What is "Beam"?
It also offers various services, such as exchange for other cryptocurrencies in an easy, fast, secure and private way, since they do not require a third party for their verification, Something that caught my attention is the ability to make transactions that can be unlocked in the future.
The Bitcoin Blockchain, as in most cryptocurrencies since then, represents the balance of a user through a series of transactions, and these transactions go back to the beginning of a chain of blocks. The nodes and miners of Bitcoin have the main function of proving the validity of each transaction, this is to ensure that no central entity can enter the system. Before a transaction is approved, all parties involved must reach a consensus, that is, reach an agreement, and this consensus is achieved without trusting one another. The operation of the Bitcoin Blockchain is enviable in all modes, except in the term of privacy.
Privacy is the biggest problem with cryptocurrencies. The Blockchain technology is a public database of all transactions made by its users. Anyone can have access to these blocks of financial records. It is an open book where you can trace the identity of the party making the transaction or the parties and the commercial volume. Virtually nothing and nobody is anonymous in the chain of blocks, so there is no privacy.
Privacy the greatest difficulty.
Although a Criptocurrency, can give the appearance of being anonymous, a detailed search, can give us signs of how the money has been displaced, being able to know the details of the user.
Bitcoin and Blockchain are traceable systems, and make it feasible to deduce the origin and end of operations. By analyzing the chain of blocks, you can generate a trace of the people involved in the operation.
Who Can Benefit from the BEAM Blockchain??
The Beam Blockchain makes a case for Anonymity coupled with Confidentiality; which means it offer users the chance to exercise their rights to privacy within the blockchain ecosystem. Beam allows different option of users to enforce their privacy policy on the blockchain thereby ensuring an healthy ecosystem where informations can be streamlined to the relevant channel while restricting unwanted third party from having access to such vital information.
The solution to this problem
The Blockchains, handle a lot of information and are heavy in its operation, this difficulty makes them inefficient and exposed to growth difficulties, to be able to respond to demand as they grow.
This problem keeps it under Beam control, as it is designed to be flexible, lightweight and robust, as well as being ready for future scalability problems that involve a greater number of global operations, and managing its main feature which is its greater benefit: the privacy and anonymity of its users.
With Mimblewimble, privacy transactions are enabled without obstructing the network. Beam is building its network from scratch in C ++ based on Mimblewimble for this reason.
Mimblewimble allows Beam to scale to accommodate mass adoption and, at the same time, maintain reasonable block sizes and allow total control over privacy.
Features of Mimblewimble, the heart of Bean
Thus the outputs of transactions not consumed, which is an operation that was received by a user and that has been maintained in the chain of blocks, actually belong to the user who receives it, by means of the value of the blinding factor and the value of the message Once the transaction was executed, only the compromised activity is recorded in the block chain, not the recipient addresses, or the traded amounts.
Beam use case
Ernesto is a successful investor and philanthropist. He grew up among orphanages and foster homes until he was old enough to go to college to study finance.
As a consequence of his accident childhood and youth, Ernesto has been anonymous benefactor for some years of a children's hospital, however, he lives constantly with the fear that his identity may come to light, losing his anonymity, in addition to the amounts of your contributions.
One day, his secretary suggested using Beam, which would allow him to continue with his charitable works without his address and identity being known, because confidentiality is a value much appreciated in his charitable works.
For about five years Alfredo has been in the world of cryptocurrencies, he has also gone that he has accumulated a great fortune. His intention is to continue storing his Bitcoins, but he has one drawback, which is the product of many transactions with other users who have asked him for advice in the cryptographic world, he worries that his fortune is on a public radar, and that someone can make a bad move or that they have knowledge of their purportedly private digital wallet.
Arturo works for an accounting firm: CryptoAccounting Inc. They are known for being on the edge of new technologies, they are experts in accounting for cryptocurrencies.
Arturo is the chief financial engineer responsible for applying the most up-to-date technologies to his accounting practices!
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