BEAM is a next generation scalable, confidential cryptocurrency based on an elegant and innovative Mimblewimble protocol.
Scalability and Privacy are the main features which make Beam superior above other blockchains.
Things that make BEAM special include:
Users have complete control over privacy - user decides which information will be available and to which parties, having complete control over his personal data in accordance to his will and applicable laws.
Confidentiality without penalty - BEAM confidential transactions doesn't need any compromise on performance or scalability while completely concealing the transaction value.
POW algorithm used for minting Blocks.
Main features are:
- Confidentiality : No addresses stored in the blockchain - no information whatsoever about the either sender or a receiver of a transaction is stored in the blockchain.
2.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.
3.Scalability : The “cut-through” feature of Mimblewimble helps to avoid excessive computational overhead, making the BEAM blockchain orders of magnitude smaller than any other blockchain implementation.
- Sustanability : Open source, community governed and 20% of growth mining rewards from grwoth mining pool given to community as rewards, helps in sustanalbility and Promotion of BEAM.
- Usability : Mobile and desktop wallet helps to increase no of users. Easy to use for both small and big business and dashboard helps to make easy records helps in usability of this project.
- Compatability : An industry-proven Equihash algorithm was selected to ensure broad adoption by existing GPU miners
Current status: POC ready with the following features:
- Fully functional wallet with key generator and storage supporting secure and confidential online transactions.
- Full node with both transaction and block validation and full UTXO state management.
- Equihash miner with periodic mining difficulty adjustment.
- Bulletproofs, the efficient non interactive zero knowledge range proofs.
- Limited emission using halving.
Introducing MimbleWimble Source
In August 2016 a new protocol was published by an anonymous author, suggesting an elegant approach to the topic of efficient confidential blockchain. It is called MimbleWimble , a reference 3 to a spell from Harry Potter books, and it builds upon two concepts originally proposed by Greg Maxwell, namely Confidential Transactions  and Transaction Cut - Through . The following is a high level explanation of the key principles of MimbleWimble.
Confidential transactions are implemented by using cryptographic commitment scheme which has two basic properties: hiding and binding. 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 (binding) while he can not know what is was before the key is received (hiding)
MimbleWimble utilizes a well known commitment scheme called Pedersen Commitment that achieves this using Elliptic Curve Cryptography and is of the form
C = r * G + v * H
Where r is a blinding factor, a secret key hiding the real value v and G and H are generator point on a specific elliptic curve.
MArch 2018 : Project kickedoff
June 2018 : Internal POC
September 2018 : Testnet launch
December 2018 : Mainnet launch
For more details please visit following links :
link of original contest post : https://steemit.com/crypto/@originalworks/1125-steem-sponsored-writing-contest-beam
Dtube video link : https://d.tube/#!/v/vikasgoel1234/m8kpj57x
link of my tweet : https://twitter.com/goel_9/status/1038708882661625856