Beam and MimbleWimble, the magic protocol to establish the privacy in the blockchain

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Cryptocurrencies has changed the world, our finance and reality, some of us thinks it improves our lives and have being adapting to all the implications it has. But, as anything, cryptocurrencies and blockchain has several weak points, one of them is privacy. Proposed in its beginnings as one of the strengths of the blockchain protocol, indicating that any transaction was public and easily verifiable by anyone, it has become today a potential weakness for some.

 

That is why, various attempts to reduce in some way the visibility of the transactions that are made in the blockchain have seen the light, as for example the MimbleWimble protocol that sustain Beam.

 

 

“BEAM is a decentralized currency with strong privacy, fungibility and scalability.

BEAM transactions are private by default, and storing the entire transaction history is not necessary for blockchain validation, which reduces the blockchain size and improves scalability. BEAM will support many transaction types such as escrow transactions, time-locked transactions and atomic swaps.”

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Beam rescue values as confidentiality, due to this day’s people wants their confidential information under control. Beam doesn’t store any information from users. Versatility and scalability, using the transmissions of values and the Transaction Cut- Through, Beam achieves the simplification in the size of the blockchain.

 

Sustainability, is assure thanks to the mining rewards that goes to the pool in order to keep available funds to development and research if necessary. Also the project has some investors like:

 

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Then, the usability factor is covered thanks to the existence of wallet for pc’s users or for cellphone, guaranteeing that any kind of user have their wallet reachable at the moment they need it.

 

Finally, the compatibility, the Beam team has assured this point due to a diverse group of implements to run and manage nodes, to explain this better, the following image shows how Beam works

 

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Beam, offers the possibility of choosing the level of privacy, according with the need of the user, now people can take advantage of all the blockchain benefits and maintain their information invisible to others, this may improve the use of blockchain in bigger markets, for instance people who has their reason to avoid the publicity, people who has made a lot of money using cryptocurrencies, people who is initiating and don’t comprehend why every aspect of any transaction has to be public, to name a few.

 

 

The Roadmap

 

Beam has a short and accurate roadmap, currently they’re in the second stage of it and the final stage is in December this year.

 

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Beam and the magic protocol : MimbleWimble

 

MimbleWimble applies a lot of formulas and complicates math to do what it does.

 

Proposed by an anonymous creator called Tom Elvis Jedusor, MimbleWimble is named after The Harry Potter series and Tom Elvis Jedusor is the equivalent in French to the bad guy, Voldemort. What our Voldemort propose with this is to maintain the best characteristics of the Bitcoin blockchain with a new advantage, privacy.

 

In order to obtain that, our Voldemort, creates a protocol combining two preexisting protocols:

 

• Confidential transactions (encrypts the number of a transaction, only the people involved can see the numbers)

• Coin Join (several transactions are merged together and no one from the outside can specifically know how they go, but each of them correspond with another and the equilibrium is maintained)

Both of them created by Greg Maxwell.

 

MimbleWimble, also has convenient characteristics, for example, scalability and the possibility to reduce the size of a blockchain by summarizing the info required to maintain the credibility of the transactions.

 

It’s important to notice that MimbleWimble can be implemented as a soft fork, as a side chain or even as an entire new chain.

 

The following video easily explain the MimbleWimble protocol.

 

Team.

A group of experimented engineers are in charge of develop the project. These are the faces of them :

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Summary.

 

Technology gives us innumerable advances and advantages, unthinkable in previous eras by our ancestors, thanks to it thousands of lives have been saved from certain death. The knowledge nowadays is at hand reach and people only need a computer or a smartphone to access the largest amount of information collected in history.

 

Similar scenarios are presented in the field of finance, in economics and the development of cryptocurrencies observed from few years ago. But, due to nothing can be perfect, a price has to be paid, in this case the price was privacy. At first, it was sold as a strength, but recently it is perceived as a weakness.

 

In order to transform that weakness into strength again, some protocols are working in recover privacy in transactions. So people could have the option, if they want to, to maintain his identity as anonymous, converting this in a goal for Beam and the MimbleWimble protocol.

 

 

If you need to more information about this project please review the following links:

 

To general information you can check their Website

 

To know the project specifications, you can go to their Positionpaper and also review the MimbleWimble paper

 

Join their Telegram group here

 

Also, you can join their Facebook, Twitter or Bitcointalk

 

And review others link like Youtube, Medium , Github

 

This is my entry for @originalworks contest, you can join it here.

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https://twitter.com/nowonline3/status/1039298098223374336

 

DISCLAMER: The information contained within this post shall not be taken as financial advice. I am not a financial adviser and none of your investing should be carried out based on any information presented here. You can lose all of your money by investing. The following information is for educational and entertainment purposes only.