Beam... The scalable confidential Cryptocoin!!!
Peer-to-peer electronic cash system as was first proposed in 2008 by Satoshi Nakamoto (Bitcoin), has lead the internet a new era of technological advancements based on the blockchain and digital trade industry.
Initially Bitcoin transactions were believed to be anonymous, but recent years have countered this beliefs, they have been various recent occurrences of data leakage on the blockchain and this has become a general problem to the crypto industry and its users.
It has now become possible to identify users and at the same time trace their transactions all to the owners. This is no good for a privacy promising industry, this why BEAM has come to make a difference.
What is BEAM
BEAM is an anonymous cryptocurrency that is built on the innovative Mimblewimble technology, BEAM aims to ensure that users send and receive money in the most secured and private manner, this is made possible by the ability of transactions to be completed without the need for sending and receiving public addresses and amounts during validation of transactions (Which the reverse the case for other blockchains)
How will BEAM change the way cryptousers store value
The crypto industry in general is about to experience a whole lot of new changes with BEAM in the system. This project has completely dealt with the problems of privacy, transaction speeds and scalability which have existed as the major setbacks of the crypto industry since inception. This possible by the unique features and offerings of BEAM as enlisted below:
- Users possess total control over privacy, what to share and whom to share with, hence individuals privacy is determined be the user himself
- Confidential transactions are completed without complications on the blockchain
- No trusted setup is required
- The platform employs Equihash PoW algorithm for mining blocks
- Periodic halving is used to limit coin emmission, giving a total amount of 210million coins
- Sender and receiver address and transaction information are concealed
- Through compact blockchain size, the platform is able to achieve superior scalability
- Its areas of application is extensive including Escrow transactions etc
- No ICO, no premine
- The project was implemented from scratch in C++ by team of well experienced and professional developers.
What's the Benefit of allowing users to select their privacy levels
Most individuals and companies take privacy as a priority, hence any crypto to be employed by such institutions and individuals must be able to give users the right to decide what should be shared and to whom it should be shared with, this means that the platform must be suitable for all categories of users with their variations in privacy levels.
This privilege attracts more users to the platform and can provide them all with their desired levels of privacy.
Scalability is the number of transactions per second that can be completed by a system and is greatly affected by the size of the individual blocks of a blockchain.
By employing the cut-through feature of the Mimblewimble protocol, BEAM avoids excessive computational overheads, hence smaller blocks are formed, which lead to a more compact blockchains, which is different from Bitcoin and the rest of the blockchains, this in turn implies that transactions are quickly validated in real-time.
Privacy as a priority
The crypto industry have recently experienced loss of several millions of USD, this events have occurred as a result of inadequate privacy by the cryptocurrencies used by such victims. Nobody would attack what he can't access, no hack can be implemented if the hacking party can't access user information.
BEAM through its privacy-by-default feature is currently the safest crypto project in the industry, no matter the resources of the hacker, no information of users can be extracted, because they probably don't exist.
For a project with a vision to establish a reasonable percentage of privacy and scalability to the blockchain industry, Mimblewimble is so far the best and appropriate foundation to build BEAM on.
The Mimblewimble concept aims at enabling transactions at optimal privacy without complicating the network, this concept focuses on:
- Confidential transactions
Such transactions are completed by crypto commitments possessing two basic properties
- First of such properties is that transactions and its details remain concealed with keys known only to the sender, which is only revealed when needed for validation. Another feature is that of binding, this implies that the content is unknown by validators before the key is received.
- Transaction Cut-through
Mimblewimble cuts-through Every large transaction, compacting all its transactions between a given range (say A-Z) and then extending to blocks and further to the entire blockchain, this creates a system that only requires current state of transactions, discarding the entire history this establishes the difference. After transactions are created, only commitments are recorded on the blockchain (amounts and addresses of involved parties are not needed) this reduces the amount of data to be stored, Mimblewimble hence works with tiny blocks.
The above feature of Mimblewimble allows BEAM to be sent and received in a very secured and private way.
Used case(My video presentation)
Applications and conclusion
In a world where most cryptocurrencies hence failed in keeping the blockchain promise of maximum privacy and better scalability in completing transactions, BEAM a coin built on the Mimblewimble protocol has been projected by a team of professional developers to stand in the Gap and ensure that users complete transactions at maximum privacy and scalability.
This crypto supports all forms of transactions including:
- Time locked
- Atomic swaps
and its uses covers the medical industry, Engineering, Technology etc.
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