What is BEAM?
This is a platform that allows true anonymous store of value. The BEAM blockchain while maintaining the advantages of the incorruptible blockchain systems such as Bitcoin and Ethereum, it is also scalable and most importantly, offers privacy on the blockchain. Users have total control over privacy. They decide which information should be made available and to what parties.
BEAM is based on the MimbleWimble protocol which enables it to be faster and more efficient, providing maximum scalability.
MimbleWimble protocol.
Published in August 2016 by an anonymous author, MimbleWimble protocol got its name from Harry Porter. It was coined from a spell in the book. MimbleWimble protocol presents an effective method of achieving a truly private and confidential blockchain.
It is based on two concepts originally proposed by Greg Maxwell.
- Confidential Transactions
- Transaction Cut-Through
Confidential Transactions
This utilises cryptographic commitment scheme that focuses on two properties; hiding and binding. This can be compared to this scenario. A young lady is given a locked diary that can only be opened by a key which is in her mother's care. When she comes of age,her mother hands her the key, showing the commitment is valid( binding). She had no idea what was written in the diary before she was given the key(hiding).
Transaction Cut-Through
A block in a blockchain consists of a large list of transactions, each one with its list of inputs and outputs, a block is therefore seen as one large transaction to be "cut through". Applying this principle from individual blocks to the whole blockchain system creates a system which needs current state of transactions rather than the entire history of transactions as they occurred.
Unspent transactions(transactions received by a user but still exists on the blockchain) can only be proved to belong to the receiving user through the values of the message and the binding factor.The addresses of the users as well as the amounts exchanged are not recorded with the exception of the commitment which is recorded.
MimbleWimble is able to work with smaller blocks as the amount of data required to store and verify transaction data is cut down.
BEAM has the following key features.
BEAM is confidential
All transactions are kept confidential, keeping no record or information about transactions on the blockchain.Addresses of both the sender and receiver are concealed. Transaction values are also private.
BEAM is versatile
A wide variety of transaction types like atomic swapping, escrow and time-locked transactions is supported on the platform. This is due to the 'scriptless script' technology.
BEAM is scalable.
Order of magnitude on the BEAM blockchain is relatively smaller than those of other block chains. The 'cut-through' feature of Mimblewimble eliminates excessive computational overhead. This enables faster confirmations as there are fewer transactions.
BEAM is sustainable
BEAM is open source, community oriented and block mining rewards are directed towards development and promotion of the project.
BEAM is user friendly
BEAM wallet supports everyday use for both the individual and small business users. Its built-in dashboard makes budget managing easier. In summary, it is easy to use.
BEAM is compatible
The team
Roadmap
Conclusion
BEAM is built on MimbleWimble protocol which allows sending and receiving money in a secure and private way. This is only possible due to the removal of the need for addresses during verification of transactions. Fewer records stored on the blockchain leads to a faster and more scalable blockchain.
For more information, check
BEAM website
All images obtained from BEAM website.
beam2018