What is Beam and how it will change the way cryptousers store value?
Beam is an anonymous currency that maintains the benefits of an incorruptible blockchain system such as Bitcoin, but which has been designed with scalability and privacy in mind. Since initially it was believed that the transactions in the Bitcoin network were anonymous but after a while the investigations showed that there are data leaks. With Beam, users can send and receive money securely and privately, so that transactions can not be tracked by third parties.
How are many of the current blockchain solutions lacking privacy?
Despite the fact that blockchain databases give the option for users to carry out transactions without revealing their identity directly. However, this is not always the case, because although it is true that in blockchain there are no names, phone numbers, addresses, you can capture the data entries and exits of the transaction, being able to find out the IP address (considered as a data of character person); and with this, find out the specific Internet connection or owner of the connection. Currently there are many alternatives to provide privacy; however, some are in development, others do that the transactions carried out are not attributed to a single address that originated it, hide the IPs of the users and others allow certain nodes of the network to "confuse" the origin of different transactions. Although they may be viable solutions, they do not guarantee complete privacy and security for users. To ensure privacy, some solutions can clog the network.
What is the benefit of having the ability to choose levels of privacy depending on the use case?
Beam users, including companies, can have full control over their privacy. Depending on the cases they require, they can choose privacy levels. "Confidential transactions are implemented using a cryptographic commitment scheme that has two basic properties: hide and bind, similar to giving someone a closed safe with a message within which only you know the combination. When the time comes, you can reveal the key." This offers complete freedom when it comes to designing and innovating in our finances.
How does allowing smaller blocks increase performance and scalability (Mimblewimble)?
A thinner block chain with fewer transaction details allows for faster confirmations and, therefore, very efficient scaling. Therefore, Beam, having smaller blocks than any other block chain, allows you to increase performance with maximum scalability and makes it a faster and more efficient network.
Why is it important to have privacy for a "store-of-value" cryptocurrency?
Many people save on cryptocurrencies and some may have a great fortune. Instead of depending on a combination of cryptocurrencies, users can opt for the Beam currency. In this way, users can save privately, this is important to ensure their security in every way.
What are some good use cases?
Beam is open to any company that wants to protect their privacy and security, confidentiality, personal data of their workers, etc.
It offers every user the possibility to save, invest and buy safely.
Opportunities for small, medium and large companies to use a layer of blockchain technology to manage their finances.
Allows companies to control transparency at the corporate level.
beam2018
beamtwitter
This post has been submitted for the @OriginalWorks Sponsored Writing Contest!
You can also follow @contestbot to be notified of future contests!