Introduction.
The blockchain is receiving revolutions every moment. The advent of bitcoin by Satoshi Nakamoto in the year 2008 makes the world knows what cryptocurrency and blockchain is all about
In the pre-cryptocurrency era, people are confidential in storing their money and valuable asset in the banks without any second thought. What will even open a way for second thought since keeping money and other valuable things are not save again at home?
This banking method is still in Vogue up till date. There have been many challenges people are facing with this method. Banks may suddenly get fold up, get confiscated and become liquidated which of course makes those storing their valuables to experience loses.
With this awkward experience, it makes some people to sharply adopt storing their money in form of cryptocurrency especially bitcoin on the blockchain. Bitcoin is still the most reliable coin. Blockchain was known to be scalable and intelligently decentralized before hackers jump in.
How is that possible?
Any information on blockchain is relayed publicly. The day to day transactions is being viewed by anyone. This gives opportunities for the hackers to have full information about various activities going on, on the account. Any slight opportunity opened to them will be used wisely in order to perform their cybercrimes.
This has been the major reason why people developed fears in storing their hard earned money on a form of cryptocurrency on the blockchain.
What other option is left behind for storing our cryptocurrency? That has been the trending question until Beam comes in.
Beam
Beam is just a new platform that can solve the current problem of cryptocurrency on the blockchain.Beam is so unique and was built solely on highly modified privacy. It is designed in such a way that one can keep any amount of high valued cryptocurrency on blockchain without it being exposed to the public. The Users have complete control over their privacy. This makes the user decide which information will be available and to which parties are having a complete control over their personal data in accordance with their will and lay down laws. Beam is built on high Confidentiality. This confidentiality cannot be questioned as their proof of work algorithm is guaranteed
No addresses stored in the blockchain - no information whatsoever about either the
sender or a receiver of a transaction is stored in the blockchain.)
Beam unlike other is based on confidential MimbleWimble protocols. This MimbleWimble Beam Blockchain is base on a magnitude and appears to be smaller than other implementations on blockchain and bring about superior scalability. It is also in support of many types of transactions be it escrow transactions and the rest.
The transactions in bitcoin were initially believed to be anonymous. It was believed that, since the random keys are generated to receive and control the day to day transactions, this made many crypto users believed their identities are safe. But currently, the reverse is the case. The insecurity was made possible through transactions that demand the owner and active keys address. The insecurities can come from transactions that involve selling or buying of cryptocurrency from the third parties, it can be through hacking and so on.
These can come from exchanges, merchants, OTC deals or even by collecting and clustering the blockchain data. It is then possible to deanonymize users, and since all data, including transaction amounts, is open and permanently stored in a public ledger, once users identity is known, all their transactions past and future as well as their balance, become directly linked to the hackers in charge. Both individuals and organizations would prefer that their transactions and balance remain confidential and could only be seen only by parties specifically authorized by them to do so.
Benefit of choosing the level of privacy
Both individuals and organizations would prefer that their
transactions and balance remain confidential and could only be seen only by parties specifically
authorized by them to do so. )
This would require limiting the visibility of transaction details, including transferred amounts and identities of the participants and keeping as little information as possible about the transactions in the public record to prevent the account from being vulnerable to hackers.
Source
How smaller block increases performance and scalability
Beam is smaller, in term of magnitude and was made to be unique with their MimbleWinble protocol which brings about confidential transactions. With this, information can be relayed to the users without public access. This is why Beam is unique and save in storing cryptocurrencies.
The importance of having privacy for a store-of-value cryptocurrency?
Yes, to store a high valued cryptocurrency, privacy should be a leading priority. If not, it can be a subject that will invite hackers to you valued account. Thus, your valuables are not safe again. With Beam, they guaranteed the privacy of the reasonable range that will guide your store-of-value cryptocurrency.
Beam roadmap
Conclusion
This write revealed a platform called Beam which is built on Mimblewimble to allow users to send and receive money or cryptocurrency in a secure and private way. The rules behind it provide an ability for Beam protocols to remove any public needs for address and protect the details of day to day transactions. So instead of allowing the middle party to see to the traction, Beam will make it to be just two parties. No middle party whatsoever. It will just be from Beam
to the user.
Reference Materials
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