Next level privacy and security – Beam!!!

praditya (62)in #contest • 6 years ago

The ruler of world’s economy – Cryptocurrencies are there in news every now and then. You all must have read many blogs about it here on steemit, For many it must be just another blog related to crypto. But I know every one of you reading have their hands on crypto market and wants to learn more profitable and new stuff about it.

As there are many apps and technologies which are built related to crypto. But all of you must have faced certain issues plaguing usage of cryptocurrencies in bulk. It is possible to de-anonymize users, and since all data, including transaction amounts, is open and permanently stored in a public ledger, once users identity is known all their transactions past and future as well as their balance, become directly linked to them as a person.

(Image source- pixabay.com)

The Need for Confidentiality!
Every one of you would need confidentiality in terms of your transactions and balance of cryptocurrencies and I guess many of you must also have gone through a crypto theft as I had gone through, trust me I know how much it evaporates the faith in the crypto which logically should not be there. Security and Privacy has become a credential need. Which is easily fulfilled by a scalable, confidential cryptocurrency- Beam.

(Image Source- https://www.beam-mw.com/)
With its enormous features one cannot resist to use it-

Users have complete control over privacy - user decides which information will be available and to which parties, having complete control over his personal data in accordance to his will and applicable laws.
Confidentiality without penalty - BEAM confidential transactions do not cause bloating of the blockchain, avoiding excessive computational overhead or penalty on performance or scalability while completely concealing the transaction value.
No trusted setup required
Blocks are mined using Equihash Proof-of-Work algorithm.
No addresses stored in the blockchain - no information whatsoever about the either sender or a receiver of a transaction is stored in the blockchain.
Superior scalability through compact blockchain size - using cut-through feature of MimbleWimble BEAM blockchain is orders of magnitude smaller than any other blockchain implementation.
BEAM supports many transaction types such as escrow transactions, time locked transactions atomic swaps and more.
No premine. No ICO. Backed by a treasury, emitted from every block during the first five years.
Implemented from scratch in C++ by a team of professional developers.

Harry potter fans keep your magic stick ready and spell Mimble Wimble!

Okay, I am not kidding, Mimble Wimble is the actual name of an efficient confidential blockchain. Here’s how it works-
The actual value of the transaction made by you and the binding factor are two crutial factors. Since all that is needed to prove ownership of the UTXO is the value and the unique blinding factor, there is no need to store any addresses in the blockchain. After the implication of transaction between two wallets only the commitment remains in the blockchain not the entire history which is vulnerable to cyber attack. This means that no matter the resources of the attacker, no personal information can be extracted from the blockchain.
The working

(Image Source- https://www.beam-mw.com/)

Certain attractive features!

1/ Confidentiality-All transactions are private. No information about transaction participants is stored in the blockchain.
2/ Versatility-“Scriptless Script” technology allows implementation of a wide variety of transaction types beyond simple transmissions of value; for example, atomic swapping, escrow, and time-locked transactions.
3/ Scalability- The “cut-through” feature of Mimblewimble helps to avoid excessive computational overhead, making the BEAM blockchain orders of magnitude smaller than any other blockchain implementation.
4/ Sustainability-Open source, implemented from scratch, community-governed, and backed by the Beam Growth Pool: 20% of block mining rewards goes to this pool to incentivize development and promotion of BEAM.
5/ Usability-A wallet for desktop and mobile, designed to support day-to-day usage for both individual and small business users. The built-in dashboard makes budget management easy, featuring actionable spend and earning insights.
BEAM COMPARISION