Many will wonder what is Beam? Well friends I will talk a little about you.
BEAM is a next generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol.
The things that make BEAM special include:
● Users have full control over privacy: the user decides what information will be available and to which parties, having full control over their personal data in accordance with their wishes and the applicable laws.
● Confidentiality without penalty: in BEAM, confidential transactions do not cause swelling of the block chain, which prevents excessive computational overload or a penalty in performance or scalability while completely hiding the value of the transaction.
● Reliable configuration is not required.
● The blocks are extracted using the Equihash Proof of Work algorithm.
● Limited issue using periodic division in half with a total amount of coins ~ 210 million
● There are no addresses stored in the block chain: no information is stored about the sender or receiver of a transaction in the block chain.
● Superior scalability through the compact blockchain size: the use of the MimbleWimble BEAM blockchain cutoff feature is of a much smaller magnitude than any other blockchain implementation.
● BEAM supports many types of transactions, such as custody transactions, atomic transactions, atomic exchanges and more.
● Without prejudice. No ICO. Backed by a treasure, issued from each block during the first five years.
● Implemented from scratch in C ++ by a team of professional developers.
Beam is the scalable confidential cryptocurrency. Uses the Mimblewimble protocol
One of the main differences between Bitcoin and Mimblewimble is that Mimblewimble supports confidential transactions. In a Bitcoin transaction, everything is public. We can see the input and output values and we can verify that the transaction is valid if they are summed (the sum of the inputs is the sum of the outputs).
In Mimblewimble, the receiver of a transaction generates the blinding factor that is used to demonstrate ownership of the bitcoins. And the way he does it is through this "excess value", which is the difference between the inputs and outputs. This excess value is a set of random numbers that ensure that only the person who generated the blinding factor (the receiver) can spend the bitcoins. Therefore, the blinding factors no longer add up to zero, but rather to another amount that is like a private key.
Mimblewimble also gets rid of individual transactions by advancing in a previous concept, CoinJoin (but making it non-interactive). Instead of containing transactions, Mimblewimble blocks will only have a list of new entries, a list of new outputs and a list of signatures that are created from the aforementioned excess value.
However, Mimblewimble also has disadvantages, since it eliminates the Bitcoin functionalities when deleting the scripts. However, developers are investigating ways to allow Bitcoin to retain its functionality in the Mimblewimble scheme. However, if it is to be implemented, it is most likely to be a side chain or a separate altcoin.
You will see Beam is a cryptocurrency. It uses the Mimblewimble protocol.
Give users control over what transaction information is shared and with whom it is shared
• Make a thinner block chain with less transaction details per transaction: allowing faster confirmations and, therefore, very efficient scaling
• Tie multiple transactions in a single transaction, tying blocks in a single transaction, attaching a complete block chain in a single transaction
• Hide transaction values for the sake of privacy
• Hide addresses of both the sender and receiver
• Enabling multiple types of transactions privately: escrow, time locked, atomic swaps, etc.
Beam relies on Mimblewimble to allow users to send and receive money securely and privately. These properties are the result of the protocol's ability to eliminate the need for addresses and quantities in transaction verification.
