The crytocurrency space was created for the purpose disrupting centralization, but this disruptive solution comes with it own inherent problem (transparency). Transparency in the Crypto-Space can jeopardize the safety of a crypto holder, holding large sum of money and many people are not comfortable with world watching how they earn and spent their crypto coin. Beam has come with an alternative for crypto holders to hold their coin privately, giving them peace of mind and somewhat anonymity. Beam is simply a confidentiality cryptocurrency, based on an the innovative Mimblewimble protocol.
Beam is a cryptocurrency that lets the users send and receive money in a secure and anonymous manner. The sending and receiving addresses are never stored on the blockchain.
Beam's private and secure transactions are implemented using Mimblewimble Protocol.
The result is transactions are faster. The pay load associated with each transaction is much smaller and this implementation is a scalable and efficient blockchain architectuire.
The aim of Beam is to create an anonymous and secure storage of value cryptocurrency.
This is achieved using the Mimblewimble protocol.
Confidential transactions are implemented using a cryptographic commitment scheme that has two basic properties: hide and bind. This is like if you gave someone a locked safe with a message inside which only you know the combination. When the time comes, you can reveal the key and the person can make sure that his commitment is valid (binding) while he can not know what it was before the key was received (hidden).
In addition to the Inputs, Outputs, Tests and rates, each MimbleWimble transaction includes the transaction kernel, which contains the difference between emitter and receiver blinding factors. Each transaction must contain zero non-interactive knowledge, rank test to ensure that the transaction value is positive without disclosing the actual value. All this is important since allowing the user to create transactions with a negative value would result in the ability to arbitrarily create new currencies that should be prohibited by the system. It is for this reason that Bulletproofs is used, a compact and highly efficient computational implementation of zero knowledge range tests that are attached to each transaction and verified by the system during the validation of the transaction.
blockchain lacks privacy because this platform was primarily made so that everything is visible and your transactions and data are recognized for more knowledge and evade responsibilities for loss of some data, transactions that you can see who you did it or who transferred you as well as in steemit that everything is displayed in the purse of each account immediately but this makes the privacy of each good account difficult so it happens here because everything can be seen and privacy and a little scarce; it was thought to cover their backs but not in people who require privacy with their transactions and who want discretion for some reason.
Jose is a recognized artist in the world who has always helped every charitable cause he has found but he has realized that his career has been based or the most important thing that comes out in the media is his help to others because it is always made public before his career, which is what he is passionate about, together to help; but he decided to continue helping but in an anonymous way so that his career is paramount and they recognize him for that first of all but not leaving aside helping him they told him about Beam and decided to use it because it is the platform that needs help but only he knows because he does not appear will be his name or anything that links him and so the media will focus on the race and he will not let go of helping as he has always liked. Beam is beneficial for those who want to always be behind things and want privacy first and foremost.
There is a big need for having the ability to store value in cryptocurrency anonymously. Failing which it would be difficult to use it as replacement for money or as true storage of value.
Beam fulfills this deficit and create a great opportunity to be the leader in the use of cryptocurrency.
Its efficiency lies in its simplicity.
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