Image source: google
Technology is evolving daily, and currently, there are different areas to which they are now being applied. They include storing data, automotive markets and the internet.
Bitcoin, which is the most recognized cryptocurrency in the world has some problems in it's transactions which is a turn-off for some users.
Two of them are the fact that it is not scalable and there is no privacy between the parties conducting a transaction.
The solution to this is Beam, which some people consider the number two Bitcoin. It is a new cryptocurrency which seeks to improve on the problems of the lack of scalability and privacy on the blockchain.
What makes it unique is the fact that apart from ensuring that the parties transacting have complete privacy, it allows them to have absolute influence while conducting a business or negotiation. That way, the part they chose should be transparent would be so, and ditto with the aspect that they want to be secure from public view.
All these is a success because Beam makes use of Mimblewimble, a concept from an unidentified author which helps to allow crypto users have absolute control during their transactions. The user’s transaction details such as value and address would be kept private which is a very great advantage. Also with it, transactions are usually very fast, and it is ditto with the confirmation.
Checkout the way it is being done
Image source: google
Note that Mimblewimble operates with lower blocks since the decreased transaction details equally requires a reduced quantity of data.
All these definitely guarantees mass adoption.
It should be noted that with Bitcoin, all the history of the transaction the user has done previously would be needed before a new one can be made, but with Bean, only the present state of transaction is needed.
This would definitely prevent stalkers and hackers from knowing about all the users transactions.
A use-case
As a crypto user with a lot of assets, Brian makes a lot of investments, and each time he does, he is not happy that all his transactions are left for other people to be able to access at their own convenience anytime that they want to.
He is not happy with this lack of privacy as it hinders him from making some transactions he would have loved to keep private.
In his quest for a solution to his problem, his sister who is also a crypto user tells him about the good news of Beam, and he is now able to make transactions any time he likes without the fear that others would have the access to see it.
Beam.
Now, his transaction details are safe and can never be traced. He also has the added advantage of features offered by Beam such as escrow which makes his dealings risk-free.
Reference:Beam website
This is my entry to the contest sponsored by @originalworks
Beam2018