Beam: From a Harry Potter spell to the privacy of a Blockchain network
Since the emergence of Bitcoin as a revolutionary currency, which today has managed to change the market and the perception we have about the economy, many people have been concerned about privacy in each of the websites, applications or wallets that make up this large ecosystem called Blockchain.
The reasons for wanting more privacy vary, some people need to keep their capital secret to avoid possible security problems in their surroundings, others simply want to keep a low profile to carry out public benefit project. Some companies may not want to show their transactions on the network, thus avoiding further informing the competition.
While the Blockchain network offers a decentralized system, which also allows the audit of all transactions by each user in the network, often the personal information of investors, is exposed more than required. Reasons like these, there are millions, and that is precisely why Beam is born, a crypto currency oriented to protect the information of each person who uses it. Privacy has never been considered as a central objective before!
One of the most important and striking features of this token is that it is based on the Mimblewimble transaction system (referring to the famous Harry Potter spell). Under this methodology, the transactions are completely anonymous, and with a better scalability compared to other systems. The user has the full ability to select which of his personal data will be made public in the Blockchain, other features are presented below:
- Because the user decides, which data can be displayed, if you have a totally private transaction, the data not included will make the block in question much lighter, giving the network an increase in the speed of transactions.
- It allows to create multiple transactions from an initial transaction, and of course, anonymous
- Nor will be visible the value of each of the transactions that are made
- The sender and receiver will be completely anonymous at all stages of the transaction. Their identity will not be necessary in order to confirm the transaction.
Transactions are hidden and encrypted. Ensuring the full confidentiality of the process, when a transaction is made, it is completely hidden. To consummate the transaction you can reveal a unique key which will reveal the value of the transaction, before that, it would be impossible to know. Since the identity of the sender and receiver is protected at all times, the Blockchain network does not need the transaction history to carry out the payment, instead, it only needs the initial value of the transaction, and at the end of it all, there will only be a list of transactions with which it will be totally impossible to link any sender with any receiver and their respective monetary values, not to mention the great savings of data that only translate into a favorable increase in speed.
I am sure that this project will succeed in capturing the confidence of great investors who value their privacy. We will be waiting to see how Beam evolves.
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