BEAM "Private and Scalable Cryptocurrencies based on Mimblewimble"

mundarainale (48)in #originalworks • 6 years ago (edited)

Bitcoin and the various existing crypto currencies have meant an advance in world trade and economy, with its multiple advantages merged to blockchain technology have served as a business model perfectly applicable to different labor, social and economic fields. However, even with all the advantages they offer us, there are weaknesses in the systematization of the blockchain to which they are linked that hinder its scalability and true anonymity.

The blockchain technology registers and stores the information in millions of computers instead of storing them in a single place, which makes the information of your transactions with crypto currencies less traceable, however they are not 100% closed to the world since it is a traceable system that makes it possible to track the data and verify the origin of transactions, this makes the blockchain a solution without privacy. In this post I will present you the solution that comes to the market with BEAM an anonymous and scalable currency, which maintains the important feature of decentralization but adding to its ingredients the impossibility of tracking and privacy of transactions.

BEAM

In order to privatize transactions completely and give them speed, the virtual currency "Beam" was created, a complete and timely option that addresses the current problems of the blockchain with the implementation of many smaller blocks to automate the confirmations of transactions through the PoW algorithm system, which makes it a scalable and confidential currency.

When you carry out your operations, the data is not stored because for the verification of the transactions you do not need addresses or amounts and everything is under your control. Versatility, sustainability and compatibility are some of the other outstanding features that make up the Beam system, a well-unified set of attributes that allow the implementation of various transactions jointly through its wallet.

Mimblewimble Technology

The basis of privacy and scalability that Beam promises is obtained thanks to the implementation in its system of Mimblewimble technology, which is implemented as a side chain that allows confidential transactions unlike the Bitcoin network. This was made possible in the blockchain by encrypting or encrypting transaction amounts, i.e. values cannot be seen but can be verified by calculating outgoing values minus input values.

Another way to verify transactions with this technology is by means of the "blinding factor" created by the receiver of the operations when creating the transaction with its entry values and changing the exit value. When this type of transaction is carried out, an "excess of exit or value" is generated that becomes random numbers that only the receiver knows and that therefore become a security key.

The name of this blockchain proposal may seem crazy to you and is that when you know a little more about its implementation you realize that it is part of a very efficient spell that helps you hide the data of your transactions through a mirage mechanism that only the two parties involved in the operation know and can decipher, a very efficient encryption of operations that provides security and support.

Transaction Scheme

Conclusion

Anonymity and scalability have become major weaknesses that prevent the adoption of crypto currencies by investors and industries because they are not willing to have their data susceptible to the visibility of all the world, also for those who are not companies but ordinary people who prefer to keep their information under their traditional shelter. The number of people who decide to get involved in the ecosystem of Bitcoin and other crypto have grown without doubt what has caused the processing capacity to decrease and therefore make the system a little slower, if this problem is not attacked the network will become obsolete for those seeking speed, it is for this reason that from all angles Mimblewimble technology is very attractive. Even though it has not been implemented globally, Beam has set out to exploit its work potential.

Choosing the privacy levels of its transactions, verification of transactions through confidential processes and an optimal level of scalability thanks to the lower magnitude of implementation gear the most outstanding features of this technology that is simplified by offering its users the ability to send and receive money without any inconvenience and safely.

The crypto currencies must adapt to market needs, evolve with it and improve over the years, everything you may need for your transactions must be at your fingertips, privacy, security, speed, compatibility, availability and security, that is why with the premise of growing with you Beam creates a crypto adapted to basic needs in the world of commerce and crypto currencies that make it undoubtedly a considerable option when carrying out your operations, with a new technology and proven systematization of transactions.