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As this is the era of decentralized digital currency, we now have a lot of different crypto currencies which give users the option to trade and mine any coin of their choice. But then, even though crypto users have this option, there are still some problems they encounter while performing transactions.
The first is the fact that there is no privacy in their transactions. For example, if someone wants to trade a particular coin, not only can people be able to see the amount he wants to send and the address he is sending it to, they would also be able to see the history of the user's other transactions which is not very good for businessmen as he would be powerless when it comes to the confidentiality of his transactions.
That is where Beam comes in. A lot of people see it as an improvement of Bitcoin because with the use of Mimblewimble, it allows users to have control over their transactions.
Beam is a store-of-valued coin which is although anonymous has features that makes transaction better and safer for crypto users. The fact that it is made with scalability is an extra bonus that other coins don’t have.
It should be noted that it has different features, one of which is the fact that it allows for multiple transactions to be done at the same time.
Before Mimblewimble, there were other solutions on the blockchain such as that of Greg Maxwell which is the graph that give details about transactions as they take place on the blockchain, and another one is the one by Yuan Horas and he was able to make the transactions between users mergeable, but with Mimblewimble, Beam is able to make transactions faster, it is able to ensure privacy so that crypto users can store their value and conduct transactions without there being an uninvited third party.
There are indeed many advantages of Beam and two of its use-cases would be illustrated below.
As a manager in a firm that deals with cryptocurrency, Mr Sanders know that his competitors would be on the lookout, monitoring his transactions, the value he sends to clients, their address and all his other transactions. When he hears about Beam, he becomes happy as through Beam, he would be able to get the privacy he wants which would be good for the business.
As a Crypto business man, Shey wants to keep evolving with the technology so that he can take advantage of any opportunity when it presents itself. In order to achieve this, he would need the blockchain that is not only scalable, but one which ensures faster transactions and one that also ensures privacy. His neighbour told him about Beam, he decided to test it, and he saw how excellent it is.
My entry to @originalworks
Beam2018