Privacy on the Blockchain Through BEAM!

kire (39)in #contest • 6 years ago (edited)

Beam, What it is?

Beam is a cryptocurrency of new generation that presents us with a new way of managing our transactions in a private and secure way unlike most of the current projects, through an interesting system called MimbleWimble.

And what is Mimblewimble?

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MimbleWimble is a protocol proposed for the first time in August of 2016 by an anonymous user, in its approach it was suggested an elegant way to add confidentiality in the blockchain. Its name derives from a spell of the acclaimed Harry Potter book series, and is based on two key factors raised by Gregory Maxwell & Nicolas van Saberhagen called CoinJoin And Blinding Factors

The CoiJoin consists of creating a transaction with multiple inputs and outputs that come and go from different users making it more difficult to trace the origin of the transaction.
The Blinding Factor consists in creating an random factor that secures the opacity of the transaction data automatically.

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Problem with actual Blockchain:

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The cryptocurrecys is a system that has been growing by leaps and bounds in the last 9 years in which millions of people have ventured and thousands of projects have been born. The most attractive proposal is that of a business without large intermediaries in between, in which transactions are made from person to person. However, the lack of privacy has always been a problem in the world of cryptocurrencies.

The proposal for such a privacy system as BEAM is due to the fact that, in the world of cryptocurrencies, any transaction can be traced simply by knowing the user's wallet address, where the number of transactions made and the total balance of their account would be appreciable.