Beam: Make Transparency An Option In The Crypto-Space

Overview

Beam ensures a private, secure and fast way to carry out transaction in the Blockchain. These is possible because of its ability to conceal the amount of money being sent, utilizing current blocks transaction instead of the entire block transaction, thus creating a fast transaction environment as leaner blocks and smaller data are required for transaction processes. Beamis a store of value coin that provide its users with the option of strict privacy or complete transparency.
Beamis based on Mimblewimble protocol (Mimblrwimble protocol is the manner in which Mimblewimble transaction are carried out). It is basically a transaction that allow encryption the number of coin being transferred, thus increasing privacy. Mimlewimble protocol was put forward by an anonymous user ‘Tom Elvis Jeduoar’

Benefits BeamProvides

1. Multiple Transactions: Beamallows multiple transaction type conducted privately, escrowed and capped with time lock.
2. The addresses of both the receiver and sender are concealed and also the transaction value.
3. Beamprovides faster confirmations with efficient scaling through its lean blockchain which can conduct fewer transaction details per transaction.
4. Multiple transactions are combined into a single transaction for speed and efficiency.
5. Users have control over which transaction information is shared and to whom.

Beam superiority over other Crypto-Coin

BeamCore Functionality

1. Confidential Transaction: confidential transaction, here senders are allowed to encrypt the actual amount of coin that is being transferred using a concept called Binding Factor (Binding Factor are strings of numbers used to encrypt the amount of coin in a transaction). The two parties involved in confidential transaction are aware of actual amount of coin involved in the transaction; third parties are unaware of the amount. However they can’t check the validity of the transaction by comparing inputs and outputs numbers.
2. Transaction Cut-Through: transaction Cut-Through is a concept that gives priority to the current block transaction in the entire blocks transaction, thereby requiring leaner blocks and smaller data to carry out storage and transaction verification.

Use Case

Mr Peter is a multi-millionaire who made a lot of money through the various bull run of bitcoin. Because of his strong online presence and the transparency of his transactions, Mr Peter’s daughter Lucy has been kidnapped twice and the kidnappers demanded ransom for the Lucy’s release. Mr Peter, with depression and frustration is thinking of leaving what he is good at (Crypto Trading), for the safety of his family. Then his friend Orgworks introduced him to Beam, a faster, secure and private means to carry out his transaction without worrying about onlookers or third parties.

For More Information

Beam Website
Beam Position Paper
Mimblewimble Paper
Beam YouTube
Beam Telegram
Beam Facebook
Beam Github
Beam Bitcointalk
Beam Medium
Beam Twitter

Reference

Beam Website
Beam Position Paper
Mimblewimble Paper

Image Reference

Beam Website
Beam Position Paper
Mimblewimble Paper
steemit

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