BEAM A Mimblewimble Implementation To Scalable And Confidential Cryptocurrency And Blockchain
That is, it is evident that currently in the world, the concept of cryptocurrency has been well received and widely used, with a growing number of investors and users in this modern digital technology and in the commercial exchanges it offers; opening new opportunities and discoveries, based on its continuous improvement.
But, on the one hand, the main focus of this technology is the storage of digital information and the financial and monetary value movement peer to peer for the exchange of products and services, without the need of intermediary; because Blockchain being the effective link mechanism and the "cloud" where all transactions are stored.
On the other hand, it has been analyzed as something negative that the increase in the aforementioned exchanges have generated several problems and needs, which could not be resolved; as for example, traditional Blockchains do not allow users to control their privacy, although they offer a certain type of standardized anonymity.
Therefore, currently in the world of Blockchains and Cryptocurrencies, people do not have the control to carry out the private transfer of assets, which they do not allows the confidentiality of their operations; because they are public, transparent and anybody can to track data and transactions ... In this brief context, I present BEAM (https://www.beam-mw.com/), who came to tell us: We Can!
Preamble With The Problems and The Needs
Analyzing the current problems of the Blockchains and the Cryptocurrencies, together with the needs of the users, it is on one side of the coin that the current Public Blockchain Protocol can not guarantee the anonymity of a user, nor the privacy of their transactions; because with relative ease they can track, monitor, collect and filter data, exchanges and traces, containing all past and present transactions, which can lead to discovering the identity of the user.
In this sense, many people around the world are worried or annoyed with the open system on which Cryptocurrencies and Blockchain are based, open source and available to all, decentralized network with thousands of miners/users in possession of the encrypted data, with a transparent and open system so that anyone can track, monitor and triangulate wallets, transactions and our data throughout the network.
On the other side of the same coin, another problem is evident in the conception of the Blockchains and their cryptocurrencies, configuring the "detail" of the scalability and "weakness" or loss of the speed of transactions and/or saturation of the system, when massive volumes of operations occur in a very short and determined time space.
This is because both the software that operates for the Blockchains and the "blocks" that are stored on the network are digitally very large and bulky, so they consume a lot of "machine time", making the processes slow, inefficient and tendency to present scalability problems; especially in the face of the current great growth and the need to satisfy the increasingly high demand for transactions per second.
Both, problems and/or needs, which are also associated with the security issue, tend to affect the growth and arrival of new users and investors in this world of Blockchains and Cryptocurrencies (especially the point of confidentiality, which is an issue of great concern for us, we have security as one of our main priorities, and this problem keeps the most critical users and investors away from it).
It should be noted that apparently the Blockchains have tried to enable privacy schemes controlled with "patches" of programming, make modifications to the software and unfortunately increase the size of the software and the "blocks", with a tendency to slow down the network and deepen even more the problem of scalability.
BEAM Is The Solution...
Given that a large part of the current problems of the Blockchains and the Cryptocurrencies are privacy, security and scalability; BEAM (https://www.beam-mw.com/) has been designed and developed, building its network from scratch in C ++ and based on Mimblewimble, to be Scalable And Confidential Cryptocurrency And Blockchain, to give the user total control over privacy, with software and sizes of "blocks" binary smaller and more efficient than any other Blockchain.
In this BEAM environment and its Mimblewimble protocol, the "Pedersen Commitment" scheme is used, to which an Equihash PoW algorithm has been added to protect the entire network; offering total security by granting complete anonymity to the user and by giving him total control of his own privacy and that of his transactions, without requiring KYC, user identity, addresses and transaction amounts, nor storing the traceability of transactions with his data personal
That is, for all the problems previously mentioned in the previous point and for many more, BEAM has become the solution that offers true anonymity and privacy in peer to peer scalable transactions, by fully and simultaneously solving the current privacy problems, security, scalability, speed and reliability.
Therefore, BEAM was designed and implemented to become a platform that allows true anonymous storage of data and cryptocurrency transactions; because privacy is completely guaranteed, enabling that function without obstructing or slowing down the network. Likewise, BEAM can easily scale to adapt to mass adoption without saturation, maintaining small "blocks" sizes, while allowing the user complete control over their privacy.
It is then underlined that BEAM is an innovative cryptocurrency and Blockchain, which truly grants the benefit of anonymity to users, without compromising scalability with the default private feature; therefore, the users have absolute control over the data of their transactions, simultaneously combining scalability, strength, transparency, security, efficiency, reliability, privacy and speed, among other notable aspects.
Philosophy of BEAM
BEAM (https://www.beam-mw.com/) is a next-generation Mimblewimble implementation to scalable and confidential Cryptocurrency And Blockchain, without the relative problems of traditional Blockchains and Cryptocurrencies, because it offers users full control over their privacy
Therefore, with BEAM we could buy an ICO anonymously, quickly, safely and reliably; and transfer said ICO to our wallet or that of any other beneficiary that is desired and without doing KYC; because if the user wishes, his identity will be completely unknown to the Web (the ICO) and his address will not be visible in the Blockchain.
The Mission of BEAM is to be the best and most reliable protocol of Blockchain and Cryptocurrency, scalable and confidential, being a truly decentralized form that allows users to control for themselves their privacy and the information of their data and transactions, remaining at their absolute freedom to decide who they want to share it with or not; keeping the speed and efficiency of transactions high.
The vision of BEAM is to become the perfect and most powerful Cryptocurrency and Blockchain confidential and scalable, next generation, which using the Mimblewimble protocol, gives users absolute control over the information of their transactions, making a Blockchain more efficient with fewer details of operations, faster confirmations, very efficient scaling, smaller blocks with many transactions in one, hiding the values and addresses of transactions and millions of anonymous and pleased users.
As part of the BEAM action principle, the flexibility and choice of the privacy scheme (hide transaction values ??and hide addresses of both the sender and receiver) of the network that the user will have is allowed, thanks to the control over transaction information. that shares and with those who share them before establishing the commitment of the transaction in the Blockchain.
Likewise, BEAM improves privacy and reduces the size of the "blocks" and of the Blockchain through the Mimblewimble protocol that links intermediate outputs in a single block and only stores the current state of "commitment", without intermediate states; to make the size of the block and the Blockchain much smaller than those existing in the current market. This principle of action of BEAM guarantees less details in each transaction, with faster and more efficient confirmations.
BEAM: Use Case
Jhon is a good husband, honest, faithful, altruistic, very charitable and has "weakness" to help poor and helpless women; but, he fears that his wife will find out what he does, if he traces his business transactions and accuses him of infidelity, if the address of his wallet is publicly stored in the chain of blocks. A good friend tells him to read the @originalworks contest publications and that's where he meets BEAM and discovers that he can use it to transfer money to many women, while his identity remains anonymous, his wallet address and transactions they are kept private and impossible to be traced.
From this moment John is happy because he can help many women in Venezuela who have many economic problems, without compromising his marriage ...
More Information And Resources
For more information, watch the following video and follow the links that are presented later:
Beam Website (https://www.beam-mw.com/)
Beam Position Paper (https://docs.wixstatic.com/ugd/87affd_3b032677d12b43ceb53fa38d5948cb08.pdf)
Mimblewimble Paper (https://scalingbitcoin.org/papers/mimblewimble.txt)
Beam YouTube (https://www.youtube.com/channel/UCddqBnfSPWibf4f8OnEJm_w?)
Beam Twitter (https://twitter.com/beamprivacy)
Beam Telegram (https://t.me/BeamPrivacy)
Beam Github (https://github.com/beam-mw/beam)
Beam Facebook (https://www.facebook.com/Beamprivacy/)
Beam Bitcointalk (https://bitcointalk.org/index.php?topic=4969510)
Beam Medium (https://medium.com/beam-mw)
Images Source: https://www.beam-mw.com/