BEAM: A CRYPTOCURRENCY BASED ON COMPLETE CONFIDENTIALITY.

in crypto •  2 months ago

Since the first advent of bitcoin the idea of bringing in the cryptocurrency to the world stage bySatoshi Nakamoto was the financial transactions done will be completely Confidential and there will be no way of deducing the Source or end of the transactions.s. By using private and public key pairs, and using the public part to form an address that could be used to receive and control transactions, many Bitcoin users assumed that nothing in that process could link to their real identity. But all of that was not true. Some transaction could be tracked down using the data provided in the blocks and everything was not private as it looked.
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Privacy is a fundamental human right recognized in the UN Declaration of Human Rights, the International Covenant on Civil and Political Rights and in many other international and regional treaties. Privacy underpins human dignity and other key values such as freedom of association and freedom of speech. It has become one of the most important human rights issues of the modern age. But financial privacy or financial freedom is long term that still needs a lot of work to be achieved.

With the idea of Confidentiality in financial transactions, providing Versatility, Scalability, Sustainability, Usability and Compatibility enters into the market 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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Now as shown in the image we can see that how Beam offers a superior privacy and protection of your details than even the bitcoin itself. Its privacy system is enabled by the Confidential transactions method of the Pedersen commitments. Which in itself makes it one of the best in class for itself.
MIMBLEWIMBLE
Mimblewimble is a famous tongue-tying spell from the World renowned series Harry Potter. The Mimblewimble protocol was first proposed by Professor DrTom Elvis Jedusor. He mentioned that this protocol had the power to automate the transactions over any network and would later on delete the Proof of work once the transactions have been validated over in the network. Beam Uses this Protocol on its network to validate all its transactions. This helps Beam in maintaining high standards of privacy over on its network and keep the transaction anonymous.
This protocol helps in authority to users on which transactions should be shared and which should not be. This makes the blockchain leaner and also makes confirmation of the transaction a lot easier and faster.
ROADMAP
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The Beam project has chosen the following Roadmap for itself to enter into the crypto Market. The project was kicked off in March 2018. The project and its idea is one more popular and exhilarating that we have found in the modern times. In the second quarter that is in June, it launched its internal POC. It has also launched its beta version of its mining nodes and command line wallets. Now in the month of September, it will launch its Public testnet. It has already set up %0 mining nodes for Beta testing this program. And by the end of the final quarter that is by the end of the year, it will launch its Mainet servers for becoming fully functional.

All Images have been taken from BEAM website only be sure to check it.

This article was written for Original Works Contest. You can also find this on twitter

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