Beam is a platform that allows you to send and receive money in a more secure and private way, where by no one knows of the amount and your address. Users have complete control over privacy therefore user decides which information will be
available and to which parties, having complete control over his personal data in
accordance to his will.
The implementation of the idea of peer to peer electronic cash system
proposed by Satoshi Nakamoto. The field of crypto currencies and blockchain
based systems has exploded producing thousands of different projects, technologies and
research papers. Today one can find such projects ranging from distributed computing to
Enterprise solutions and applied to all fields from medicine to automotive industries.
In Bitcoin, your balance is represented by a series of transactions which can be traced back to the very beginning of a blockchain. In order to prove
the validity of the system we need to make sure that each transaction in a chain is valid, and to
do so without relying on a centralized entity, which is the main purpose of Bitcoin nodes and
miners. All participants in the system must agree, or using more professional terms "reach consensus", on an official version of the transaction history and be able to do so without trusting
each other or anyone else. The ability of the system to do so is the true strength of the Bitcoin
idea.
REASONS TO USE BEAM
No trusted setup required : this would prevent alot of stress and encourage you to go on smoothly with your business
Blocks are mined using Equihash Proof-of-Work algorithm
: this enables more secured minningsLimited emission using periodic haiving with total amount of coins ~210 million
No addresses stored in the blockchain - no information whatsoever about the either
sender or a receiver of a transaction is stored in the blockchain : this is a venue privacy for usersSuperior scalability through compact blockchain size using cut through feature of
MimbleWimble BEAM blockchain is orders of magnitude smaller than any other
blockchain implementation.It is very flexible: it can be used to transfer money to any where in the world
transferring of assets in a peer to peer fashion.
Beam is the solution that offers true anonymity as well scalable peer-to-peer transactions.
ABOUT BEAM
Beam uses Mimblewimble protocol (famously named after the tongue-tying spell from Harry Potter) to automate its algorithms to
• Enable users to control transaction information and enables faster confirmations and therefore very efficient scalingTying multiple transactions into a single transaction, tying blocks into a single transaction, tying an entire blockchain into a single transactionConcealing transaction values for the sake of privacyConcealing addresses of both the sender and receiverEnabling multiple transaction types in a private manner: escrow, time locked, atomic swaps, etc.
• Mimblewimble is a protocol published by an anonymous author; much like the famous Satoshi Nakamoto; creator of Bitcoin!
• Mimblewimble focuses on Confidential Transactions and Transaction Cut – Through.
Confidential Transactions use cryptographic commitment scheme with two basic properties: hiding and binding, like when one gives someone a closed safe box with some message inside that only you know the combination for. When time comes you can reveal the key and the person can make sure that your commitment is valid (blinding) while she can not know what is was before the key is received (hiding).
Transaction Cut – Through is 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 (a transaction received by a user which has persisted in the blockchain) 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.
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