1.0 INTRODUCTION: WHAT IS BEAM?
Beam is a next generation cryptocurrency confidential which is based on a leaner blockchain, allowing for fast confirmation of transactions and more efficient scaling.
Its elegant and innovative Mimblewimble protocol makes it secure for transparency and confidential for ones transaction. It has a very cleaner blocks than any blockchain, providing faster and more efficient network which equally show a well scalable peer to peer transactions.
2.0 WHAT CAN BEAM DO?
Beam is the today's future of cryptocurrency. Using the mimblewimble protocol to automate its algorithms for the purposes of providing:-
- Increase speed in transactions
- Tying an entire blockchain into a single transaction
- Securing your personal information
- Increase confidentiality of transactions
- Enabling multiple transaction types in a private manner(atomic swaps,time locked e.t.c)
- Providing the latest technology of encryped function
The mentioned above is provided by the beam team with the use of their introduced mimblewimble protocol. The word "Mimblewimble" was popular named after the tongue spelling from Harry Potter.
It was hard to believe that information can be transferred in form of transaction which is writing it into a chain of blocks. That was it when bitcoin came into the light but today it is witnessed in many works of human; call it in medical, educational, banking, marketing e.t.c.
Beam system is not divided into manager and subordinate. The system is decentralized making all participant equal.
3.0 BENEFIT OF HAVING ABILITY TO CHOOSE LEVELS OF PRIVACY:
Blockchain have it's possibility for individual to track data source back to the parties involved in the transaction by analyzing the blockchain which is available for all to see.
Further saying in the world of cryptocurrency things done may appear to be anonymous but with a careful trace of how the money travelled can reveal the user. This is where beam together with mimblewimble technology comes in by allowing users to have full control over data they want to share.
It brings immense security benefit to users by protecting ones transaction against personal risk,possible hack and financial independence.
With the mimblewimble concept, it enables privacy in transaction and can accommodate mass adoption and maintain the reasonable block sizes.
3.1 UNDER THE HOOD
Most blockchains lack a confidentiality network, and that's why Beam, together with Mimblewimble technology, offer an outlet for users who want to enjoy total privacy in every financial move.
Mimblewimble focuses its operations on:
(a) Confidential transaction and
(b) Transaction cut-through/actual transaction.
A) Confidential transactions:
These are implemented by using a crytographic commitment. The structure is builded in such a way that its basic properties are hiding and blinding.
With this unique blinding factor,there is no need to store any address in the blockchain.
B) Transaction cut-through or actual transaction:
When there is a very large transaction or more than one transaction was combined to carry out a large transaction,this transaction can be cut through.
This is to say that by applying this principle, every individual block to the entire chain creates a system that only needs the current state of transaction.
"Cutting down the amount of data required to store and verify transaction data allows Mimblewimble to work with smaller blocks"
More review on the protocol and technicalities can be viewed in white paper
4.0 USE CASE
Legend Munachiso runs a textile industry. Having slot of clients all round the globe. Legend have a staff member Mercy - financial engineer,who transfers the entire accounting of fund to the block.
Applying Beam in its work,it will help in protecting personal account transactions of the clients to the public and equally avoid publishing information about the finances of the company.
Rounding my conclusion,its seen that been ensures complete control over privacy which gives users right to decide which information will be available and to which parties, having total control over his/her personal information.
Beam blocks are carries using the "EQUILHASH PROOF OF WORK" algorithm.
Taking Beam, it is the future generation cryptocurrency confidential based on its elegant and innovative nature, with beam no information is lost to the wrong hands (hackers) due to its end to end function.
Beam emerges as an alternative that allows users to have complete privacy about their transactions. Something interesting about Beam is that the information of the transactions are not stored in blockchain, and they have scalability about it.
They are some witted individuals behind this great work.
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