Beam : Stimulating Privacy Options for Blockchain Users
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
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
This Chart Below Depicts How Beam Compares With Other Blockchain Solutions in terms of Overall Performance
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
Feel free to check out their website here
Participate in contest here
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