Beam (Mimblewimble)

elpsykongroo (32)in #cryptocurrency • 6 years ago

What is Beam and how will it help users?

Beam is a cryptocurrency with special features, which are intended to protect the privacy of the user, through the use of different technologies

Beam is an alternative for those users who want to safeguard their transactions and financial statements confidentially, since blockchains do not store their transactions

How is it that many of today's block chains lack privacy?

And why is Beam and Mimblewimble the solution?

The blockchains nowadays do not have enough confidentiality contracts with their users, beam emerges as an alternative for all those users who wish to enjoy total privacy when executing any financial movement

Beam next to the Mimblewimble technology has some unique features that give security and confidence to the user some of these are:
1-Use of blinding to hide values
2- No reusable or identifiable addresses
3- if the input is spent on the output, the values are not stored and are mutually canceled
4- You do not need to store all the verified data
5-They do not use a ring signature

This demonstrates the great commitment that Beam has when caring for user information

What is the benefit of having the ability to choose levels of privacy according to the use case?

Beam offers multiple benefits to users when it comes to protecting their information.
Not only does it offer autonomy and confidentiality, it also provides security to the assets of its users.

Many know that one of the biggest risks for a user who invests in crypto is the hakeo, with Beam the chances of suffering a cyber attack are drastically reduced, because if the hacker does not know the financial statements, it will hardly take the trouble to attack ... This is an example of the many benefits that Beam offers.

How does allowing smaller blocks increase performance and scalability (Mimblewimble)?

In this way transactions are carried out more quickly and efficiently, forming a less heavy structure, as this avoids saving unnecessary data and generates a more efficient block path

if a transaction goes from A, to C, passing through B. It would be saved like this: ABC
But with the smaller blocks used by Beam it would look like this: AC

Use cases

Samuel is married and lately he has felt tired and decides to take a vacation with his friends, but his wife who always reviews his accounts and expenses does not let him go

Samuel meets Beam and decides to buy a plane ticket to Acapulco to go with his friends using the personal money he had saved. In this way Samuel can enjoy his holidays with his friends and his wife does not know about the expense because Beam gives total privacy to the user