Bitcoin is the first widely used financial system for which all data to validate the state of the system can be verified cryptographically by anyone.
However, it achieves this feat by storing all transactions in a public database called "the blockchain" and someone who genuinely wants to verify this status must download everything and basically reproduce each transaction, review each one as they go. Meanwhile, most of these transactions have not affected the actual final state (they create departures that are destroyed) a transaction later).
The problem was solved by making freely fissionable transactions, cryptography based on pairing, which is potentially slower and harder to trust.
After the solution was given the good idea to establish transitions in blocks, since users only need to know when the money is entered into the system (new money in each block as in Bitcoin or Monero.
Combining the approaches to obtain "confidential transactions"./center>
BEAM is a next generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol. The things that make BEAM special include:
•Users have full control over privacy: the user decides what information will be available and to which parties, having complete control over their personal data according to their will and the applicable laws.
•Confidentiality without penalty: in BEAM, confidential transactions do not cause swelling of the block chain, which prevents excessive computational overload or a penalty in performance or scalability while completely hiding the value of the transaction.
•Trust configuration is not required
•The blocks are extracted using the Equihash work test algorithm
•Limited emissions using a periodic division in half with a total amount of coins ~ 210 million 1
•There are no addresses stored in the block chain, there is no information about the sender or receiver of a transaction stored in the block chain.
•Superior scalability through the compact size of the block chain: the use of the cross-sectional characteristic of MimbleWimble BEAM is much lower than any other blockchain implementation. 2
•BEAM supports many types of transactions, such as custody transactions, atomic transactions, atomic exchanges and more.
•Without prejudice. No ICO. Backed by a treasure, issued from each block during the first five years.
•Implemented from scratch in C ++ by a team of professional developers.
Each entry and exit of a transaction is, therefore, a linear combination of two factors: a real value of the transaction and a blinding factor.
That is, to transfer the amount of any money is necessary. The sender must reveal its value and blinding factor.
Which results in a merged transaction from A to C, which is a valid transaction in the system.
writing contest which is sponsored by Beam