What is Beam?

"Beam is a truly anonymous store-of-value coin. Beam is the solution that offers true anonymity as well scalable peer-to-peer transactions. "

Beam bases its scalability, privacy and anonymity technology on Mimblewimble since it uses smaller blocks of current blockchain chains providing greater security and speed in transactions as well as nabling multiple transaction types in a private manner .

Many of the current blockchain operations lack privacy because they can perform a careful analysis can trace data, determine the origin and the end point of transactions, this is the case of Bitcoin even when it is a cryptocurrency that seems anonymous can reveal to the users involved in transactions, this is the case where Bitcoin seeks to perfect itself (the private transfer of assets in a peer-to-peer manner). That is why privacy in operations is very important since this point is of great concern to users since care is required when caring for their assets. Beam is the solution that offers true anonymity and scalable peer-to-peer transactions.

In the world of cryptocurrencies where the market is decentralized it is very beneficial to have the ability to choose levels of privacy according to the use case, this is because the user feels confident when making their transactions, so it is very It is important to be able to give users control over what transaction information is shared and with whom it is shared.

Features:

1.) Confidentiality

Greater privacy and no transaction history in the block chain.

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2.) Versatility

Based on scriptless Script technology, they are not simple transmissions but also swapping, escrow, and time-locked transactions.
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3.) Scalability

The “cut-through” feature helps to avoid excessive computational overhead.

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4.) Sustainability

Managed by the community and whose 20% of the mining rewards are for Beam Growth Pool who are responsible for the development and promotion of BEAM.

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5.) Usability

A wallet for desktop and mobile, whose users can be individuals or small businesses.

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6.) Compatibility

Beam is based on the Equihash algorithm and a set of tools for the execution and administration of the mining node.

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Beam comparison

The following image shows a comparison between the characteristics of the most trustworthy cryptocurrencies:

Mimblewimble

Mimblewimble is a protocol published by an anonymous author, it has reference to spell from Harry Potter books, used to automate their algorithms and it builds upon two concepts originally proposed by Greg Maxwell:

1.) Confidential Transactions: use a cryptographic commitment scheme with two basic properties: concealment and linking.

Mimblewimble uses a well known commitment scheme called Pedersen Commitment that achieves this using Elliptic Curve Cryptography and is of the form:

C = r * G + v * H

Where is a blinding factor, a secret key hiding the real value and G and H are generator point on a specific elliptic curve.

Each input and output of a transaction is a linear combination of two factors: an actual value of the transaction and a blinding factor.

2.) Transaction Cut - Through: reduces the amount of data required to store and verify transactions. It is what allows Mimblewimble to work with smaller and more scalable blocks.

This is what allows users to send and receive money safely and privately. These properties are the result of the protocol's ability to eliminate the need for addresses and quantities in transaction verification.

Under the hood

The following image shows the internal process of Beam in the execution of its transactions:

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Use cases

Below are some cases of use with its fundamental principles:

1.) Privacy (the transfer of assets on a peer to peer basis and individual salaries of employees at risk of privacy violation).

2.) Security (assets of the public domain, which can be deciphered if someone decides to do so and deposits in guarantee).

3.) Confidentiality (only you handle private keys).

Conclusion

Beam with Mimblewimble in its core is a great option at the moment of choosing to venture into the cryptographic world, since it is compared with current crytocurrency that have very robust platforms such is the case of Bitcoin. Beam can implement a more efficient scaling system and can generate faster and safer transactions through a thinner block chain with fewer transaction details, this while maintaining reasonable block sizes and allowing total control over privacy.