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What is Beam?
Beam is a truly anonymous store-of-value coin.
While maintaining the benefits of an immutable and incorruptible blockchain system such as Bitcoin, Beam is also built with scalability and features in mind.
Private by default: The user has absolute control over transaction data available, allowing the option of transparency as well as privacy
Based on Mimblewimble: Beam has smaller blocks than any other blockchain, giving it maximum scalability. It’s a faster and more efficient network
Computing, data storage, medicine and automotive markets make up a small sample of areas to which blockchains are being tested.
Bitcoin has started an entire revolution, but it is yet to be perfected when it comes to one of its’ core use cases: the private transferring of assets in a peer to peer fashion.
Beam is the solution that offers true anonymity as well scalable peer-to-peer transactions.
Features of Beam:
I understand that Pictures give More understanding than writing ,so let us use pictures to explain what Beam:
Confidentiality
All transactions are private. No information about transaction participants is stored in the blockchain.
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Features
Beam Mimblewimble
Confidentiality
All transactions are private. No information about transaction participants is stored in the blockchain.
Versatility
“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.
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Other featues are :Scalability,Sustainability,Usability and Compactibility.
Bitcoin is the first widely used financial system for which all the necessary data to validate the system status can be cryptographically verified by anyone.
However, it accomplishes this feat by storing all transactions in a public database called "the blockchain" and someone who genuinely wishes to check this state must download the whole thing and basically replay each transaction,
check each one as they go. Meanwhile, most of these transactions have not affected the actual final state (they create outputs that are destroyed a transaction later).
At the time of this writing, there were nearly 150 million transactions committed in the blockchain, which must be replayed to produce a set of only 4 million unspent outputs.
Summary of Beam:
Beam is built on Mimblewimble to allow users to send and receive money in a secure and private way. These properties are a result of the protocol’s ability to remove the need for addresses and amounts in the verification of transactions.
The less records each block, and therefore the entire blockchain, must support results in a faster, leaner and more scalable blockchain architecture. The privacy and efficiency of this architecture synergistically help each other!
Basically, instead of proving A -> B -> C; you can Beam A -> C all the while increasing your privacy, and decreasing the load on the system!
It would be better if an auditor needed only to check data on the outputs themselves, but this is impossible because they are valid if and only if the output is at the end of a chain of previous outputs, each signs the next. In other words, the whole blockchain must be validated to confirm the final state.
NOw What is Mimblewimble?
Mimblewimble is used to prevent the blockchain from talking about all user's information .It provides confidentiality to crytocurrency users.
Thank you all.I would like us to use Beam to safeguard our crypto
beam2018
