BEAM: Improved anonymous value-storage cryptocurrency

sunnydick (33)in #originalworks • 6 years ago (edited)

Introduction

In my article today I will be introducing another unique technology and cryptocurrency. It is no doubt that bitcoin and blockchain introduction since 2008 had opened the internet to a whole new phase of technological advancements. When bitcoin was introduced, it was believed that the problems associated with centralization and the shortcomings of the middleman where at last dealt with, which was insecurity and low scalability. Recent events have shown that this isn't the case, current cryptocurrencies have also turned out to possess their own deficiencies in this areas.

The present day blockchain designs, like bitcoin make it possible for data to be traced to owners and also the source and transaction ouputs are narrowed, as a result of this, by careful analysis of the blockchain which is made public, it becomes possible to track transactions and user information involved.
This has since been a major setback for most users who prioritize their privacy and security, careful analysis of the flow path of exchange would always reveal the user.
Also, the current blockchain solutions are faced with problems of speed and scalability due to their bulkiness, computational heaviness then leads to inefficiency and low scalability.

BEAM

BEAM is the world's leading solution in the problems discussed above, this is a privacy-by-default cryptocurrency for value storage, this technology doesn't need the added privacy features which is obtainable in most blockchains, hence the problem of computational heaviness is also checked.
beam Vs others

What makes BEAM unique?

The features of this currency that gives it the unique advantage it possesses are:

Privacy-by-default

The network is designed by default to exclude public address and user identity during validation, also all decisions taken on transaction data are authorized completely by users.

Based on Mimblewimble

The BEAM platform is based the anonymous Mimblewimble algorithm, this designs BEAM to comprise of smaller and lighter blocks, which is not the case in other blockchains. This inturn implies that [BEAM](www.beam-mw. com) possesses scalability greater any other blockchain, with faster completion of all transactions.

Mimblewimble(The blockchain miracle)

A summary of the Mimblewimble concept holds privacy and high scalability as priority, this occurs simultaneously without complicating the network.
The Mimblewimble protocol focused on the following aspects:

Confidential transactions
Such transactions are designed to use schematic crypto commitments which are basically designed to hide and bind. This is equivalent sending a gift through a safe box with security key combinations known only to the sender. At appropriate moments user may reveal security key in other for the transaction to be verified, this part is the binding aspect, but before key revelation, the validating party can't know what the safe holds(hiding aspect)
Transaction cut-through
The Mimblewimble project compacts all transactions on a large list of transactions, which is called a block in blockchain. The project applies this to the whole blockchain as a whole, creating a system of that only records the current state of transactions without the cumbersome records of the transactions, during transaction completion, only commitments are recorded and not amount or addresses of the sender or receiver.
Hence, Mimblewimble works with smaller blocks by cutting down the amount of data needed for transaction verification and storage.
To see more technical info about the Mimblewimble project visit

What advantages are being offered by BEAM?

Following the unique nature of BEAM as described in the above parts of this post, the platform offers the following benefits to its users:

All decisions and affairs of user information, how and to whom it is shared with, are controlled by the user.
Transaction values are concealed
Sender's and Receiver's addresses are hidden for privacy sake
A lighter blockchain is designed, enabling faster transactions per second
Multiple transactions, blocks and the entire blockchain is tied into single units of transactions, this ensures more confirmation efficiency.

Use case/Applications

Kennedy is a cryptouser and has been in the system for a very long time, he has continuously suffered the challenges that come with the cryptocurrencies such as privacy and low scalability, these have been major satbacks to Ken and have discouraged him badly.
Through a friend Ken gets to know about [BEAM](www.beam-mw. com), after some time with BEAM Ken is rest assured that he can initiate and complete transactions more efficiently and with greater privacy, as far as he doesn't expose his keys.
This platform is applicable in all areas approached by the blockchain industry: medicine, technology, engineering, insurance etc.
Multiple transactions such as the following are all accomdated on the platform: Escrow, Atomic swaps and Time locked transactions.

Conclusion(my video presentation)

#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).