Have you ever hated the way your cryptocurrency wallet is widely open for all to see. Well a solution has come your way the solution is BEAM. Beam is a decentralized currency with strong privacy, fungibility and scalability. When we say fungibility, we mean being tradable and scalability means the ability to be flexible with the work load. Beam is the latest cryptocurrency to be released on the December 2018, in which its first public testnet would begin on September 2018. The main purpose of the Beam coin; is to make a more secure and private wallet for its users, allow users to have complete control over privacy.
Beam was created for two major reasons which are
For Security
For Privacy
Security
Beam is fully security conscious that is why they have employed a BBS system for the Testnet. With this, messages between wallets will be encrypted using set of keys which also are used to generate temporary addresses for wallets to connect to each other. In other words,there os no fixed account.
Privacy
Privacy is one of key features of any financial wallet. The ability to hide your transactions is what most crypto wallet has. Meanwhile, Beam's privacy is flexible enough which simply means that you set it as it pleases you. You can choose what you share and with whom you wish to share your information and transaction with. Beam is all about giving you the liberty to freely customize your privacy as you wish to.
What's Mimblewimble?
Before we talk about mimblewimble, let's talk a little about CONFIDENTIAL TRANSACTIONS.
What are Confidential Transactions?
According to Grey Maxwell the Bitcoin developer, he described Confidential Transaction (CT) as this;
a method of increasing the privacy of a transaction by HOMOMORPHICALLY ENCRYPTING the inputs and outputs using a blinding factor.
Homomorphic Encryption is a form of encryption that allows computation on ciphertexts, generating an encrypted result which when decrypted matches the result of the operations asif they had been performed on plain texts. The purpose of homomorphic encryption is to allow computation on encrypted data while
A Blinding Factor is a string of numbers that is used to encrypt the inputs and outputs of a Bitcoin transaction.
Mimblewimble functions in the same way as CT. The only difference is that the receiver of the crypto generates the blinding factor . This shows that the receiver is the legitimate owner of the the coin thus permitting them to have access to spend it.
Beam has also employed the use of mimblewimble in their transactions to provide a new dimension of cryptographic innovation known as "COINJOIN". according to Gregory Maxwell, he said "CoinJoin is a mechanism by which transactions are simply combined with which results in the obfuscation of inputs and outputs" This simply simply means that CoinJoin is a mechanism thst deliberately creates source or machine codes that is difficult for humans to understand.
So I guess with all that said, you can be rest assured that your transactions done with is safe and secured.
The Block Size Of Any Cryptocurrency
On August 25 2015, the most popular and well known cryptocurrency in the world ( Bitcoin) had a crisis that not only caused misunderstanding amongst the board of directors but also dived the community into two. The cause of this crisis was narrowed down to the issue of "the size of Bitcoin's Blocks".
What Are Blocks?
Blocks are pilled up transactions bundled together, confirmed and then sent to the crypto's public ledger (blockchain). Using bitcoin as a case study, in the early years when bitcoin was newly introduced, a block could carry about 36MB of transaction data. As time went by, the coin expanded and technology advanced. Security threat became rampant so they had no choice but to reduce the size of the blocks.
NOTE:- THE SMALLER THE BLOCK SIZE, THE SAFER THE TRANSACTIONS.
Although all these are ok, bitcoin has grown over the years with millions of transactions being carried out on a daily bases. If the blocks remain small and could take 500KB per transaction, how many blocks could eventually take a data transaction of 2GB per day. Its something like this small blocks + limited resources = CPU crashing.
There is now a solution for all these Beam being built on a system that is scalable, has the ability to adapt to any work load assigned to it, therefore making it flexible.
What Happens When Blocks are Full
Just as a kid has the whole energy in the world when young. Such energy gradually reduces as he ages and work load is put on him. When he his now old, if he takes up which he does for 5mins when young might take him 20mins now that he is old. What am simply trying to say here is that if a transaction took seconds to complete, it is likely to take a min to complete that same task.
Features Of Beam
Beam is built on six major features which are :-
*Confidentiality
*Versatility
*Scalability
*Sustainability
*Usability
*Compatibility
All these combined together makes all transactions made with Beam safe, secured and trusted.
So choose Beam for your safe and secured transactions.
For more information check
| About | Site Link |
|---|---|
| Official site | https://www.beam-mw.com |
| Position Paper | https://docs.wixstatic.com/ugd/87affd_3b032677d12b43ceb53fa38d5948cb08.pdf |
| Telegram | https://t.me/BeamPrivacy |
| https://www.facebook.com/Beamprivacy/ | |
| https://www.reddit.com/r/beamprivacy/ | |
| Discord | https://discord.gg/BHZvAhg |
| https://twitter.com/beamprivacy | |
| Youtube | https://www.youtube.com/channel/UCddqBnfSPWibf4f8OnEJm_w? |
| Medium | https://medium.com/beam-mw |
This post was made possible thanks to 