transactions made by users in order to disable the idea of public viewing.
Decreasing of excessive data and load on the user system.

User case

Sarah is an online business woman that deals with the blockchain using cryptocurrencies as all forms of her trade and payment, she deals with most popular cryptocurrencies, but she most time prefer the Bitcoin due to its entire revolutionary among others. But she is at time not too overreliance on it storing online, she rather trade it as soon as possible. She is not too comfortable with her actions of trading her coin cheap every time. She always wish to store her Bitcoin but due to the fact that she has been experiencing her transaction backsliding to her, she is worried that it could lead to public most times and this makes her currencies and data unsafe. After long time of research, she found Beam.
She now has the rest of mind and she can store her currencies for long period of time due to the time she wish to keep it, regardless the fact that no matter how many transaction she made from her wallet, her transaction data, address, can never be leaked, revealed and traceable.

In conclusion:

Beam has proven to be a great benefit to the user because of its freedom of privacy where all user has the opportunity of controlling and the same time authorizing the safe hands towards their transactions..

Try Beam and be safe!!
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