BEAM: Now your privacy is a priority / make safe transactions witho...

BEAM

Introduction

As of 2009, when the creation of the first cryptocurrency, Bitcoin, took place, different digital currencies began to emerge over the years, and many had different characteristics or purposes, but they shared something in common, the lack of privacy . Today it is possible to enter the blockchain and view all transactions made with Bitcoin since 2009, for example, as is the case with other cryptocurrencies, they lack confidentiality in the transactions that take place due to the premise of decentralization and control of the chain of community blocks in these digital currencies, but, there is another reality, there are a large number of people in the world who try to join the cryptographic movement and start using cryptocurrencies to make transactions, something that slows down due to the lack of privacy within of the block chain.

This is an increasingly evident situation for a large number of people seeking security, protecting themselves with some privacy for their transactions or financial movements. As a result of this situation the BEAM project is born, this is the name that has a new cryptocurrency that works in a different way to the others, this digital currency allows the users to carry out transactions within the chain of blocks maintaining their anonymity and that of others details of financial operations, thus providing greater confidence and security to those who seek to remain protected from possible attacks or speculation from other people.

Source
separador kine.png

What you need to know about BEAM

As mentioned earlier, BEAM is a cryptocurrency that works differently than others. Since the creation of blockchain, we have assumed the premise of creating a financial community that works in a decentralized way to be managed in a community, a community in which everyone can see where digital currencies go, but over time many people started to feel insecure when large transactions are made that can be seen by all, this creates a new need and that is why BEAM is here, this currency allows private transactions, giving users full control over the data of their financial movements and preventing the storage of transaction information in the blockchain.

BEAM is one of the most reliable and versatile cryptocurrencies, since with it you can perform different types of transactions, one of which is atomic transactions, which are transactions executed under intelligent contracts and which ensure that none of the parties involved is cheated.

"“Scriptless Script" technology allows implementation of a wide variety of transaction types beyond simple transmissions of value; for example, atomic swapping, escrow, and time-locked transactions."BEAM
separador solo.png
Within the blockchain it is important that there is compatibility between mining nodes and cryptocurrencies, so for the implementation in the BEAM market an Equihash algorithm was used, this is one of the most used algorithms since different crypts can be mined thanks to this, due to its level of security was implemented in BEAM with some parameter settings different from those used in Zcash, who was its developer. Thanks to its compatibility it can be extracted in large quantities, so its flow and use in the market will increase, for this reason its usability has also been taken into account, BEAM has a virtual wallet that can be used in different devices, such as telephones smart or computers, this means that transactions can take place all day and anywhere in the world.

"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."BEAM
separador kine.png

How does BEAM work?

When a transaction is made with BEAM the type of transaction between the parties involved is established, after which both parties use the Schnorr protocol (this protocol consists of a digital signature system that links them to the private key and the public key). and preventing the private key from coming to the public light but allowing it to be verified) after this, the order of the transaction is sent to some node in which the value of said transaction is verified. Once this step is completed, the transaction begins to be distributed by the mining group until the extraction is synchronized thanks to the Equihash algorithm and the transaction is consolidated. It seems a simple process but it deserves a high capacity of information processing. All this process is greatly simplified thanks to the digital wallet that facilitates the use of this cryptocurrency in a safe way, all this while maintaining the privacy of both parties and the transaction in general.

alt BEAM
separador kine.png

A little about Mimblewimble

In 2006, a user created a method that could conduct confidential transactions, with a greater degree of privacy that had not been seen in the history of the block chain, this method is based on the reduction of transactions to reduce the information that is exposed to the public, thus increasing the level of confidentiality. Basically it gives the user the power to choose what data is displayed in each transaction. The creator of this method thought that it would be a good idea to simply show when there is an entry and exit of money without exposing amounts to the parties involved and apparently, it was a good idea.

"OWAS had the good idea to combine the transactions in blocks. Imagine that we can combine across blocks (perhaps with some glue data) so that when the outputs are created and destroyed, it is the same as if they never existed. Then, to validate the entire chain, users only need to know when money is entered into the system (new money in each block as in Bitcoin or Monero or peg-ins for sidechains [6]) and final unspent outputs, the rest can be removed and forgotten.
Then we can have Confidential Transactions to hide the amounts and OWAS to blur the transaction graph, and use LESS space than Bitcoin to allow users to fully verify the blockchain. And also imagine that we must not pairing-based cryptography or new hypotheses, just regular discrete logarithms signatures like Bitcoin."Mimblewimble WhitePaper
separador kine.png

Here you can see a small comparison of BEAM with other cryptocurrencies, highlighting the benefits of this great digital currency, in fact it makes others seem outdated.

alt BEAM
separador kine.png

Use cases

Case 1

Logan is a Venezuelan youtuber who has grown a lot within this platform and has accumulated a good fortune and decided to invest in cryptocurrencies, but he did not want anyone in his country to know that he does it due to the insecurity that exists within him.

In his country there are bands of computer scammers and extortionists who through the movements in the Blockchain discover who the users are and steal money, that is why Logan takes the security of him and his family very seriously.

I investigate which cryptocurrency could provide higher levels of privacy and that is how it came to BEAM. After further investigation into this cryptocurrency, I knew it was the correct one, since no cybernetic hacker or extortionist could contact him through his online transactions.
separador solo.png

Case 2

In the United States a group of young people decided to create VisualMic, a micro-company of audiovisual production on demand and with payment through cryptocurrencies, this micro business was very successful due to its quality of work and began to hire more people to the point of arriving to have 30 employees.

Because they received payments through cryptocurrencies, they also decided to pay their employees through cryptocurrencies and accepted, but over time they began to create conflicts among employees because some charged more money than others, so this group of young people was looking for a private and confidential way. way of payment, for a moment everyone thought of using Paypal but one of the young people after having researched a little bit, came to BEAM, the idea of a cryptocurrency that does not expose the transaction data enchanted them and they started using them to pay their payroll without creating conflicts between them.
separador kine.png

Mimblewimble and Scriptless Scripts - Andrew Poelstra

separador kine.png

Conclusion

Many of the people who are in the world of cryptocurrencies have on occasion wanted to have a little privacy for our transactions due to different reasons. With BEAM this is possible and without a doubt it will be the solution for many people, thanks to the security and confidence that this cryptocurrency inspires, this will open the way to a large number of transactions that will begin when this cryptocurrency enters the market.