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WHAT IS BEAM?
BEAM is truly anonymous Store-of-value coin.
The Beam maintains a reputable and incorruptible blockchain such as Bitcoins. Beam is also evolved with good features and scability.
• Beam as an anonymous store-of-value coin, its user has absolute control over available transactions data, allowing the option of transparency as privacy.
• Beam is noted to be based on Mimblewimble. It has smaller blocks than any other blockchain, giving it maximum scalability. It is faster and more efficient networking system.
Collection of data, computing, medicine and automotive blockchains are tested. Cryptocurrencies like Bitcoins are yet to be perfected when it comes to one of it core use area and cases. Beam is now the solution that offers true anonymity as well as scalable peer-to-peer transactions.
You might be wondering, what can BEAM do?
Beam is one confidential cryptocurrency that uses Mimblewimble pprotocol(famously named after the tongue-tying spell from Harry Potter) to automate its algorithms for the purpose of giving individual users to have control over transactional information shared and to whom it is shared with. Mimblewimble also make learners blockchains with fewer transaction details per transaction.
Beam high level of privacy can even cancel transaction values and addresses of both the sender and the receiver. It enables multiple transaction types in a private manner: Time locked, Swap e.t.c.
Issues –Transaction tracking and Privacy?
Blockchains such as Bitcoin has made it possible to track data and narrow down the source to the end of user’s transaction. With the level of upgrades in technology system and networking, of course, it is easy to understand that tracking down transactions won’t be a problem. Even if cryptocurrency appears to be anonymous, careful analysis of how the money has travelled could reveal the user. This is a major concern for users who prioritize their security.
The solution-Beam (based on Mimblewimble)
The concept of Beam based on Mimblewimble is to enable privacy transactions without clogging up the network. With Mimblewimble at it care, Beam can scale to accommodate plenty adoptions while maintaining reasonable block size and allowing full contents over privacy.
Beam User-Case
Case1:
I just started business of investment through cryptocurrency. Just recently, I want to store my Bitcoins but their have just been few transactions that I can trace back. Little worries though, because it either leave on exchange due to security concerns, and yet I can’t leave it offline because I need to access my money.
I got know Beam through a close friend. Regardless of how many transactions I have made from my wallet, my information were never traceable because of it features like escrow, and atomic swap, which I have always used my dealings.
Case 2:
Sandra is an accountant in a Crypto Accountant Inc. The company is well known for their brilliant edge of new technologies.
Sandra is just an employee but after a while delay of their salary, she put the courage to challenge the Head Finance over the delay of payment.
It was made known to her that the firm was facing a limitation of choices when it comes to crypto privacy while their co-operate clients want to broadcast their business transactions to their investors.
Research was made and Sandra found Beam. With Beam, the company control transparency at a co-operate level while retaining privacy. The Beam team came forth, gave understanding on how it work and introduced to the company how to use one layer of Blockchain Technology to handle their finances instead of depending on combination of cryptocurrencies.
Beam2018
