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.
Beam is a future interface the seeks out to curb the issue bitcoin and other related Cryptos are facing this security issues. Beam is scalable which implies that it is able to be changed in size. Many people prefer their wallet to be confidential and access is only granted to whoever they give the access to. But this has turned out to be the opposite. Various violations has been received regrading tampering on various wallets without the owners consent due to the flaw today's Cryptos possess.
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.
The technology
BEAM is based on Mimblewimble — an elegant protocol released by an anonymous developer in 2016. Named after a tongue-tying spell from the Harry Potter saga, Mimblewimble uses Pedersen Commitment scheme for full anonymity and zero-knowledge range proofs to ensure validity of transaction amounts.
Transaction Cut - Through:
A transaction involving 3 phases as well as similar values. For example, A transaction between A&B and B&C, a cut-through could simply be initiated by eliminating B and transferring directly to C.
Applying this method , only wallet holders commitment is recorded and no personal information like wallet address will be revealed, thereby eliminating any form of trace-back.
SOLUTION
Beam is a mimblewimble-based solution provider to privacy issues in blockchain. It uses the confidential tranasaction idea of Gregory Maxwell as well as transaction- cut through as a leverage. BEAMsolution is a scriptless approach
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Twitter link:
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