Beam, the ultimate security spell!

erune (53)in #blockchain • 6 years ago

Introduction

The economy continues to change, evolving and adapting to the new trends and processes that emerge from time to time, so it is good for each project or company to take these new resources by the reins and continue in the course of progress along with the rest of the global system.

At the level of economy, it can be deduced that the incursion of the cryptocurrency has made a great change within this system since it has given users a series of new guidelines to follow that are very diverse and that can be applied in many ways, but the basic issue always arises: how does it work? and how safe is it? and it is true that the system of exchange for cryptocurrencies has had many problems to arise, however, several systems have also been created that offer a virtually infallible guarantee over time.

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Although this system is quite safe, and in case you have not yet deducted it, we are talking about the blockchain, which is the resource par excellence for exchange and currency transactions around the world, since its system is very safe and very difficult to track, even so, this one presents some failures, or characteristics, that not everyone approves or seems to be the best alternative when making their personal transactions, because yes, we touch the issue here of the personal, the privacy.

The blockchain presents a means of change that is, to say the least, efficient, but which, however, does not offer the privacy and sometimes, the speed that is expected to be realized in its entirety and leave satisfied users who are making the transaction at the moment.

It is at this time when Beam enters the scene, providing people who exchange cryptocurrencies in general, a system that presents a new great alternative at the time that the user requires a private transaction and much faster.

What is Beam?

Beam is an exchange system that offers a security alternative that presents the GREAT novelty of being 100% private, and at the same time offers a security system fully capable of maintaining a secure transaction from start to finish, all this based on in a system created by the beam team, which has as its name the mimblewimble system, which automates the different algorithms required to perform each transaction, and presents a series of benefits such as:

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The benefit of free will.

What we have been commenting from the beginning: the speed of transactions made from the sender to the receiver, since by means of the information of the smallest blockchains, the whole process is streamlined and made more efficient.

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The user decides who and with whom to share the information of his transaction, leaving this to his personal domain and not to the domain of all the public as it happens in the habitual cases of the blockchain, eliminating the risk of a possible intervention on the part of a third that has bad intentions to see the amount of assets that are made in a cryptocurrency transaction.

Basically, they can somehow "abbreviate" transactions that require otherwise much longer, since they can be done through the beam system, make transactions simultaneously which considerably accelerates the time required and reduces the limitations that other systems have , all this done in an efficient and very safe way.

What about security?

What is happening now with the issue of privacy within the blockchain, is that by an attempt to maintain the security of the system, the different means that the blockchain network includes are used to be totally free of privacy, giving this the idea of that if people know the quantities, the information of the senders and the receivers, this brings a more secure means for the users, and to a certain extent, it works and has worked, but it is not always the case.

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There are users, who are not simply an individual, but are massive representations such as a company or a large institution, which can not be "the luxury" of being an objective for people who attack digitally (hackers) and that when their important information is revealed, how many transactions they carry out, frequency, and quantity, etc., they do not achieve, but precisely that which they do not want: to become targets for all those people with bad intentions within the network and who in some way or another, may end up attacking and doing great damage to these companies or private users.

For this, Beam brings a completely new solution that eliminates that risk by giving the user the peace of mind of being able to carry out transactions more quickly and privately, with the peace of mind that this offers and that in cryptocurrency systems such as the bitcoin blockchain, calls both attention and presents many risks in the sense described above.

Mimblewimble, the ultimate transaction spell!

Enable transactions, without obstructing the network.

Those words are what define the system of mimblewimble, a protocol that seeks through a series of steps to define the transaction process in a much more efficient way, and for this it is based on certain characteristics.

The first and most important is the efficient use of the data used in each transaction, which with this "magical" system is achieved quite effectively, since its automation method allows that instead of one, multiple transactions using very little of the data that would be required by other blockchain systems (cases mentioned above)

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Mimblewimble is a name that I like very much since it is part of the cinematographic and literary culture, (it is a harry potter spell) and I understand that the creators of this protocol want to give that same message: everything can happen here as per magic art; and with his way of working, I think that it is totally possible.

The protocol works with the idea of, first, creating transactions of a private nature, and that are much more numerous than usual that would work in other protocols, but, how can we explain it?

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The sender, or the person who is doing the sending, acquires an idea of password or password that only he knows and controls, and that nobody else has access in any way since it is stored in a very secure way within the system of the same, and that at the time of the receiver accepts the established agreements and do his part of the deal, he will be able to free then to make the exchange that was agreed from the beginning.

It is a system that could sound like very basic, but in reality it presents a completely safe alternative for both parties, since everything is done without risks and with the approval of each one of those involved in the process, and both when they decide to give the information that is required (a code to open the safe) is when you can run the service.

The situation of the data.

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The bitcoin blockchain has a way of working that involves a lot of data, since in each transaction registration information is produced that many times is not even taken into account at the moment of finishing the transaction, as for example, the list of transactions that have occurred as a history, although it may be required at one time or another, by perpetually maintaining this only accumulates space that in the long run is necessary for other things.

For a Bitcoin transaction to be carried out efficiently, a sender, a series of users who validate the transaction and then a receiver must do so, and that midpoint can sometimes create a host of extra data that are not always necessary or necessary. Practical, and that they create much more time than they should to complete their work and terminate the process, and that is when Beam arrives and acts, since it abbreviates the transaction simply to the sender-receiver camp, being as efficient as in the case explained above, but with a saving of time and data that in the long term will be more than beneficial.

All the necessary verifications become automatic, and this is an important point since the BIG difference of this system with respect to others of blockchain, is precisely this, since there continues to be a series of security steps that will validate each transaction and will give a positive or negative point depending on the case, but all this will be automated and will avoid all those recharges of resources that we talked about previously.

Here is an explanatory image of how this "spell" works mostly

Use Cases

Brittany is afraid to use her cryptocurrencies, even though she has a large investment made with bitcoins that at the time she had the intelligence to buy, but she is afraid to make transactions because one time she had a very unpleasant experience when she made a transaction for 3 bitcoins , and soon began to receive threats from some unknown person who, having seen the amount of assets that Brittany handled, decided then with the worst of intentions, take advantage of that information and put the security of brittany at risk.

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Britanny made sure to talk to authorities about it, and they assured her that nothing would happen, and in the end the case cooled down and she never received any more threats, however she always continued with her fear to make transactions, but she had the need in a time to do it, since I had financial problems for the moment.

It is then that finding out, he met Beam , and his system, and this was as if by magic the solution for her, since from doing the test and realizing that he could do his transactions without any follow-up risks of any kind It was then that he returned to his cryptocurrency business with fluency and dedicated himself to recover lost time.

Conclusions

Privacy is a right that we all have, and despite the fact that new trends present a novelty to which we are all adapting, if there is a need for methods that are equal or more secure and that in turn allow us to manage and distribute our digital money the way we see fit, without having to suffer or be victims of third parties who only look with bad eyes and want to benefit or take advantage of each of us, our profits and our effort to achieve with our sweat and work, money, that at the end of the day is money and will be the economic basis of the future.

Beam is one more step towards the evolution of cryptocurrency exchange systems, a system that establishes and fortifies this as one of the most important economic values that will intervene more and more in the world and that will end up laying the foundations for a change in our society, forever, that already comes and will continue to be established over the years, which may be less than we think.