A CRIPTOCURRENCY FOR REALLY CONFIDENTIALITY AND FEASIBLE SCALIBILITY

plumesteemit (38)in #originalworks • 6 years ago (edited)

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The controversial Edward Snowden, in my opinion quite rightly, points out that the most important structural defect of bitcoin is not in the limitations of its rate of transactions but in its public record to «have a lifetime history of the purchase of all, all the interactions available to all and have a good performance at scale... the public blockchain of the cryptocurrency made it susceptible to abuse...»

On most shopping websites other actors unrelated to the transactions, having the necessary technical resources, and using blockchain analysis can get, the object, the amount and the identity of who sends or receives in their encrypted transactions

In addition, the future of any cryptocurrency as a means of payment and reserve of value will be affected by its greater or lesser ability to handle the growth of its transactions in a fluid way; furthermore the aim to create a peer-to-peer sharing economy through criptocurrencies distributed ledger technology will be possible by way of truly decentralized ones

BEAM TOWARD A TRUELY FREE PEER-TO-PEER SHARING ECONOMY

BEAM is a cryptocurrency whose release is scheduled for December 2018< its working protocol MeambleWimble (name refered to a Harry Potter spell that tongue-tied its victims) just solves both fails, on the one hand ensures a real confidentiality since in the blockchain no address of the participants is stored in any transaction; although they have the possibility to reveal them if they wish. On the other hand, the way in which MeambleWimble articulates all the transactions decreases the size of the blockchain; which directly affects its scalability. Furthermore, the feature of that protocol of no trusted setup required facilitates the establishment of the BEAM blockchain in a decentralized manner

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THE MAIN ADVANTAGES OF BEAM ARE

CONFIDENTIALITY

The protocol or MembleWimble is built from Bulletproofs: «...they are short non-interactive zero-knowledge proofs that require no trusted setup ...» establishing a method for the verifier to prove that something is true without to be able to reveal nothing more than the truthfulness of declaring it true. This assures full confidence if the users have the feasibility to decide "witch information will be avaible and to witch parties"

SCALABILITY

«A blockchain is just a list of transactions, each with its list of inputs and outputs» the BEAM MeambleWimble features cut and trough allows merge in a new transaction the unspent output (UTXO) both sender and receivers, this allows to reduce the extension of the block chain by only recording «the current UTXO state instead of the transaction history»

ANOTHER ASSETS BRING OUT BY BEAM FEATURES

VERSATILITY

«“Scriptless Script” technology allows implementation of a wide variety of transaction types beyond simple transmissions of value; for example, atomic swapping, escrow, and time-locked transactions»

SUSTAINABILITY

«Open source, implemented from scratch, community-governed, and backed by the Beam Growth Pool: 20% of block mining rewards goes to this pool to incentivize development and promotion of BEAM»

USABILITY

«A wallet for desktop and mobile, designed to support day-to-day usage for both individual and small business users. The built-in dashboard makes budget management easy, featuring actionable spend and earning insights»

COMPATIBILITY

«An industry-proven Equihash algorithm was selected to ensure broad adoption by existing GPU miners. BEAM comes with an extensive set of tools for running and managing mining nodes»

EXTENDING BEAM BLOCKCHAIN CAPACITIES

At launch in december of 2018 will be available «a desktop wallet application for Mac, Windows and Linux» Moreover, in the Beam Position Paper there are other important features that could be developed using a «second layer out of chain solutions such as Lighting Network», which is a decentralized system for instant micropayments without block confirmations, making possible transactions as small as a satochi (0.00000001 BTC); or «Thunderella: Blockchains with Optimistic Instant Confirmation» to attain distributed systems by associating «to fast, asynchronous path with a (slow) synchronous "fall-back" path», this last used only when something goes wrong

BUILDING NEW FREEDOM PATHS THROUGHOUT THE WORLD

BEAM becomes a new cryptocurrency which by the way of its advances brings us closer to the ideal of a true peer-to-peer sharing economy through cryptocurrencies disrtibuted ledger technology, where individuals can maintain the freedom to decide, with due respect for the law, what information they want to share, with whom and when; eluding in turn, the ever remaining attempt of those that collude in preventing the development of a free economy without centralized controls always prone to briberies and undue privileges

BEAM 2018

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