Beam providing a scalable platform for centralized users

Introduction

One major factor in man everyday life is privacy. The state of being alone and not watched or disturbed by other people brings about confidentiality amongst individuals around the globe. Every individual needs privacy. This is a common factor in our everyday lives, sometimes we just want to yearn for solitude and privacy. The part of achieving this aim is to act discreetly on how we approach our basic challenges. Challenges affecting us financially, psychologically, mentally, socially. Prying into people affairs can be provocative as this can hamper the growth or effectiveness about how a situation is. There is a growing need for such adjudication and this can be attainable by a platform called Beam.

What is Beam?

Beam is a decentralized platform that is ingeniously designed with the help of mimblewimble to aid protect users privacy. Beam is a next generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol.
The growth of cryptofinance and blockchain industry has increased immensely over the years since the implementation of bitcoin over the last decade. This is due to the fact that the system proposed by Satoshi Nakamoto provides a peer-to-peer electronic cash system that enables users transact in a more secured way without relying on a centralized authority.

Failure of anonymity and the need for for confidentiality

Initially, transactions in the bitcoin network were believed to be anonymous. However, this cannot be overemphasized as it was observed that there are always data leaks. These leaks can come from exchange, over the counter transactions, merchants, or probably clustering data. Since it is possible to deanonymize the user, the account becomes pliable and therefore tricksters have plenipotentiary powers to break into the user's identity and learn more about their past and as well as their future transaction balance. An account that has a data leak and it's identity stored as public tends to be pliable and can be an object of fraud.

Introduction of MimbleWimble

MimbleWimble is a protocol design to help approach the effect of confidentiality among blockchain users. It is a coin word from Harry Potter book that is based on confidential transaction and transaction cut.

Confidential Transaction:- Is an implemented tool in the cryptofinance world that involves two protection scheme properties, Hiding and Binding. This features or properties adds piquancy to a situation as someone who is being given a close safe box with vital message it entails. The process whereby only the individual have a full grasp of what it entails is known as Hiding. While Binding factor is a process whereby mail or phone number are protected by a verification authentication sent to the gadget without the knowledge of a third party.

Transaction Cut :- 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).

Beam technical approach

On beam platform, both proven and pioneering system coexist. Beam has finally incorporate established technology such as MimbleWimble with innovative technology (blockchain with smart contracting capabilities) to aim at a common goal. To help build a safe and privatised account for every individual throughout the layer of any platform. With these users will have complete control over privacy as this allows them decide on whatever information they intend to be available and to which parties. Beam has set up an initiative whereby address on how transactions would be received or accepted without any trace.

A glimpse into Beam Future

Given the general increase of crypto blockchain transactions around the globe, beam growth is not limited by ingrained market dynamics. Beam would continue to strive for better transparency and confidentiality for trading avenue in different asset around the globe, thereby accommodating business of all size. Organization and ventures are to expect that these future development will be attainable as beam provide a system of fixed rules and formal behavior.

Beam: User Case

Smith a online small scale investor has a multi million dollar project down his course. But he lack profundity and analytical precision on transactions online. Despite being a meticulous business man, he has been done several times by tricksters. This is due to the fact that his transaction account was designed as a public one enabling fraudsters monitored and decipher his account settings before he can say Jack Robinson. Not until recently, he got a cryptofinance project where he can invest cyrptocurrency on exchange platforms. He can’t leave it on an exchange due to security concerns, and yet he can’t leave it offline because he needs to access his funds to invest, and make purchases. Curiosity led him to surf online for a platform to help him hide his privacy from tricksters to decipher his account. He met with a John who gave him a thorough insight about beam and how his confidentiality can be restored. Smith is now a happy man as he no longer have to deal with the possibility of loss and his account is secured on a scalable evidence as he now have proper control on whom to share information about his account with.

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