The Blockchain world registers thousands of daily transactions and we can easily access and see how often a person like his business in the blockchain and how often he makes exchanges or transactions.
As users of block chains we would like to have more financial privacy, that the people around us have less knowledge of our negotiations and profits obtained within the world of cryptocurrencies. Security is a matter of controlling trust, as it is today. While technology is different, a trusted institution is the core of effective identity. Little or no security gives that all your financial information, negotiations, exchanges and profits are public visits in the blockchain, friends, colleagues and if you can say colleagues of the blockchain we have the solution for our privacy your name is Beam in this article I will explain everything about this cryptocurrency that is revolutionizing networks and block chains with their confidentiality systems stay with me and know more about the subject.
What is Beam
Beam is a next-generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol. What does this mean that there will be confidentiality between the sender and the receiver, supporting in the same way in the use of the immutable and incorruptible blockchain system, the users inside Beam have the control of the available transaction data, giving with this the transparency and privacy that is needed.
Because the use of the Mimblewimble protocol:
Privacy and scalability continue to be two major problems to solve in the original Bitcoin blockchain. In terms of privacy, it is enough to have an address, search it in a network block browser and in a few seconds we can find out how much bitcoins it keeps, when it received it and from what address it comes from. This gives transparency and therefore a certain level of trust, but for many it is also a problem. It is true that it is not possible to know at a glance who the address belongs to, but it has already been shown that this and other data can be traced.
Mimblewimble attacks these two problems directly, which is why Beam decides to adapt to this protocol.
Characteristics of Beam
- Confidentiality:
Private transactions without storage of the participants of the blockchain transaction.
- Versatility:
Atomic exchange, security deposit, transactions blocked by time. These and other types of transactions are those offered by Beam this is possible with the "Script Script" technology that allows this wide variety.
- Scalability:
Beam avoid excessive computational overload through the "cut" feature of Mimblewimble, this generates that Beam is the smallest implementation of all block chains.
- Sustainability:
Directed by the community and supported by Beam, implementing open source code from scratch, the 20% addressing generated by the block mining rewards will go to the Growth Pool group to encourage the development and promotion of Beam.
- Usability:
Digital wallet for mobile devices and computers, designed to support the daily use of individual users and small businesses. Management of easier budgets, procedural expenses and valuable information carried out effectively by an integrated panel.
- Compatibility:
The adoption of an industry-proven Equihash algorithm to generate the extensive integration of miners from the GPU. Beam has a set of tools to run and manage mining nodes.
What does it offer Beam
- Give users control over what transaction information is shared and with whom it is shared.
- Make a thinner block chain with less transaction details per transaction: allowing faster confirmations and, therefore, very efficient scaling.
- Tie multiple transactions in a single transaction, tying blocks in a single transaction, attaching a complete chain of blocks in a single transaction.
- Hide transaction values for the sake of privacy.
- Hide addresses from both the sender and the receiver.
- Enabling multiple types of transactions privately: escrow, time locked, atomic swaps, etc.
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Problem at the moment and because Beam will be the change in how the value is stored by the cryptousers
Throughout the the Blockchains data can be traced, deducting the origin and finalization of the transaction. This is common even in the most well-known block chains such as BITCOIN, ETHEREUM and for more efforts to think that all this is done anonymously there will always be a way to make a very thorough tracking of how the money is transferred can be found with the user, here is our concern we want more privacy more safe, especially in Latin American countries where personal security is very important.
Prepare transactions without obstructing the network is the first of Mimblewimble for this reason Beam is coupled from zero to her, climbing to prepare for mass adoption and stay in block small keeping your privacy.
What becomes striking for privacy cryptousers faster, and Beam gives them. That Beam will be the great transformer of how to store the value of that we have no doubt it's just a matter of time for Beam takes over the blockchain market.
Because many of the blockchain solutions lack privacy
The blockchain databases are particularly interesting, because they give the option for the parties to carry out transactions without revealing their identity directly. That is, companies may be legally authorized to use and process such data without being subject to specific data protection restrictions. Keep in mind that part of this is false since it is easy to reach the user who performs X transaction. There is no way in the other solutions of the blockchain to guarantee absolute privacy, public domain registration of all transactions, account statements and earned gains. In block chains like Bitcoin, the flow of transactions is so great that users are more vulnerable so that third parties have knowledge of their financial movements within the block chain.
What is the benefit of having the ability to choose levels of privacy according to the use case?
Having the option to choose your way of protecting your identity and records within a blockchain chain is paramount when we refer to security.
Beam offers you two protocols acquired through Mimblewimble technology to attack this problem.
To solve the privacy problem, there are two options, the first is basically to create a transaction with multiple entries and multiple outputs from and intended for different users, making it difficult to trace transactions to their origin; while the second uses a random factor to 'blind' the transactions' outputs, rendering public data opaque without the need for user interaction.
Both solutions created by Gregory Maxwell and Nicolas van Saberhagen and applied by Mimblewimble.
Another way considered to protect information is a type of CoinJoin without interaction, where users mix all their transactions with each other next to the inputs and outputs, making it impossible to know the addresses involved and the actual amount. Despite this, the operations can still be validated through the Pedersen Commitment, since the sender still saves the real data.
Confusion is part of these options to prevent third parties from knowing information that only the users who are making these transactions are interested in. Helping to preserve privacy protects business competitiveness. It also protects people from discrimination. For example, controlling the information we share prevents any company from taking advantage of information that, although not many, may be relevant to performance.
Then Beam gives you these options according to your case, you will decide which is best for you.
How allowing smaller blocks increases performance and scalability (Mimblewimble)?
To solve the scalability in this case, the trick is to be able to check the validity of the transactions in the blockchain without having to consult all the blocks of the story with each detail, which occupies so far around 100 GB of space in each node. For this, the most important information is carefully chosen and the rest is discarded, saving time and space.
To improve scalability Beam they will use the "one-way aggregate signatures" (OWAS) created by Yuan Horas Mouton. With them it is possible to combine the transactions through the blocks, so that "when the exits are created and destroyed, it is as if they never existed". So, to validate the entire chain, users only need to know when the money entered the system (the block corresponding to the creation of each currency) and the last movement of entry to one address, the rest can be discarded. In this way, the amount could be reduced to validate a transaction of several gigabytes to less than one megabyte.
Reducing gigabytes to megabytes will improve the 100% performance of the block chain.
Importance of having privacy for a "value store" cryptocurrency
Maintaining the privacy of your value store cryptonomeda wallet is relevant and critical. Having and using a virtual wallet (and taking care of it) is extremely cumbersome, entering an exchange to buy or sell requires a slow process of verification of identity and address, and in general everything related to use, save, sell, buy or transfer Virtual money is full of technicalities that make anyone dizzy without solid knowledge in these cases we would be safe from third parties for lack of knowledge.
But in those cases where third parties are experts in the blockchain area, the issue of privacy, protected personal data, transactions, figures, savings, etc., should not be crucial. All this should not be exposed. The protection of these data should be something of extreme care. .
The problem of privacy in a "typical" blockchain is simple to say: all the nodes have all the information about all the others. Initially many thought that the use of cryptographic keys as identifiers, instead of real names, was enough to protect the privacy of the users of the system. But if you ask any expert in privacy will tell you that nothing is further from reality. Mainly, because there are techniques to reduce the set of "possible suspects" with a certain degree of certainty if the only thing that protects us is the fact of using passwords as pseudonyms (although it may not be enough to give "legal" validity to this deanonymization, that's why a lawyer will say that these systems are anonymous).
The protection of personal data is a reality that technologies such as Blockchain are very aware of. Making transfers with Bitcoins does not allow us to have a constant activity in complete anonymity 24 hours a day. Privacy is a basic human need. If we observe it, in all our acts we are constantly under threat when we refer to cryptocurrency the risk is greater.
Use cases
Computer pirates steal 27 million euros from the Bithumb exchange house in South Korea.
The Bithumb crypto exchange house, the largest in South Korea, announced that it has suffered a computer attack that resulted in a cryptocurrency theft valued at more than 27 million euros. The incident, the second that affects a company to exchange these virtual assets in the Asian country, again questioned the security measures of these companies against cyber attacks and caused a generalized drop in the value of major virtual currencies, including Bitcoin.
The Bithumb house, which manages assets worth 360 million dollars, is the second theft of cryptocurrencies in South Korea in less than two weeks after the company Coinrail, a house much smaller in size of asset management compared to Bithumb but who suffered a robbery whose value is similar.
In these cases none of the exchange houses had protection of their records and transfers which made it easier for the hakers to reach them and carry out the massive thefts, cases like this is where Beam is at the forefront in terms of transfer data protection with its adoption of mimblewimble technology.
Nicehash exchange house loses 64 million dollars.
Bitcoin exchange and services house NiceHash has been hacked, stealing some 64 million dollars in bitcoin.
NiceHash, a platform for miners based in Slovenia, has confirmed the theft, although not specifically how much. Some users estimate that it is around 4,736 bitcoin. At the time of the theft, a bitcoin cost about $ 13,600.
This is known thanks to the fact that the portfolio where the money is stored has been found. Although bitcoin users are anonymous, all transactions and portfolios are public, part of the appeal of this money system.
The big problem of Bitcoin comes out again the lack of privacy was the key factor for this theft. For Beam your privacy comes first, preventing this type of inconvenience with its two levels of security that gives you so that you are the one that chooses how to protect yourself.
Conclusion
As I said earlier, the basis of modern society is privacy, keeping people away from your interests is key if you want to stay in the blockchain market without being affected by data loss, encrypted keys or cryptocurrency. While society is advancing by leaps and bounds in the same way as people who want to benefit without having the minimum effort, I want to make you aware that Beam and its technology protocol Adopted from mimblewimble are the best option in regards to value storage cryptonomedas, your investment, transactions will always be anonymous with them.
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