Beam : Stimulating Privacy Options for Blockchain Users

in contest •  3 months ago

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Source

Introduction

Blockchain offers anonymity that few technology can rival but even yet the system doesnt offer confidentiality of your transactional details which is required in some quarters.

This is one of the few reasons hindering the mass adoption of the blockchain technology.
A new solution that confronts this challenges is BEAM

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Beam is the next generation full privacy blockchain. Beam is decentralized, scalable and fast and is based on the MimbleWimble Protocol

Beam Blockchain Solutions

  • Full Privacy

The MimbleWimble protocol has features that will allow the beam blockchain users to manage their transactional details either to keep it as private or make it available to the public.

This is achieved via the hiding and blinding mechanism of the MimbleWimble protocol. Both users address are concealed in any transaction on the beam blockchain

  • Fast and Scalable

Beam blockchain only needs to verify a few nodes before a transaction is registered on the blockchain. This makes it fast unlike the generic blockchain that needs to verify the entire nodes history. Meaning that only fewer blocks is required in processing making it highly scalable and good for mass adoption

Beam Applications

  • Escrow Services

Beam via the commit scheme mechanism employed by the MimbleWimble protocol will be able to provide an anonymous method for services to be met and contract to be deployed anonymously

  • Atomic Swaps


Wallet are enhanced to easily exchanged one cryptocurrency for another without the need for middlemen.

Features of Beam

  • User controlled privacy
  • Untraceable transaction history
  • Open Sourced for contributors
  • Time locked transactions
  • Written in C++ from scratch
  • Untraceable transaction history
  • Decentralized

How It Works



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This Chart Below Depicts How Beam Compares With Other Blockchain Solutions in terms of Overall Performance

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Some Good Use Cases

Beam could find some good use case in areas where privacy is highly needed such as

  • Online marketplace
  • Loan Application
  • Insurance settlements


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Feel free to check out their website here

Participate in contest here
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Beam2018

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