Sponsored Writing Contest: Beam

haoma (48)in #originalworks • 6 years ago (edited)

BEAM is the next generation of confidential cryptocurrency on an elegant and innovative basis.
The original MimbleWimble white paper was placed by someone called Tom Elvis Jedusor (Voldemort's French name in JK Rowling's Harry Potter book series) on a bitcoin research channel in July 2016.

Thousands of improvements have emerged in the market, but Beam has ensured that this is the safest option. Implementing an unknown system, "Blockchain" is now providing full security to its users that many are joining the market.

BENEFITS

*Scalability
But with Beam there is no longer really such a thing as a transaction history per coin. Each coin has a specific block in which it was first created. But from then on, its value simply becomes part of the combined Unspent Transaction Output (UTXO) set, which defines all outputs that store coins and could potentially be spent at any time.

*Compatibility
Mimblewimble, in its current form, is not very compatible with the Bitcoin protocol. This is mainly because for Mimblewimble to work, script must be purged from transactions. As such, there would no longer be room for a whole set of Bitcoin features, like time-locked transactions (used for the Lightning Network among other things), atomic swaps (for cross-blockchain interoperability), and more.
But that doesn’t make Mimblewimble useless. Mimblewimble may, for instance, be the perfect fit for a privacy-focused sidechain.

*Usability - A wallet for desktop and mobile, designed to support day-to-day usage for both individual and small business users. The built-in dashboard makes budget management easy, featuring actionable spend and earning insights.

*Versatility - “Scriptless Script” technology allows implementation of a wide variety of transaction types beyond simple transmissions of value; for example, atomic swapping, escrow, and time-locked transactions.

*Controlling users with which transaction information is shared, and who is shared with.

*Creating a lean blockben with low transaction details per transaction