BEAM THE NEXT GENERATION SCALABLE, CONFIDENTIAL CRYPTOCURRENCY BASED ON AN ELEGANT AND INNOVATIVE MIMBLEWIMBLE PROTOCOL
WHAT CAN WE SAY BEAM IS?
I would define Beam as a confidential, reliable store for your valuable crypto coin
Beam helps Companies, Firms and Industries to control transparency at a corporate level making it possible to secure privacy for employees. With Beam, companies and institution can use one layer of blockchain technology to handle their finances instead of depending on a combination of cryptocurrencies, from this, BEAM can be also define as The Next Generation Scalable, Confidential Cryptocurrency Based On an elegant and innovative MIMBLEWIMBLE Protocol
Things that make BEAM special include
Full control over privacy - user control how data is transmitted and how transparency or privacy is to third party with applicable laws.
Confidentiality without penalty - in BEAM confidential transactions do not cause bloating of the blockchain, avoiding excessive computational overhead or penalty on performance or scalability while completely concealing the transaction value.
No trusted setup required
Blocks are mined using Equihash Proof-of-Work algorithm
Limited emission using periodic halving with total amount of coins ~210 million
No addresses stored in the blockchain - no information whatsoever about the either sender or a receiver of a transaction is stored in the blockchain.
BEAM supports many transaction types such as escrow transactions, time locked transactions atomic swaps and more.
No premine. No ICO. Backed by a treasury, emitted from every block during the first five years.
Implemented from scratch in C++ by a team of professional developers.
Based on Mimblewimble: Beam has smaller blocks than any other blockchain, giving it maximum scalability. It’s a faster and more efficient network
Computing, data storage, medicine and automotive markets make up a small sample of areas to which blockchains are being tested.
Bitcoin has started an entire revolution, but it is yet to be perfected when it comes to one of its’ core use cases: the private transferring of assets in a peer to peer fashion.
Beam is the solution that offers true anonymity as well scalable peer-to-peer transactions.
Other Beam services and current sate and POC ready with the following features:
- Fully functional wallet with key generator and storage supporting secure and confidential online transactions.
- Full node with both transaction and block validation and full UTXO state management.
- Equihash miner with periodic mining difficulty adjustment.
- Bulletproofs, the efficient non interactive zero knowledge range proofs.
- Limited emission using halving.
Beam Use-Case
Case 1:
John has a been in the cryptocurrency space from the very beginning and has amassed quite a fortune. He wants to continue storing his Bitcoins, but since he has been around for a while, there are quite a few transactions that lead back to him. He is worried that his fortune is on the public radar, and that it can be deciphered should somebody decide to do so.
He can’t leave it on an exchange due to security concerns, and yet he can’t leave it offline because he needs to access his funds to invest, and make purchases.
His research leads him to Beam. Regardless of how many transactions are made from his wallet, his holding information will never be traceable. It also offers features like escrow which he often likes to use in his dealings!
Case 2:
Grace works for an accounting firm - CryptoAccounting Inc. They are well known for being on the bleeding edge of new technologies. They are experts in accounting as it relates to cryptocurrencies.
Grace is the head finance engineer responsible for applying the most up to date technologies to their accounting practices!
One of the issues that CryptoAccounting Inc. faces is the limitation of choice when it comes to privacy. While their corporate clients want to broadcast their business transactions to their investors, they want to keep individual employee salaries private. Existing blockchain solutions put employees at risk of breach of privacy.
This is when Grace found out about Beam!
With Beam, companies can control transparency at a corporate level while retaining privacy for their employees. With Beam, companies can use one layer of blockchain technology to handle their finances instead of depending on a combination of cryptocurrencies!
CASE 3
MR. RUFUS has a lover of cryptocurrency and trying to invest in bitcoin, but afraid of been hacked or scam and able to find a good way to store and secure his cryptocurrency but thanks to bitcointalk that help learning about beam.
Now he is able to run transaction fearlessly because he has control over data transmitted and how transparency or privacy is to third party.
UNDER THE HOOD: Mimblewimble
Mimblewimble is a protocol published by an anonymous author; much like the famous Satoshi Nakamoto; creator of Bitcoin
Mimblewimble focuses on
(a) Confidential Transactions and
(b) Transaction Cut – Through. [1]
(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) (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).
With this system, unspent transactions outputs (a transaction received by a user which has persisted in the blockchain) can be proved to belong to the receiving user via the value of the message and the value of the blinding factor. After creating the transaction, only the commitment is recorded on the blockchain; not the addresses of the users or the amounts exchanged.
Cutting down the amount of data required to store and verify transaction data allows Mimblewimble to work with smaller blocks!
Source: beam position paper
To read more about beam and mimblewimble
Beam position paper (V 0.1): https://www.scribd.com/document/382680718/Beam-Position-Paper-V-0-1
Beam website: https://www.beam-mw.com/
Beam Description. Comparison With Classical MW: https://www.scribd.com/document/385080303/BEAM-Description-Comparison-With-Classical-MW
https://www.scribd.com/document/382681522/The-Mimblewimble-white-papers
THE TEAM
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