Cryptocurrency has had an interesting and sometimes odd history in its relatively short existence. The market may very well be about to reach an impressive milestone that could entirely alter the way people view cryptocurrency.
The scability, confidentiality, and security has breeched the marked development of this market,this birthed the development of beam cryptocurrency.
BEAM is a decentralized currency which offers scability,confidentiality and security. Its transactions are private by default and it reduces blockchain size by not storing the history of transactions.BEAM will support many transaction types such as escrow transactions, time-locked transactions and atomic swaps.
BEAM has put together a remarkable team of first-class engineers and entrepreneurs, and a strong advisory board comprised of accomplished cryptocurrency veterans. It has 7 full-time developers, a growing marketing team and seasoned management. The technical team is led by Alex Romanov, and the list of advisors includes people like Yonatan Ben Shimon, Guy Corem, Sebastian Stupurac, Stas Oskin and Oliver Gale. They are actively building a global community of developers who share our mission of creating a private digital currency and will maintain and improve BEAM.
BEAM is based on Mimblewimble — an elegant protocol released by an anonymous developer in 2016. Named after a tongue-tying spell from the Harry Potter saga, Mimblewimble uses Pedersen Commitment scheme for full anonymity and zero-knowledge range proofs to ensure validity of transaction amounts.
Mimblewimble is a protocol published by an anonymous author.
Mimblewimble focuses on
(a) Confidential Transactions and
(b) Transaction Cut – Through.
(a) Confidential Transactions use cryptographic commitment scheme with two basic properties: hiding and binding.
It is similar to giving someone a closed safe box with some message inside that only you know the combination for. When time comes you can reveal the key and the person can make sure that your commitment is valid (blinding) while she can not know what is was before the key is received (hiding).
(b) Transaction Cut – Through:
A block in a block chain is a large list of transactions and can be thought of as one large transaction to be “cut through” (combining all the transactions in between A-Z). Applying this principle even further from individual blocks to the entire blockchain creates a system that only needs the current state of transactions instead of the entire history of all transactions as they occurred (which is how Bitcoin works).