Now, what other demand do users have? We all want freedom, but also privacy and confidentiality. We have always had the need to safeguard our real identity; something that has not been possible in transactions in the Bitcoin network. By having permeability in the network it is possible to link the identity of a person with commercial movements since their data are open and permanently stored in a public accounting book. There is an advantage in using this technology, it allows you to store data in a secure, immutable, decentralized and transparent manner. But, on the other hand, it is still a slow system, not scalable, with limited storage capacity and privacy problems.
What is Beam?
Beam is a novel cryptocurrency that is uniquely built to secure users' data ensuing from financial transactions. Although for the time being, it's use will be restricted to that of store of value, hopefully in the near future it can be used as medium of exchange.
Beam wants you to have control over your own transactions, allowing you to decide what information you want to share and with whom you want to share it.
While many people support the way Bitcoin allows all transactions to be seen openly there are others who do not agree very much with this.
Why is privacy important?
Because at the moment cryptocurrencies are the main target of hackers. They look for weak links within networks. However, there are cryptocurrencies projects that have the greatest strengths in privacy and security.
Beam wants us to have the right to anonymity and to protect ourselves against possible hackers who want to steal our coins or from people who want to know how much money we have.
Blocks and transaction cut-through.
As you already know, a block in a blockschain is a large list of transactions that contains its inputs and outputs, and multiple blocks can also appear creating a large transaction. These can be "cut" thanks to the linearity property of the Pedersen Commitments. They say: "If we have two identical transactions: from A to B, and then from B to C, we can cut the intermediate transaction, resulting in a merged transaction from A to C, which is a valid transaction in the system." Cutting down the amount of data required to store and verify transaction data allows Mimblewimble to work with smaller blocks. Transactions are mixed, but no data is ever deleted from the blockchain.
Use Case
Tom is a freelance content writer with some cryptocurrency portfolios as most of his dealings are with crypto-related platforms. But he receives most of his payments in, ether (ETH) as per his default demand. This way he gets to directly scale his portfolio without incurring extra charge on his end.
Recently, Tom was going through his transaction details on etherscan and then it hit him at that moment that he was not really secured, in that anyone could as well easily access these same details and trace the address back to him. It dawned on him that every detail had been an outright exposure.
In a bid to remedy this, he began to search for an alternative and then he stumbled on beam one day. Through beam, he was able to enjoy his privacy once again and live truly free.
For more information kindly, check out the following resources:
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