Beam : a scalable confidential value storage cryptocurrency

eddybless (53)in #originalworks • 6 years ago (edited)

Introduction

Danny through hardwork has been able to make a good name fit him self by making the best out of knowledge economy, he had been in the crypto currency ecosystem for quite a while already , he's be privileged to have been amongst the pioneer user of bitcoin as a digital currency which can be used for trade or as value storage by satoshi Nakamato

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and has been able to amass a lot of crypto currencies and like wise has a heavy net worth which has made him crypto popular and as well significant on the radar, this had indeed possed a trait to his personality and indeed to his assets as well.

According to Danny, he claims to be a someone who love to live a discrete life always on the low key but he turns outta experience an exact opposite of what he lives by I'll tell you what I mean.

Doing business with bitcoin as a cryptocurrency was aimed at being a liberation to the digital market. It came with the technology of generating random keys and public key pairs and also the use of public parts to form an address that could be used to receive and control transactions but with all this effort identities and transaction trails were still no private as it was meant to be.

And to that regard Mr Danny most times feel so insecure about pushing through most transactions because his inflows and outflow are always on the radar and he doesn't find this funny at all.

There are loop holes every where starting from angle of the exchange merchants, deal (contracts) ,OTC's, or maybe even during collection and clustering the blockchain so there is no chance of privacy therein.
However, coupled with the burning need to store money and equally carry on with transactions with out necessarily relying on a centralized regulatory unit, Danny and his fellow counterparts have no choice but to keep on with what so ever the have to face with the bitcoin technology.

As its always said desperate times call for desperate measures,

Taking a look at the blockchain ecosystem, you get to realize so many platforms claiming to provide the best of the technologies service and that intrests me to bringing one close to you ;

Behold I present to you a project which is ever ready to stand the test of time, a project the if aborting out smart all its contemporaries ,a project who's aim is channeled at the right direction, this project is

beam

I thought just came on me that my reader would ask, why and what makes beam better than And preferable to its contemporaries In the crypto space, Journey with me and I tell you beam will be your choice.

Yes back to business, for the sake of clearity I would love to introduce this platform with a brief description to key you into the scene am trying to make.
beam
is a platform which allows it users it the assurance of an incorruptible and immutable blockchain system which is designed with scalability in mind, one could choose to call it a legit store of value coin that allows users to send and receive money with an optimum assurance of total privacy and security •

why beam

As highlighted earlier, so many projects have emerged with claims of being the solution to the crypto world but nothing's changed the problem still remains that the ecosystem still soffers the risk of lack of privacy and probably insecurity in This case, beam
beam
being able to identify this virus that had been eating deep into the crypto ecosystem have come out with a remedy that is base on concept called mimblewimble which I am going to equal give analysis on, because I really want my readers to be informed on all vital information on what one should possibly known.

mimblwimble

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Mimblwimble is a concept that ensures private transactions by using cryptographic commitment scheme which duels on two basic principles i.e

hiding
binding
in analysis,

it is similar to giving someone a close safe box with some massages inside , and it also turn out that only you know the the combination to open the box, when time comes you can reveal the key and the person can make sure that your commitment

is valid (binding) can not know what it was before the key is received (hidding) "

Mimblewimble was published by suggested approache's to resolving the topic of efficient blockchain; the concept took reference from the spell from Harry Potter books. Mimblewimble is also built on two concept proposed by creg Maxwell

Confidential transaction
Transaction cut
It utilises a well known commitment scheme called

pedersen commitment that achieves thus using elliptic curves and is of the form;

        c = r•g+v•h

This can be best explain with On the Mimblewimble Paper but all the same let's also bite a bit we can chew .ok let's proceed
The input and the output of a transaction operates on a linear combination of two binding factors whereby in order to transfer ownership of an unspent transaction outside (utxol) thus a sender needs to reveal it value and binding factor to the recipient which in turn requires an output commitment using a different binding factor, known only to him .

transaction cut
I'm the Pedersen commitment linear property, if we have two identical transaction let's say from A to B then from. B to c, we can just cut through the intermediate transaction which now allows to merge transactions from A to C directly.

On addition to impute and output proofs and fees mimblewimble also does ;
The transaction kernel, which contain the difference between binding factors of the sender and the recipient; here all transactions should also contain a non interactive zero knowledge range to ensure that the transaction value is positive even without revealing the actual value.
At the time being, beam
is still building on improving and stabilizing it's number of transactions per second however with its awesome laid down strategy being put in place, beam will likely be a bit better than bitcoin and other existing contemporaries bit for the time being it's not a hundred percent ready to be termed as a means of exchange so I rather propose it's store of value

beam wallet

beam
will also be endowed with a wallet application which will further make the use of beam
a worthwhile experience, totally letting your activities at your own control, this app will be available on mac's, Linux, window etc etc.

summary

beam being
rooted on mimblewimble, poses to be an elegant innovation of confidential crypto currency let take a final look on what makes beam
a better option than its contemporaries in the crypto space ;

beam
gives it user total control over their private dealings without penalty i.e it do not cause bloating of the blockchain, avoiding excessive computational overhead or penalty on performance of scalability while completely concealing The transaction value.
it doesn't require a trusted set up rather blocks are mined using Equihash Proof of work algorithm.
privacy is ensured where no address or trace of transaction is stored in the blockchain and it ensures superior scalability through compact blockchain size.

Watch this video for more information