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.
Operability and Functional Benefits
Beam works with Mimblewimble protocol. Mimblewimble, a to a tongue-tying spell from the Harry Potter stories works with two concepts originally proposed by Greg Maxwell. These two concepts include:
• Confidential transactions and
• Transaction cut.
Confidential Transaction: confidential transaction ensures that senders are allowed to encrypt the number of coin that they want to send, the tech, Binding Factor makes this possible. In a nutshell, Binding Factor are strings of numbers used to encrypt the amount of coin in a transaction. The two parties involved in confidential transaction are aware of actual amount of coin involved in the transaction; third parties are unaware of the amount. However they can’t check the validity of the transaction by comparing inputs and outputs numbers.
Transaction Cut-Through: transaction Cut-Through gives preeminence to the current block transaction in the entire blocks transaction, thus requiring leaner blocks and smaller data to carry out storage and transaction verification. In very simple terms, it is like sending someone a package with speed, privacy and security.
Other benefit of Beam is its ability to choose levels of privacy. This is accomplished, by making sure that for every transaction carried out through help of mimblewimble protocol. Beam provides faster confirmations with efficient scaling through its lean blockchain which can conduct fewer transaction details per transaction. Beam allows multiple transaction type conducted privately, escrowed and capped with time lock.
In Conclusion
Beam brings a wonderful innovative concept cryptocurrency as a whole is lacking with privacy on the side of a crypto user, transactions will be carried out knowing the world’s eyes is not on you inflow or outflow.
