WHAT IS BEAM?
It's a scalable and anonymous confidential cryptocurrency based on MibleWimble protocol. In addition to maintaining the benefits of an incorruptible blockchain as Bitcoin, Beam has been designed with scalability and confidentiality in mind. Beam allows users to control the transaction data that will be displayed on the blockchain. Also, thanks to the MimbleWimble protocol, Beam has smaller blocks than any other blockchains, which allows greater scalability, more speed, and more efficiency. This concept is formulated to initially work as a store of value.BEAM will support many types of transactions, such as custody transactions, time-blocked transactions and atomic swaps. Our route map includes dozens of features and is constantly evolving so as not to fall behind in the global forefront of new unborn coins. We are striving to make BEAM a definitive Store-of-Value currency.
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.
TECHNOLOGY: MIBLEWIMBLE
In August 2016, an anonymous author published a new protocol (like the Bitcoin disruptive innovation) called MimbleWimble that has an elegant design of efficient confidential blockchain. Its name refers to the spell of “Tongue-Tying Curse” of Harry Potter books, based on two concepts proposed by Greg Maxwell, which are: Confidential Transactions and signature data optimization.
WHO MAINTAINS BEAM?
BEAM will be maintained by the non-profit BEAM Foundation based on the community. There is no ICO nor premine. Both the Core Team and the Foundation are funded through a block reward mechanism, with a certain percentage of coins being emitted from every newly mined block.
USE CASES
Oil Mining Integrated INC. is an international oil drilling company and is evaluating opening a retirement fund for its employees backed in crypto. But its managers know that although Bitcoin and Ethereum are the most quoted in the market they have a disadvantage, all their transactions are public and you can determine the identity of the parties and the transaction amounts. An executive loves to blog in his leisure time and finds about BEAM thanks to a great contest held on Steemit, his preferred platform. Now the problem is solved, they decided to open an important fraction of the fund with this crypto because of the safety of their employees being a top priority. With BEAM, the transactions do not reveal the identity nor the amounts transferred.
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.
More Information & Resources:
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