BEAM: The safe of our coins. /Writing contest of @originalworks.

isabelpena (68)in #originalworks • 6 years ago (edited)

Introduction:

This is a contest based on the search of data and concepts of new platforms in the world of cryptocurrencies. This research is very convenient to have knowledge about these new currencies and their operation. Each week we are encouraged to continue researching the growing world of the internet and its currencies and the world of crypts that started with Bitcoin and now has a hundred new coins. This week we will investigate about BEAM.

What is Beam?

Beam is a decentralized currency with great privacy, fungibility and scalability. Bean transactions are private and their storage does not have to have a history which reduces the size of the block so it becomes lighter. Beam will admit many types of transactions such as in custody, with time blocking and atomic swaps. It is always evolving for its best performance.

The team:

All members of the Beam team are professionals: engineers, entrepreneurs and veterans in cryptocurrencies.

The technology:

Beam is based on Minblewimble which is a Pedersen Commitment scheme for complete anonymity and range testing of transactions.

A small description of what Mimblewimble is:

It is a system that stores only the history necessary to make transactions that give 0, this means that if I send 1 bitcoin my receiver will receive 1 bitcoin and the result will be 0. This helps the chain of blocks is smaller, more fast, take up less space and less MB. The transactions are secret, only the two interested parties know.

Conclusion:

With this research we must make improvements in our platforms and use for example this wallet that really seems well protected and private. In my opinion the accounts should not be so exposed because that is something that only concerns its owner, only when an account is a witness for example, that account should be opened for everyone to see their movements but otherwise be private
I loved investigating this type of movements of cryptocurrencies since the wallet is very important in a user account and you can see that they are thinking about the security of both the currency and the user, well for that.

Source of support in the research:

https://medium.com/beam-mw/introducing-beam-f35096a923ec
https://flatoutcrypto.com/home/protocolspotlightmimblewimble

BEAM: The safe of our coins. /Writing contest of @originalworks.

Coin Marketplace