Bitcoin has marked the path, revolutionizing the electronic market, but still some failures persist, in the private transfers of equal to equal, in the field of the assets.
In Bitcoin, as in most crypto currencies since, your balance is represented by a series of transactions which can be traced back to the very beginning of a blockchain. In order to prove the validity of the system we need to make sure that each transaction in a chain is valid, and to do so without relying on a centralized entity, which is the main purpose of Bitcoin nodes and miners. All participants in the system must agree, or using more professional terms "reach consensus", on an official version of the transaction history and be able to do so without trusting each other or anyone else. The ability of the system to do so is the true strength of the Bitcoin idea.
Bean represents the improvements that the Bitcoin does not yet possess, as far as anonymity and peer-to-peer transactions have also been thought at their future levels of scalability as well as in the privacy of operations, where users keep at all times the total control over transaction data available, option that maintains privacy and transparency on the network. As well as smaller blocks, an advantage that places Bean a step further, over other block chains, providing superior scalability, providing greater speed and efficiency.
BEAM is a next generation confidential cryptocurrency based on an elegant and innovative
MimbleWimble protocol.
Bean represents the improvements that the Bitcoin does not yet possess, as far as anonymity and peer-to-peer transactions have also been thought at their future levels of scalability as well as in the privacy of operations, where users keep at all times the total control over transaction data available, option that maintains privacy and transparency on the network. As well as smaller blocks, an advantage that places Bean a step further, over other block chains, providing superior scalability, providing greater speed and efficiency.
It will have a wallet available for desktop and mobile designed for a routine use of both individual users and small businesses
Although they don't know yet the exact numbers of how many transactions they will make per second, they say it will be slightly better than Bitcoin and the private currencies. But they emphasize the fact that it will not have a great performance as a means of exchange, which makes us think that it can be used mainly as a "store of value" instrument and in the future its performance could be improved by adding a second layer to the chain.
The protocol that it uses, called MimbleWimble, helps avoid a computational overload by allowing its Blockchain to be of lesser magnitude than others because the users data will not be stored in their transactions. This will allow superior scalability of the Beam blockchain.
The Blockchains, handle a lot of information and are heavy in its operation, this difficulty makes them inefficient and exposed to growth difficulties, to be able to respond to demand as they grow.
This problem keeps it under Beam control, as it is designed to be flexible, lightweight and robust, as well as being ready for future scalability problems that involve a greater number of global operations, and managing its main feature which is its greater benefit: the privacy and anonymity of its users.
The protocol that it uses, called MimbleWimble, helps avoid a computational overload by allowing its Blockchain to be of lesser magnitude than others because the users data will not be stored in their transactions. This will allow superior scalability of the Beam blockchain.
The mini blocks generated in Beam are mined using the Equihash (PoW) algorithm. It was integrated into Zcash in 2016 for reasons of security, privacy and because it provided a very efficient verification. This algorithm also contributes to the democratization or decentralization of the mining process in the hands of a few first-class miners with specialized equipment. With this, the intention of Beam is to ensure a broad adoption by the miners, guaranteed with an algorithm already proven in the industry.
Gbadebo is a young business man, who has invested millions in cryptocurrency and due to nature of public transactions of cryptocurrency, he has always been a target of scammers. Just last week he was dubbed of a huge amount of money. Gbadebo is quite purtubed on how to prevent future occurence and again have his transactions done on a low-key.
Tayo is almost in a similar situation. He is a young banker who on the counsel of Gbadebo, invested in cryptocurrency too, but because he is the only successful one in his family, there are always calls for help from people, even at his own detriment.
Anytime he refuses on help, there will be threats from his family, revealing how much bitcoin transactions he made some days back.
In our weekly rendevouz in a bar, I noticed their bad vibes, ask what's up with them and that was when they poured out their minds to me. Asked if I could be of help to them.
I told them how I honestly feel what they are going through and made them know the number one problem facing Blockchain system such as Bitcoin is privacy.
beam 2018
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