Introduction
Since Bitcoin and blockchain in 2008, the economy and technology world has changed as we know it, coming now with some terms such criptoactives and cryptocurrencies, making possible several transactions and movement between several persons and companies…
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That’s the good part, the other one is that cryptocurrencies tend to has transparency, that means than everyone can see what everyone does, this can be a problem for people or companies who doesn’t want to let those transaction to everyone reach…
If you are a crypto enthusiast and supporter then I am sure you are concerned about how things are shaping up in the crypto world
How many of us wish we had magic powers or a wand to fix what is not right in the crypto world disappear?
Try borrowing my magic wand (originally from Harry Potter off course) and say the magic words
mimblewimble...
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What can Beam based on Mimblewimble do?
Beam provides interesting benefits such as:
● Privacy: the user decides what information will be available and to which parties, having complete control over their personal data according to their will and the applicable laws.
● Confidentiality without penalty
● Trust configuration is not required
● The blocks are extracted using the Equihash work test algorithm
● Limited emissions using a periodic division in half with a total amount of coins ~ 210 million
● There are no addresses stored in the block chain, or the sender or receiver.
● Superior scalability using the cutting characteristic of the MimbleWimble blockchain.
● Enabling multiple types of transactions privately: escrow, time locked, atomic swaps, etc.
The Confidential Transaction Implementation
The Confidential Transactions is implemented based on the following methodology.
Suppose person A gives a safebox with a message inside it to another person B then this is the use of hiding property.at some point person A hands over the key of the box to person B who uses this key to access the message and validate that the commitment made by person A is valid.This property is called binding. Together hiding and binding are used to achieve confidential transactions.
The Solution
Beam is building its network from scratch in C ++ based on Mimblewimble with which privacy transactions are enabled without obstructing the network.
With the technology of Mimblewimble, now Beam can scale to adapt to the massive adoption and, at the same time, maintain reasonable block sizes, which allowed total control over privacy.
Use case of Beam
Luis has six years in the world of cryptocurrencies, he has also gone that he has accumulated a great fortune. His intention is to continue storing his Bitcoins, but he has one drawback, which is the product of many transactions with other users who have asked him for advice in the cryptographic world, he worries that his fortune is on a public radar, and that someone can make a bad move or that they have knowledge of their purportedly private digital wallet.
More Information & Resources:
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