BEAM: Privacy on the blockchain

jacqueline5 (42)in #contest • 6 years ago (edited)

What is Beam?

Beam is a worldwide installments acknowledgment stage for the 21st century with worked in help for savvy contracts.
Shaft was make to enable retail to esteem chain partners turn out to be more proficient by drawing in with their clients in an immediate, important and compelling way.
With the creation of blockchain technology in 2009, it was thought that this will be the case, but it has been proven many times, that users information and data have been leaked via OTC solutions, exchanges and merchants. This is a major problem, and it shows how porous the blockchain is, and how it is inept with regards to privacy.
This basically ensures that the needs of a larger group are not met, seeing this is the primary reason many of them make use of blockchain technology.
‍Beam empowers partners over the retail esteem anchor to boost wanted client conduct by characterizing quantifiable objectives with a joined money related reward for their accomplishment.

THE UNIQUENESS OF BEAM

1.Users have total control over their privacy, and they decide who can view their transaction details.
2.BEAM ensures that making transactions private does not affect the computing power of the blockchain. Scalability isn’t affected either.
3.Does not require a trusted setup.
4.Mines block with the use of an Equihash Proof of Work algorithm.
5.Has limited emissions, which it is able to achieve by periodic halving.
6.BEAM does not store addresses on the blockchain.
7.It is super scalable, when compared to leading solutions, due to its compact size.
8.It supports escrow, time based transactions and atomic swaps.
9.Has no premine or ICO
10.Built using C++

About Mimblewimble

MimbleWimble is a new protocol built to multi-tasked itself to great effeiciency while enabling users to carry out confidential transactions. Built to address the flaws of anonymity and confidentiality witnessed on the existing blockchain system.Beam is one confidential cryptocurrency that utilizations Mimblewimble protocol(famously named after the tongue-tying spell from Harry Potter) to mechanize its calculations to give singular clients to have authority over value-based data shared and to whom it is imparted to. Mimblewimble likewise make students blockchains with less exchange points of interest per exchange.Confidential transactions are carried out on BEAM through it MimbleWimble technology by using cryptographic commitment scheme which has two basic properties: hiding and binding.Pillar abnormal state of security can even drop exchange esteems and addresses of both the sender and the collector. It empowers numerous exchange composes in a private way: Time bolted, Swap e.t.c.

USE CASE

Jared is an avid crypto investor, and he has been looking for an adequate solution to help him store value anonymously, away from the eyes of everyone.
Unable to find the ideal solution, Jared has been unable to invest as much as he wishes, because he will not like to be the focus of hackers and scammers.
He read about BEAM on BitcoinTalk, and decides to give it a shot. The results are outstanding, because he can decide who sees what, and when that individual sees it.
BEAM ensures that Jared injects more funds into the decentralized economy, and he also spreads the word, ensuring that the industry continues to thrive.
Royce is a friend of mine who has made quite a fortune trading cryptocurrency on the blockchain. Royce is well aware that transactions history are stored on a public ledger book and he is afraid his account can be hacked and all his amassed wealth taken away.
I introduced him to BEAM, and with the MimbleWimble protocol Royce now feel secured.

CONCLUSION

The major problem facing the current blockchain system is the failure of anonymity as against believed, and the the need for confidentiality.
BEAM ensures that users that have been worried about their privacy and protection are not lost. The creation of the blockchain was a dream for many, and BEAM ensures that the dream lives on. Knowing that their privacy is maintained ensures that they will be happy to invest more in cryptos. It will also ensure that the cryptocurrency industry will see a lot of returning users, and mainstream users who wish to store value discreetly will be happy to be part of the decentralized economy.