I. Introduction
Indicators show that making anonymous transactions is what most personal and corporate users are looking for when entering the field of cryptographic currencies and systems based on the blockchain. Although blockchain technology is safe compared to other existing systems, it presents many weaknesses. With a standard blockchain platform all transactions are made public for any user and can be tracked, something that is problematic for market participants to which revealing their position puts them at a disadvantage for their competition.
II. Problem Statement
Why Bitcoin has had so many problems? It is true that this cryptocurrency is one of the most innovative projects so far your system works with an open platform, and is based on free and available codes, blockchain technology is open to anyone and with this you can track wallets and verify transactions in the network, a situation that bothers many users.
The problem of scalability. The growing user base is naturally accompanied by an increasing number of daily transactions, which are now counted by hundreds of thousands of users. The unfortunate reality is that the Bitcoin network, in its current state, is unable to process all those transactions fast enough.
III. The BEAM solution
Beam is a decentralized confidential cryptocurrency, whose main characteristics are its scalability and the anonymity offered to its users. It allows flexibility and choice in the network, since it gives users control over what transaction information is shared and with whom it is shared before committing the transaction to the block chain.
Las opciones de privacidad de los usuarios de Beam incluyen:
Ocultar los valores de transacción permitiendo la confidencialidad.
Ocultar direcciones tanto del emisor como del receptor.
- Confidentiality:
With BeamBeam, users have the option of deciding what transaction data they want to share on the network and with whom, giving them privacy. The details of the transactions, such as the amounts transferred and the identity of the participants, are hidden with Beam, so that the transactions and the balance of these can only be seen by people authorized by the user. In addition, the addresses of both the issuer of the transactions and the receiver are hidden.
- Scalability:
Due to the growth of the cryptocurrency market, systems based on blockchain technology such as Bitcoin have become heavy due to the large volume of transactions handled, which makes these systems inefficient and not scalable.
To improve privacy and reduce the size of the block chain, Mimblewimble merges all intermediate outputs into a single block and into multiple blocks and only stores the current state of UTXO. It allows faster confirmations per transaction, making it more scalable than any other block chain. It allows the user to link an entire block chain that has multiple transactions in a single transaction. In addition, it is possible to make different types of transactions in a private security deposit.
IV. Benefits
a.- The users have full control over the privacy of their data and / or transactions, the user decides what information will be available and to which parties, having complete control of their information according to their needs and the applicable laws.
b.- The Mimblewimble system does not store addresses in the block chain, that is, there is no information about the issuer or receiver of a transaction.
c.- Superior scalability through the compact size of the block chain. The MimbleWimble Beam block chain has orders of magnitude smaller than any other blockchain implementation.
d.- Beam supports many types of transactions, such as escrow transactions, blocked time transactions of atomic swaps among others.
e.- It is safe to say that Beam will be a bit better than bitcoin and other existing currencies in relation to the performance of your transactions per second.
f.- This innovative system puts in the hands of its users a wallet for desktop computers and mobile devices, compatible with Mac, Windows and Linux, safe and easy to use. With Beam you can make transactions in your wallet and the information of the transaction data will never be traceable. It also offers the option of security deposit that you can use when making a deal, providing security to your investment.
V. Conclusion
The large cryptographic market is being formed around the protection of users' privacy. There are coins in the market such as Monero and Zcash that deal with this type of problem, however these projects have remained silent.
Today Beamstands at the top and becomes attractive because of the advantages it offers both to people and organizations, in addition to resolving confidentiality problems, it solves the scalability problems that are causing many cryptocurrencies to become less usable everyday, because users need to make their transactions faster, secure and private. Beam is an alternative for those large investors who handle large volumes of capital and who want the protection of their identity to be a priority.
References
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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By @guillermos
beam2018
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That's delightful and sleek :)
So fab and delightful mate