The right of privacy is back with Beam

The world of cryptocurrencies is increasingly on the rise, the use of them has become a new global economy, people and corporations use them to make transactions and payments. Since the appearance of Bitcoin in 2008, its use has become popular and that popularity is not only maintained, it is growing every day. It is common to see purchases in cryptocurrencies, or hatas payments to employees, in fact cryptocurrencies are even a means of investment a fixed income for some people.

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The word blockchain is not a new term or someone who uses the internet has never heard, it is a chain among users of cryptocurrencies, because something so technically common is normal to seek to improve its operation. It is no secret to anyone that although cryptocurrencies are widely used, chain block transactions are a bit complex, not to mention that they are nothing private, that is to say that everyone in the world can access everything in the middle of a chain. of blocks from the one he sends to the one he receives, it sounds a little frightening. That is why, for the sake of improving the blockchain, many projects have been developed to improve them. On the other hand, the use of cryptocurrencies is globalized but one can not avoid thinking about the little security that this economic system offers, such as the lack of privacy of each user and their transactions.

In the digital age, talking about privacy sounds a bit trite, it has become normal to be able to access certain information that the same people share in their social networks, blogs among others, that is why the word "privacy" is quite devalued in the present. But for its part it is still a right and although many choose to share their lives on the Internet there is a thin line between knowing someone's life and invading their personal space, the latter can include sensitive medical data, residence information or financial data. , this last one is very exposed at the moment, because it is very cumun the use of cryptocurrencies for any type of transactions or purchases, that is not bad, the problem comes when anyone can access the data of the sender, the receiver and also everything which is in the middle of the blockchain created. Although the transactions are visible to all and there is not a high level of security, this type of economy is widely used, but it is worth noting that people are increasingly interested in improving this area, many are concerned about their financial security and privacy, on the other hand On the other hand, a high number of people or corporations refuse to take a step into the future by implementing cryptocurrencies because they feel exposed, and with good reason, that is why it is necessary to implement a system that breaks with that insecurity and drives the world of cryptocurrencies.

Currently privacy is overrated, it has already become secondary for a group, it is not in the foreground of an era in which all people share everything on the Internet, but not all think alike.
Initially people thought that the use of britcoin would be private but they were wrong, an easy analysis of the chain of blocks resulted in the fact that it is very easy to filter data from any information in the middle of it. This would lead to all users and corporations losing their anonymity because the information of any transaction is in a public book.

The failure of anonymity is that many blockchain solutions have not been efficient in terms of privacy, they promise other solutions but privacy is not completely fulfilled, resulting in the return to the use of an open bitcoin to anybody who wants to see those data, it is not possible to advance in that area. The blockchain system has some flaws even to be able to fully exploit its usefulness.

Current solutions:

• Dr. Greg Maxwell offers the encryption of amounts so that the user does not have a face but still allows the validation of the correct sums, this also creates CoinJoin for bitcoin users to combine confusing transactions.

• Nicolas van Saberhagen On the other hand, I developed a system to blind the transaction entries, that is, it was a step beyond cloudiness of the user's face.

• Shen Noether then came to combine both statutes

All this has as its conclusion a use and a more secure application of bitcoin but nevertheless it does not solve the problems of data accumulation because you need too many kilobytes to process the first idea and the data of Nicolas van Saberhagen need to be stored forever, this is how the chain of heavy blocks with a high level of processing persists. So the initial problem of a heavy blockchain system without ample security persists in the present, the right of privacy is violated and the block chains are still complex systems.

Beam is a decentralized cryptocurrency, completely safe, since it gives total anonymity to the users of the digital economy. Currently the security of the use of cryptocurrencies such as bitcoin is completely devalued, there is no privacy in the users of the block chain and that, among many other things, is what Beam offers.

It is important to mention that in this platform the users have total control of their information since they can decide what data can be seen and who can do it, for its part does not require configuration of user confidence, it emits greater scalability in the compact that is the chain of blocks, so there are no problems of stagnation, it is a very attractive option, not to mention how versatile the system is.
It even provides a high improvement in the block chain system since it minimizes it, providing only what is necessary between the sender and receiver, eliminating everything in between. Giving solution to the privacy problems and pesades of the blockchain system, the same ones that several have tried to improve.

System caracteristics:

Beam has six fundamental axes, specifically proposed to guarantee the best service to users.

1. Confidentiality: The basis of any successful financial system is confidentiality, which is why it is the starting point, the first step, because with Beam all transactions are private since no data is stored by users in the blockchain.

2. Versatility: The type of "Script Script" technology implemented by Beam allows the user to mobilize not only simple and common cryptocurrency transactions but also atomic exchanges, security deposits and transactions blocked by time.

3. Scalability: Because of its base in the Mimblewimble system (explained below) Beam has a "cut" characteristic that makes the chain of blocks smaller, therefore eliminating what is in between minimizing it.

4. Sustainability: It is a highly sustainable system because it is mobilized by the community itself, 20% of the smelte goes to the development group and encourages the mobility and growth of the platform.

5. Usability: It is a platform designed for both computers and mobile devices, it supports the daily use of individual users and small businesses. It has an integrated panel that allows easier management of the same and the budget of Beam.

6. Compatibility: Beam is widely qualified to handle mining nodes and has an Equihash algorithm that promises the wide adoption.

How does the process work?

Below you can see 6 simple steps for the compression of the operation of Beam.

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BEAM is a next generation confidential cryptocurrency based on an elegant and innovative MimbleWimble protocol.
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Beam is in charge of providing a very broad security system for its users, that is why it is based on the MimbleWimble protocol, it gives the base to solve the scalability problems as a consequence, and Beam offers a platform with a right of privacy that has been devalued on the internet.

Below is a comparison between the benefits offered by Beam

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Bewitch your security with MimbleWimble

MimbleWimble is a spell of the books of harry potter, which refers to the enchantment of the tied language, that is why in 2016 an anonymous user under the pseudonym of "Tom Elvis Jedusor" published a security protocol for cryptocurrencies Based on the principle explained by Greg Maxwell (explained above) of confidential transactions, this anonymous user could not use a better name, since it gives rise to complete privacy for cryptocurrency transactions.

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Currently the world of cryptocurrencies is an open book that contains the financial movements and information of each user, that is why "Tom Elvis Jedusor" was given the task of creating a protocol that would end with these problems.
Based on the background of Greg Maxwell's proposals, I create MimbleWimble, which has two fundamental bases: Confidential Transactions and Transaction Cut - Through.

Confidential Transactions: The privacy and trust is important, this is how this protocol has a principle based on confidentiality, it is a link and a concealment, this is about the user having total control over their information as it can give the key when The transaction has already culminated offering a more trustworthy point to the platform since the individual is responsible for managing their own information as it seems safer.

The protocol of MimbleWimble is based on certain antecedents that basically contributed their grain of sand for the development of it, this is how all Dr. Yuan Horas Mouton, this improvement as raised by Maxwell applied freely merged transactions, since the exposed by Greg Maxwell lacked interactivity, I call his work "one-way aggregate signatures" (OWAS). From there part an excellent idea that is only known when you enter the money and the final surplus, this is how it is proposed to combine the confidential transactions and OWAS to blur the transaction graph, thus working with fewer block chains .

Confidential transactions are subject to the following equation

C = r * G + v * H

Where: C is a Pedersen commitment.
G and H are fixed, nothing-up-my-sleeve elliptical generators group curves
v is the amount
r is a secret random blanking key.
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Each input and output of a transaction is thus a linear combination of two factors: an actual value of the transaction and a blinding factor. In order to transfer ownership of a UTXO (Unspent Transaction Output) a sender needs to reveal its value and blinding factor to the receiver, which in turn needs to create a new output commitment using a different blinding factor, known only to him.
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Transaction Cut - Through: The blockchain works with long chains of blocks with all the transactions that are made and at the end they arrive at the receiver, the principle of Transaction Cut - Through allows to work with chains of smaller blocks since only work with the current information and is discarded or "cut" the information in between. Mimblewimble is managed with this principle that is why it allows the work of a minimized chain of blocks.

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The chains of blocks are heavy, they need many kilobytes to manage, besides the fact of storing so many data from multiple users generate more blocks and therefore that chain is lengthened, it becomes tedious and the scalability is lower because it takes more time and data to carry out a transaction MimbleWimble for its part offers in its protocol the solution to this, since it generates chain of smaller blocks by its principle of Transaction Cut - Through, thus the blocks of the medium are eliminated leaving only the valuable information of the receiver and the issuer, this has As a consequence, an improvement in the scalability of having simpler transactions with fewer blocks in them, Beam with the implementation of this MimbleWimble protocol and its multiple functions represents an excellent option to improve the scalability of the cryptocurrency.

Cryptocurrencies and security.

The world of cryptocurrencies is quite uncertain, as it is something digital, so it is not 100% safe, but that underestimates the fact that thousands of people and corporations are currently flocking to this financial system. On the other hand this does not eliminate the concern of users for their safety because the lack of privacy in transactions generates a lot of anxiety in the users, for this reason many still do not take the step of joining the handling of
cryptocurrencies.

Why is it important to have privacy for a "store-of-value" cryptocurrency?

Privacy is always important, the fact that block chains or cryptocurrencies do not offer it is worrisome, that is why Beam provides a complete and private service, which at the hands of MimbleWimble gives a very safe experience. People and corporations seek to have a secure and private service, which is why 100% cryptocurrencies are not yet adopted, with Beam this can change completely since companies and individuals have total control over the data that is show and to whom they are shown. Privacy is a right taken away by the digital era but returned to technology thanks to Beam.

Beam connected to people

Beam is a service that can be used by anyone, since it offers tools that consume privacy and that is a right of any human being. Beam works as gears that process transactions to make the life of the user more secure, on the other hand it generates interactivity and high scalability for its small chains of blocks promoted by the MimbleWimble protocol.

Control is always good for a user if we talk to financial levels, therefore one of the characteristics of Beam is that it offers total control to its users, in this way it can establish its security levels, since it can eliminate blocks that it considers unnecessary within the chain, so that if it is a high privacy transaction, only the two necessary input and output data will be, basically everything will be anonymous, therefore, thanks to Beam , everything is up to the user.

Use case 1.

Medichain.org is a platform responsible for the management of medical diagnoses, its users pay doctors for their diagnoses and also patients receive rewards when their medical records are used in some research, the entire platform is managed with a technology blockchain. Recently the group of developers found several complaints that their data is not private, in fact nor the payments to the doctors are. The developers took the trouble to look for a better technology, after an arduous investigation they decided to implement Beam, since it gives them total security and the best privacy system for the patients since the transactions are as hidden as the user wishes.

Use case 2.

Sebastian is an entrepreneur who makes frequent use of cryptocurrencies, by investing for so long he has developed a great fortune, but he wants to make several purchases and use a large part of the money but he is afraid that anyone can see his financial movements. Of looking for a platform that offers security, that's why he asks his best friend, he tells him about an article he read on internet about Beam , Sebastian starts to investigate and he feels sad of not having met Beam before, in this way he Join the platform and quietly conduct your transactions without any inconvenience of privacy and with the security that he expected.

To know more about it check my own video