BEAM - a Scalable and Confidential Cryptocurrency

machiqui63 (56)in #crypto • 6 years ago (edited)

Hello everyone and especially @OriginalWorks, i am very excited, it is the first time I participate in this type of contest, I hope it is the first of many of now in the future.

BEAM 4.jpg

Source

The rise of cryptocurrencies is prompting investors to examine ways to enter this market securely, transparently and privately. Beam fills these expectations as it offers true anonymity and scalable peer-to-peer transactions.

Based on Mimblewimble, Beam, it is a fast and efficient network that has the necessary infrastructure for the user to have absolute control over the available transaction data, which allows the Transparency and privacy option, it has smaller blocks than any other block chain, which gives it maximum scalability.

For the virtual investment market Beam, it is the ideal crypto-meter for the near future, thanks to the fact that its users have control over the information that is shared and with whom. share, that is to say that in favor of privacy you can hide the values to which the transaction and the location of both the issuer and the receiver amount.

Because Beam owns one to the thinnest blockchain with least transaction details per transaction, confirmations are faster and scaling is very efficient. Obtaining an authorization of multiple types of transactions privately: escrow, time locked, atomic swaps, etc.

The MimbleWimble Protocol on which BEAM is based, means that with this cryptocurrency, the client has absolute control over:

The privacy of your investments, the client decides what information will be available as well as their personal data all in accordance with the applicable law.
Confidentiality has no penalty, meaning the client can completely hide the value of the transaction without generating excessive computational overload or a performance or scalability penalty.
The identity of the sender and receiver is anonymous.
The client does not provide more information about the configuration of his computer equipment.
Applies Equihash-BTG as our new Work Test algorithm No change is made to the supply or currency creation rate (miners' reward).
Limited emissions using a periodic division in half with a total amount of coins ~ 210 million
Superior scalability through the compact size of the block chain: using the cutoff characteristic of the MimbleWimble blockchain BEAM has orders of magnitude smaller than any other blockchain implementation.
BEAM supports many types of transactions, such as escrow transactions, blocked time atomic swaps transactions and more.
Unprejudiced. No ICO. Backed by a treasure, issued from each block during the first five years.
Implemented from scratch in C ++ by a team of professional developers.

Source

What is MimbleWimble?

Within the ecosystem of digital currencies, I consider it important to point out where this curious name comes from, linked to a totally revolutionary solution for the problems that are associated with the use of digital currency.

As many of the followers of the saga of novels and films of Harry Potter will have intuited, MimbleWimble is the name of a spell used to prevent the victim from using spells in which he has to verbalize the name of some enchantment. Outside of combat this spell is used to prevent people from talking about certain topics that should remain secret, literally entangling their tongues and not being able to articulate words.

This analogy is very convenient with what the creators of this proposal intend to do. As is well known, all Bitcoin nodes are given the task of verifying transactions made through the network, the main feature that makes the use of digital currencies a reliable and decentralized process, but that in turn brings with it a series of major drawbacks, among which the privacy and integrity of the information circulating through the Blockchain is compromised, since the transactions end up being public and anyone could trace the flow of the assets through the general ledger.

Faced with these problems, 3 months ago a foundational document was published, where a proposal to solve these problems was formulated, which was prepared by a person under the pseudonym of Tom Elvis Jedusor - name corresponding to Lord Voldemort in the French version of the Harry Potter novels -. The proposal basically presented a radical simplification of the Bitcoin protocol, which translates into a drastic increase in the privacy of the digital currency, while at the same time guaranteeing greater scalability since it modifies the architectural constitution of the Blockchain.

Source

Conclusion:

Source
The BEAM network based on the MimbleWimble protocol takes advantage of this property and makes some reinterpretations to give much more profitable results, which could translate into a much safer experience when keeping information secret. Simply put, it is the receiver who generates a process of masking the quantities received through the Blinding Factors mentioned above, so that it is no longer associated with the issuer, which lightens the process, to the time that allows a greater protection of the data linked to the transfer because the truthful information can only be verified in a single point.

Likewise, it guarantees a greater degree of protection to the data by generating "false outputs". Keep in mind that an output is an address that usually indicates the conditions in which the receiver of a transaction receives the assets while monitoring them when they are transferred again, so these false outputs only include random numbers that they prevent the path of associated BTCs from being traced. Therefore only the recipient of the Bitcoin balances will have the real information and will be able to transfer the balances in the cryptocurrency through the appropriate outputs.

For all the above we can say that Beam is a platform that offers true anonymity and scalable peer-to-peer transactions, which guarantees experience and security to invest in cryptocurrencies.