Introduction
Since Bitcoin and blockchain in 2008, the economy and technology world has changed as we know it, coming now with some terms such criptoactives and cryptocurrencies, making possible several transactions and movement between several persons and companies…
Because those transaction can be tracked and make vulnerable their owners…
That’s where Beam came out, so, ¿What’s Beam?
It’s a cryptocurrency completely anonymous for their users, that means that those transactions they make are untraceable, and private between him and the receptor, aspects such as wallet involves an amount of money are private as well.
No matter what tool others can use, those transactions remain as anonymous and unreachable to third parties.
For that it counts with:
Private by default: The user has absolute control over transaction data available, allowing the option of transparency as well as privacy.
Based on Mimblewimble: Beam is particular in their block sizes, reducing information in their user and transaction allow to use smaller blocks than any other blockchain, giving more speed and scalability.
¿How Mimblewimble works?
Mimblewimble use blinding factors, as result, transactions realized from senders are encrypted and confidential (Optional). This blinding factor is then used as proof of ownership by the receiver, permitting them to spend the receive amount (just those involved are aware of amount).
It allows to save block space, combining output and input transactions, making impossible to trace which wallet did it. In consequence, its faster (smaller blocks), improve their scalability, privacy and true anonymity is possible then.
Advantages of Beam:
Control of privacy and transparency.
Combine several transactions in one block to save space to improve speed and scalability.
Address privacy in transactions.
Values privacy on transactions.
Cryptocurrencies features
¿Why is so important privacy?
As technology keep evolving are the persons who tends to take advantage from others, maybe making target of violation of vulnerability, transactions, users or even passwords from those who move huge number of actives…
Privacy and safety are vital in every aspect of life, in this case, financially speaking its possible thanks to anonymity and encrypt data.
Also, it gives more effectiveness for less information in blockchain, increasing their speed and scalability.
The level of privacy and options
The user can select the status of privacy for transactions:
- Transparency for everyone
- Partially transparency to select users
- Completely private
¿How that works?
Beam Use-Case
Case 1:
Mary started to use cryptocurrencies recently, she is fascinated for them, but she owns some money to his friend who introduce her to blockchain world, his friend is pushing her to pay him, but she is investing in other cryptocurrency in that moment…
She is afraid than his friend realizes of that, but she is investing to make more money and pay him some more money for it, its then when she heard about BEAM, making that last transaction privacy to keep investing and keep his friendship.
Case 2:
Justin its an advisor from a platform of criptoactives, he is moving huge amount of money constantly to pay his team and invest in cryptocurrencies, he has some competition in advisor field and wants to keep his privacy from them.
Its then when he heard about BEAM, making his transaction private and keep moving his money with completely anonymity.
Video presentation:
Conclusion
BEAM mission is to make their users responsible of their own privacy, in consequence their experience is safer, faster and completely private as they wanted to be.
That’s the personal stamp from them, innovating in safety providing a level of privacy better than any other on blockchain platform.
Team:
Leadership
Engineering
Advisor
More Information & Resources:
This is my entry for the Sponsored Writing Contest: Beam by @originalworks
beam2018