INTRODUCTION
Money is any item that is generally accepted as a means of payment for goods and services and In the settlement of debts. As man has evolved over the years he has found more efficient and safer ways to pay for goods and services and pay debts and money has evolved, today we are in the era of cryptocurrecies, In case you are wondering what a cryptocurrency is ?
A cryptocurrency is virtual asset designed to work as a medium of exchange. It uses cryptography to secure ad verify transactions and also In the creation of new units of that particular cryptocurrency
LACKING PRIVACY IN CURRENT BLOCKCHAINS
Present Blockchains lack one important feature which is privacy, and as such it is
possible to track transactions data and narrow down the source and end point of these transactions, because anyone can analyze the blockchain. This means that even though a cryptocurrency might appear anonymous by simply studying how funds are moved a lot of Information about a user can be revealed, ad this this posses a
huge threat to people who care a lot about the security of their assets
THE BEAM SOLUTION
Beam is a next generation confidential cryptocurrency based on an elegant and innovative mimblewimble protocol. Im sure your wandering what a mimblewimble protocol is.
MimbleWimble protocol -
Mimblewimble is a protocol published by an anonymous author; much like the famous Satoshi Nakamoto; creator of Bitcoin! Mimblewimble focuses on two types of transactions which are
-Confidential Transactions and
- Transaction Cut – Through
-Confidential Transactions use cryptographic commitment scheme with two basic properties: hiding and binding. It's like an individual having a safe box for which only the individual knows the password or When time comes he can reveal the key to you and make sure that your commitment is valid (blinding) though you did not know what the key was till you were told (hiding )
-Transaction Cut – Through A block in a block chain is a large list of transactions and can be thought of as one large transaction to be “cut through” (combining all the transactions in between A-Z). Applying this principle even further from individual blocks to the entire blockchain creates a system that only needs the current state of transactions instead of the entire history of all transactions as they occurred (which is how Bitcoin works). With this system, unspent transactions outputs can be proved to belong to the receiving user via the value of the message and the value of the blinding factor. After creating the transaction, only the commitment is recorded on the blockchain; not the addresses of the users or the amounts exchanged. Cutting down the amount of data required to store and verify transaction data allows Mimblewimble to work with smaller blocks!
WHAT MAKES BEAM UNIQUE
CONFIDENTIALITY – All transactions made one beam are private as no information about the transactions of a participant is stored on the blockchain
VERSATILITY – “scriptless script” technology allows implementation of a wide variety of transactions types beyond simple transmissions of value for example, atomic swapping, escrow and time locked transactions
SCALABILITY – The “cut through” feature of MimbleWimble helps to avoid excessive computational overhead, making the beam blockchain orders of magnitude smaller than any other blockchain implementation
SUSTAINABILITY –beam is open source, and its implementationis from scratch.it is also community-governed, and backed by the beam growth pool
USABILITY– A wallet for desktop and mobile, designed to support day to day usage for both individual and small business users. The built in dashboard makes budget management easy, featuring actionable and earning insights.
COMPATIBILITY– An industry proven equihash algorithm was selected to ensure broad adoption by existing gpu miners. Beam comes with an extensive set of tools for running and minning nodes.
APPLICATIONS
- It can be used for day to day transfer of funds
- It can be used in transactions where anonymity is required
CONCLUSION
It has been made fully clear that beam has come to provide a complety secure means of exchange and has the capacity to excel in areas where other blockchains failed
BEAMROADMAP
BEAMLEADERSHIP TEAM
BEAMENGINEERING TEAM
BEAMADVISORS
BEAMINVESTORS
This is an @originalworks sponsored contest
beam2018