Beam, Scalable confidential cryptocurrency

hevictor (60)in #blockchain • 6 years ago (edited)

The era of crypto currencies and block chain technology that began with the advent of Bitcoin led to a revolution in privacy, security and money control. Bitcoin gave way to the creation of a number of tools for monetization, transfer and safeguarding of value that are indispensable for many today.

A curious aspect about Bitcoin is that its code and the concept of its operation was published by the pseudonym "Satoshi Nakamoto" of which nothing else is known, in a kind of disinterested contribution to the development of society, in the same way great projects have been gestated in the technological aspect of which, although their authors are anonymous or are nonprofit contributions, such as open source programs, humanitarian aid platforms, different security protocols and so on.

Beam is a blockchain protocol in the form of currency, focused on user protection, transaction security and efficiency. Beam was born in a similar way to Bitcoin, its concept was initially published by the pseudonym "Tom Elvis Jedusor", baptizing its idea as "MIMBLEWIMBLE".

Beam's design is implemented in such a way that it requires the least number of possible elements for its operation, the blocks of its chain contain less information compared to Bitcoin, thanks to it the transactions can be made at higher speed, in the same way these features make it an efficient protocol, secure, private, and with a high degree of scalability. Beam offers total control to the users on the information of the transactions, being able to choose the information to reveal, this has the double benefit of the privacy and the transparency.

Mimblewimble Protocol:

The name of the protocol in which the Beam coin is based is due to the tongue-tying spell from Harry Potter, but its protocol is not related to that saga of movies, instead has the objective of giving users the ability to choose the amount of information to disclose. Create that the block chain contains as little detail as possible in favor of speed and efficiency. Link different blocks and transactions in a single one to be able to make more transactions more efficiently.

The Mimblewimble protocol is being developed from scratch using the C++ programming language to build the chain of blocks necessary for the operation of the currency. Beam will have innovative features that will make it have a high degree of scalability, highlighting the ability to control public information and the efficiency of transactions.

The current blockchain allows each of the transactions to be tracked, this can be a problem of security and privacy for those who have accumulated large amounts of coins. Online wallets (exchanges) could represent a solution for these cases, but there will always be a risk of losing money, or not being able to access funds in time.

Beam brings a definitive solution to these cases, transactions can be transparent or private, it is the user who decides the amount of information to be shared. Added to this, there will be added benefits, faster transactions, lower commissions, and immutable security that characterizes the blockchain.

Evolution applies to any aspect, Beam is the evolution of bitcoin. It offers a new technology that has been able to improve the weaker aspects of the previous ones, and offer a new protocol of operation in order to guarantee privacy, transparency and efficiency in the handling of the digital values that represent the cryptocurrencies.

More info about BEAM