The Bitcoin blockchain represents a user’s balance by a series of transactions, and these transactions could be traced back to the very beginning of a blockchain. The bitcoin nodes and miners have the main function of proving the validity of each transaction, this is to ensure that no central entity is brought into the system. Before a transaction is approved, all the parties involved must reach a consensus (agree), and this consensus is reached without trusting one another. The workings of the bitcoin blockchain is enviable in all manners, except in the term of privacy.
"Beam has smaller blocks than any other blockchain, giving it maximum scalability. It’s a faster and more efficient network
Computing, data storage, medicine and automotive markets make up a small sample of areas to which blockchains are being tested".
What Is BEAM?
Beam is a new decentralized, fully private and scalable blockchain which is based on the MimbleWimble protocol ( famously named after the tongue-tying spell from harryporter)
Beam is built with stability and features in mind.
Private by default : the user has absolute control on available transaction data which allows transparent options
Based on mimblewimble : Beam, smalker block, than other blockchain, gives maximum scalability, with a faster and more efficient network.
General features:
Beam unlike other cryptocurrencies will only make public the
information you allow, thus attracting people who prefer to remain
anonymous, which would not be achieved through traditional currencies.
It also highlights the speed of processing in their transactions,
which makes their adaptation to be better so that it can be used as a
method of payment in shops that require speed in transactions, since
many of the cryptocurrencies process transactions at high times.
Confidential Transactions:
For us to understand these features, let’s use a case scenario. Imagine, you give your 11 year old daughter a closed box containing chocolates, that she can only open on her birthday. When her birthday comes, you then give her the key to open the box, to show that your commitment to her is valid (binding), while she doesn’t know that the box contains her favorite chocolate until she receives the key and opens the box (hiding).
BEAM Roadmap:
How it will change the way crypto users store value
- The user will have complete control
- In beam, the transaction does not cause bloating
- In this, blocks are mined with the help of equihash
- No address will be saved in the blockchain so it will provide you with 100% privacy
Privacy
The open economy of the bitcoin blockchain makes it possible to track data and know the path funds have travelled through careful analysis of the the public blockchain.
The Beam blockchain address this security issue by ensuring users are able to control the data which are visible on the blockchain. Hence the Beam blockchain is private by default.
Use Case
Carl&Sons is a popular commercial store that have being delivering online services to its numerous customer. But with the recent changes in technology, the management would love to move swiftly to a decentralized environment to better serve their customers.
Conclusion:
We have seen the features of the MimbleWimble protocol, which ensures privacy at a high level. BEAM is a project based on the MimbleWimble protocol, and thus, BEAM uses the properties of the MimbleWimble protocol to ensure the privacy of users when funds are sent and received. Infact, check the image below that shows the comparison of BEAM with other blockchains.
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