Beam [...off the MimbleWimble Protocol] | The Right Amount of Confidentiality for Blockchain Users

brandonk (65)in #originalworks • 6 years ago (edited)

What is Beam?

A summation of the WhitePaper tells us that Beam is BEAM is '...a next generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol.' This protocol named after a Harry Potter spell will bring magic to reality! [Cheesy but effective right?]

Beam Users will have complete control over privacy in that they can decide which of their information will be
available to whom, as well as having complete control over personal data in [accordance to his will and applicable laws].

There are no addresses stored within the blockchain so no information about the either
sender or a receiver of a transaction is (or will ever be) stored in the blockchain.

The WhitePaper elaborates further on MimbleWimble's powers as it mentions its '...superior scalability through compact blockchain size' as well as '...support[ing] many transaction types such as escrow transactions, time locked
transactions atomic swaps and more.'

Is Beam Still Decentralized?

Absolutely. Beam is still a decentralized blockchain ecosystem which simply provides users with necessary security in a growing crypto world.

The Evolution:

Beam is implementing a blockchain which has observed and adapted to overcome the barriers the initial Bitcoin blockchain still poses. The list above clarifies Beam's intentions as to the security they'd like to pose, and it will become necessity for users to keep their addresses and passwords utmost safe in order to protect their digital assets.

Key Features:

Beam will launch with a built in UI Wallet.

Beam will be fully compatible with Equihash mining and utilize it completely. According to the Beam WP, 'Equihash is built in a way that does not allow easy tradeoff between processing power and memory thus making it difficult to use with ASIC miners that existed at the time of its creation. Today there are dedicated ASIC miners that can mine Equihash ten times more efficiently than average CPU.'

More transactions per second than current Bitcoin blockchain platforms (although exact amounts are tentative at this time).

More of My Thoughts in Video Form:

Beam Website
Beam Position Paper
Beam Facebook

Link to this @originalworks Contest

Source Image Credits: 1 2

beamtwitter | https://twitter.com/B93485838/status/1039163993951072258

beam2018

#writing #contest #cryptocurrency #beam