WHAT IS BEAM?
BEAM is a non comparable store of value coin.
As a programme that cannot be altered in its memory, Beam is also built with scalability and features in mind just like the Bitcoin blockchain system.
HOW CAN IT CHANGE THE WAY VALUE COINS ARE STORED
Beam is a raised stage with the main purpose of security in mind. It is a future crypto based transacti bon saver. Meaning that, lack of security in blockchains and cryptocurrencies is the reason why Beam has come into existence as a resizeable and protected base, where cryptousers can securely store thier coins without the fear of thier transactions being tracked in the process leading to password leakage and loosing of coins. Cryptousers will be very much pleased to discover the good and secure works of beam due to insecure transactions they had experienced in the pa
FEATURES THAT MAKES BEAM OUTSTANDING
CONFIDENTIALITY:
This involves a set of rules usually executed through confidentiality agreements that places restrictions on certain types of information (Wikipedia)
Beam possess these feature because
All transactions are private no information about transaction participants are stored in the blockchain
VERSATILITY:
Ability to adapt or to be adapted to many responsibilities. Capable of doing many things competently.Having varied uses and many functions. Inconstant and changeable (English Wiktionary).
Beam possess this feature because it has a script less script technology that allows the implementation of a wide variety of transaction types beyond simple transmissions of value; for instance time lock transactions, atomic swapping, escrow, and lots more.
3)SCALABILITY:
Capable of being climbed. Able to be changed in scale and resizeable.(English Wiktionary).
Beam possess this feature because of the cut-through feature of mimblewimble which helps to avoid excessive computational overhead, making the beam blockchain orders of magnitude smaller than any other blockchain implementation.
SUSTAINABILITY:
To maintain or to keep in existence (English Wiktionary).
Beam's open source, implementation from scratch, community governed, and backed by the Beam Growth Pool: 20% of block mining rewards goes to this pool to incentivize development and promotion of Beam.
USABILITY:
This is the degree to which an object,
Device, software application, etc. Is easy to use without any specific training (English Wiktionary).
Beam has a wallet for desktop and mobile, designed to support day-to-day usage for both individual and small bushing users. The built-in dashboard make budget management easy
Featuring actionable spend and earning insights.
COMPATIBILITY:
the capability of two or more items or components of equipment or material to exist or function in the same system or environment without mutual interferences (English Wiktionary).
And industry proven Equihash algorithm was selected to ensure broad adoption by existing GPU miners. Beam comes with an extensive set of tools for running and managing mining nodes.
HOW MANY OF THE BLOCKCHAIN SOLUTIONS LACK PRIVACY
Insecurity in blockchain transactions can be seen When exchange are carried out between Cryptousers, records of transaction will be left behind. Most cryptocurrencies blockchains use keys access which are private and public keys. Public keys, allows for exchanges giving anyone access to see exchange done between Cryptousers giving room for tracking and knowing the source of the transaction. It is very possible for hackers to follow the transaction step by step till they get to knowing the private keys of this crypto wallets. Leading to loss of valuable coins.
ABOUT MIMBLEWIMBLE
MimbleWimble makes use of a well known commitment scheme called PEDERSEN Commitment that achieves this using Elliptic Curve Cryptography and is of the form C = r * G + v * H .
Where r is a blinding factor, a secret key hiding the real value v and G and H are generator point on a specific elliptic curve in it.
CONFIDENTIAL TRANSACTIONS and TRANSACTIONS CUT-THROUGH are the main technology on which beam is built on.
CONFIDENTIAL TRANSACTION:
A confidential transaction (CT) is a method of increasing the privacy of a transaction by homomorphically encrypting the inputs and outputs using a blinding factor. While
TRANSACTIONS CUT-THROUGH:
s an aside from the conjoin discussion, it occurred to me that another transaction size optimization is possible with CoinJoin like transactions.
Say there is a collection of related unconfirmed transactions:
(u signifies an unconfirmed output)
/ uI
A -> uB -> uH - uJ
/
C
D -> uE -
uK -> uL
F -> uG -/
The authors of the earliest unconfirmed transactions could write replacements for their transactions:
A->ul/uj
/
C
D
\
F->uL
This transformation is lossless with respect to the final coin ownership, but the intermediate transactions were cut-through. This works even if the original coin ending up in the final outputs came from multiple parties, as they can coinjoin to preserve the final outcome.
Because the replacements are atomic and consume the original inputs this transformation is safe, assuming people in the middle can handle any accounting complications that arise. (E.g. figuring out that their payment really was completed). So you'd want to have a way of signaling "I permit you to conflict this transaction with one that pays its children, if you can figure out how". Nlocktime could be set in the mild future in order to create time for these kinds of arrangements to be found, and if blocks are found to fast— no harm, the cutthrough doesn't have to happen all the time.
Because people don't currently spend unconfirmed inputs I expect this wouldn't get much compression now, but in the future it might have quite an impact.
(From Gmaxwell moderator legendary)
IMPORTANCE OF PRIVACY FOR A STORE OF VALUE CRYPTOCURRENCIES
Since wallets are personal
valuables therefore should be known for the owners only and maybe authorized personnel. cryptocurrency can easily be hacked and loose track within minutes like it never happened. To avoid loss, in form of theft the privacy of your store of value shouldn't be messed with.
When your valuables are in safe conditions, transactions between Cryptousers are carried out easily and freely without distortion.
FOUNDERS AND BEAM TEAM
Alexander Zaidelson (CEO)
Alex Romanov (CTO)
Amir Aaronson (COO)
Sasha Abramovich (Product Owner)
Beni Issembert (CMO)
Dylan Dewdney (Beam Evangelist)
OTHER MEMBERS OF THE BEAM TEAM ARE:
- Anatol Sevostyan (Developer)
- Vladislav Gelfer (Developer)
- Artem Gorbachev (Developer)
- Roman Strillets (Developer)
- Alexander Starun (Developer)
- Vadim Grigoruk (Developer)
- Viktoria Khodichenko (QA)
- Sasha Shelenkova (Designer)
- Marshall Ball (Cryptography Advisor, Reciever of IBM PhD Fellowship).
- Yonatan Ben Shimon (Advisor)
- Stars Oskin (Advisor)
- Sebastian Stupurac (Advisor)
13 Tal Cohen (Advisor)
INVESTORS
Ceyuan Ventures
Node Capital
Hexa Labs
Continue Capital
Protos Asset Management
Youbi Capital
Lemniscap
Yeoman's Capital
Finally,
Beam is here for its users. It has come as a solution giver which we all Cryptousers need to hold on to because security is most important as far as crypto transactions are concerned.
Writter:
@elcarim
REFERENCES
Beam official website
https://www.beam-mw.com
This is an @originalworks writing contest. To participate click here https://steemit.com/crypto/@originalworks/1125-steem-sponsored-writing-contest-beam
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