What is Beam?
I have news to you and very good! Useful for everyone who wants to save their savings, and also make their investments with the highest degree of confidentiality. Only you and your recipient will know and possess information about your transaction.
And do you know who gave you this opportunity? Team BEAM.
Yes, they came up with this, like:
- secure your personal information
- increase scaling
- increase transaction speed
- shorten the chain of blocks
- increase the confidentiality of the transaction
- use the latest technology of the end-to-end function of the Mimble Wimble unit.
Do you remember where you heard these spell words from? That's right - Harry Potter. And here there will be something magical and mysterious that we would like
We remember how Bitcoin appeared in the distant 2009. Nobody believed that it was possible to transfer information in the form of a transaction, writing it into a chain of blocks. And now, please, the blockage is being introduced into many spheres of human activity: medical, banking, educational, automotive and much more. Thanks to the properties of the block, all information becomes transparent to users. It is impossible to delete information - it will last for centuries. The system is decentralized, it is not divided into managers and subordinates, since all participants are equal at any stage of the chain-chain. No signature of at least one participant - the transaction is invalid!
Technical progress in the field of programming goes by leaps and bounds. Over the past 10 years, the best programmers and talented participants in the crypto world have come up with new protocols that make the deal more confidential, without the personal information of participants and the size of the deal. Do not people dream about this?
Of course, every person dreams that he knew about his money and investments only he!
And now good luck! In 2016, an anonymous author published a new protocol, called ** MimbleWimble**. It refers to the creation of an effective secret block and is based on two concepts: transaction confidentiality and the actual transaction itself.
"Confidential transactions are implemented by using a cryptographic commitment.
Since all that is necessary to prove ownership of the UTXO is the value and the unique blinding factor, there is no need to store any addresses in the blockchain".
In my view, this blinding ray like a laser that hits clearly on the target and heals the patient from glaucoma and makes it visible.
So BEAM has created a beam that illuminates the true path to achieve a valid transaction, without any information for third parties.
In this case, the transaction must necessarily be only positive, so that the goal has been achieved. Otherwise, with a negative transaction, it may be possible to produce other coins prohibited by the system.
"In addition to Inputs, Outputs, Proofs and Fees, each MimbleWimble transaction includes, the transaction kernel, which in its most basic form contains the difference between blinding factors of sender and receiver."
How to use BEAM?
Nicole owns a charitable foundation. She has many rich clients who would like to help poor people in Africa. Nicole has a staff member Simone - a financial engineer, who transferred the entire accounting of the fund to the block. Simone is a programmer, he is interested in new technologies and he learned about BEAM. Applying BEAM in its work, the number of clients of the company has grown, because the personal information of the clients is now not figured in the transactions. They want to help without personally.
Summarizing the above, I would like to quote the words of the BEAM team:
« BEAM is a next generation confidential cryptocurrency based on an elegant and innovative
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 - in BEAM confidential transactions do not cause bloating of the blockchain, avoiding excessive computational overhead or penalty on performance or scalability while completely concealing the transaction value.
● No trusted setup required
● Blocks are mined using Equihash Proof-of-Work algorithm
● Limited emission using periodic halving with total amount of coins ~210 million
● No addresses stored in the blockchain - no information whatsoever about the either sender or a receiver of a transaction is stored in the blockchain.
● Superior scalability through compact blockchain size - using cut-through feature of MimbleWimble BEAM blockchain is orders of magnitude smaller than any other blockchain implementation.
● BEAM supports many transaction types such as escrow transactions, time locked transactions atomic swaps and more.
● No premine. No ICO. Backed by a treasury, emitted from every block during the first five years Introduction».
The main objective BEAM will be primarily used as “store of value”.
Read more about the project you can on the official website:
This Article was made by @vipnata for the contest of @originalworks, Sponsored by Beam
Contest Link : https://steemit.com/crypto/@originalworks/1125-steem-sponsored-writing-contest-beam