Beam is the next generation of confidential cryptocurrency on an elegant and innovative basis. It has an interesting and sometimes odd history in its relatively short existence.
The confidentiality of transactions is vital in the operations that are massively carried out worldwide in all financial markets, providing this option is only for some and maintaining that pace throughout the project makes it a great challenge.
What is beam?
Beam is a future cryptocurrency that proposes an innovative change within the blockchain, granting the user a high level of privacy and confidentiality based on a "MimbleWimble" protocol.This confidentiality in Beam does not cause errors in the blockchain, on the contrary it avoids an overload of excessive computational.
The Beam team see this coin being primarily used as a "Store of Value" coin. While discussing transactions per second.
they state in their position paper:
it is safe to say that it will be slightly better than bitcoin and existing privacy coins. Having said that it is important to emphasize that the performance will not be high enough for BEAM to be used as “means of exchange”. Which is why we believe that BEAM will be primarily used as “store of value”.
Privacy?
Blockchains themselves, even without added privacy features, are very bulky and computationally heavy. This makes them inefficient as well as prone to scalability issues as they grow to meet the global demand.
The Solution - Beam (Based on Mimblewimble)
The concept of Mimblewimble is to enable privacy transactions without clogging up the network. Beam is building their network from scratch in C++ based on Mimblewimble for this reason.
With Mimblewimble at its core, Beam can scale to accommodate mass adoption while still maintaining reasonable block sizes and allowing full control over privacy!
use cases
As mentioned above, BEAM is based on the Mimblewimble concept, which allows enabling transactions with more privacy without being an obstacle to the network. Its root is built in C ++ to be able to offer the privacy that characterizes it, thus allowing the core of BEAM to more comprehensively encompass the size of the blocks in the chain and give more control to privacy.
Mike is a crypto trader. He trades at least 20 times a day with different wallets thereby recording about 600+ transactions in a month. Seeing the number of transactions carried out by mike, an anonymous person noticed this and thought of it as "with the amount of transactions mike has made, he'll definitely posses a large sum of crpto'. He then trace all Mike's transaction and gained access to his personal information, making Mike lose all his coins.
Had it been mike knew about Beam, such transactions showing his wallet address wouldn't have been visible as only his header (confidentiality sign between two wallets) will show and will therefore be untraceable. Sorry mike!!.
Until he found Beam, from that moment on, he makes transactions without worrying about tracking, thanks to the tools he manages, he feels free to perform every transaction he requires with the protocol he uses and allows him to reduce the information.
More Information & Resources:
Beam2018
twiter.
https://twitter.com/aarshi91351625/status/1038705754570612737
- aarshi91351625
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