Beam is a cryptocurrency built on mimblewimble to allow users to send and receive currency in a secured way without the sender’s information reviewed. This is achieved through the use of mimblewimble protocol which remove the need for addresses and account details such as account owner’s name and the amount contained in the account. [Beam] as a cryptocurrency and also a store of value is not only outstanding in ensuring the privacy of users but Beam also support result in a faster leaner and more scalable blockchain architecture.
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MIMBLEWIMBLE, A PROTOCOL USE BY BEAM
Mimblewimble is named after the tongue-typing spell from harry potter. This protocol was published by the creator of a famous cryptocurrency known as Bitcoin, he is Satoshi Nakamoto by name. This protocol is use by Beam because mimblewimble is good in rendering:
- Confidential transactions: with the use of cryptographic commitment scheme with the capability to bind and to hide, mimblewimble is able to give crypto users confidential transactions.
- Transaction cut-through: this feature of mimblewimble is the backbone behind keeping users information from being access by unwanted person. Although, there are many transaction going on on blockchain With mimblewimble, no matter how large the amount of transaction in progress is, mimblewimble will block users transaction details and account information (such as the amount transferred to a party, and the amount on user’s account) will for no reason be reviewed.
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WHAT CAN BEAM BE USE FOR?
- Beam allows users to control how their account information should be. Maybe to prevent people from seeing it or not.
- Beam allows users to make huge transactions with fewer transaction details
- Beam tie multiple transactions into a single transaction.
- Beam cancels addresses of both the sender and receiving in the cause of sending money.
watch the video below to know more about Beam
VISIT THE FOLLOWING WEBSITE FOR MORE INFORMATION ABOUT BEAM:
Beam Website
• Beam Position Paper
• Mimblewimble Paper
• Beam YouTube
• Beam Telegram
• Beam Facebook
• Beam Github
• Beam Bitcointalk
• Beam Medium
• Beam Twitter
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