Beam - keyword in privacy

in cryptocurrency •  3 months ago

Introduction

Hi! Every one has his own secrets. And of course he won't discuss them with others. And this is his right since birth The same picture we have with our money and transactions.
Especially it is claimed in the cryptocurrencies world.
Well known cryptocurrencies gives opportunity to track to track data and points of transactions.
So if you would like to keep your private life with you then you need to pay attention to Beam.

It is a scalable, confidential cryptocurrency which uses the Mimblewimble protocol.
Beam has next features:

  1. Only users control privacy completely
  2. No computational overhead
  3. Mining blocks using Algorithm proof of work
  4. Information about transactions is not stored on blockchain
  5. No ICO
  6. Scalability of blockchain
  7. No trusted setup required
  8. Implemented Mimblewimble from scratch using C++
  9. The block time is 1 minute on average

Now let's see what Mimblewimble protocol is...


What is Mimblewimble protocol.

So Mimblewimble is a confidential network by nature.
Mimblewimble protocol is a proposal of blockchain, which can increase the level of confidentiality, scalability and interchangeability.
Transparent bitcoin-transactions do not use ring signatures or evidence with zero disclosure. In turn, all the values in the MimbleWimble transaction are completely hidden. There are no reusable or identifiable addresses. For an external observer, each transaction looks exactly the same. MimbleWimble uses a "blinding" polynomial to hide all values (the original values of the transaction and keys), while keeping true basic mathematical facts. The "blinding" polynomial uses secret factors and components to encrypt real values.
By concealing all the values, MimbleWimble provides complete privacy and provides a choice as to which values we wish to disclose.
One more positive factor of MimbleWimble is scalability. If size of block of such known currencies like Bitcoin, ZCash and s.o. are limited then MimbleWimble can change it. Because you don't need to store all data which was verified.
MimbleWimble technology assumes that if the input is spent on the output, we do not need to store these values anymore, because they are mutually exclusive (canceled). This significantly reduces the amount of data that must be stored and processed.



This improves confidentiality, since these operations are deleted, in addition, it also ensures interchangeability.
More details you can learn from video bellow from Andrew Poelstra's presentation.


So in my opinion confidentiality is the fundamental right of all people! That's why it is important to have privacy for a "store-of-value" cryptocurrency.
If you yourself regulate the level and rights of access to your information, you can protect yourself and your loved ones. So you save your life. And the level of security depends entirely on you.
And Beam gives to you that level of privacy which you want. Just look ant the table bellow. Where you can see level of safety Beam compared to other well known currencies



Given all the advantages of Bimblewimble Beam is the best solution for all your actions to remain secret and undetected.


Use case

Being a highly informed person, Mike gave testimony against one of the governors, who was suspected of an interpol. But his accomplices began to look for and to follow Mike in order to remove him. Fleeing from the persecution of corrupt officials and the police, Mike was necessary to secretly buy a ticket and fly out of the country to lie to the bottom. For this, his good friend uses Beam to buy tickets for his next flight to another country in his name. And after Mike successfully flew out and landed in Rio de Janeiro, a friend transferred the money to him using Beam, and for 2 months he has successfully resided in Brazil. And now even living in Brazil to keep their own incognito Mike uses Baem to pay in markets and stores.


DISCLAMER:

The information contained within this post shall not be taken as financial advice. I am not an advisor and none of your investing should be carried out based on any information presented here. The above information is for educational and entertainment purposes only.
This article is my entry for @OriginalWorks sponsored writing contest! More details you can find here

All images were derived from Beam official site.
More information about Baem you can find at:
Beam Website
Beam Position Paper
Mimblewimble Paper
Beam YouTube
Beam Telegram
Beam Facebook
Beam Github
Beam Bitcointalk
Beam Medium
Beam Twitter
beam2018

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