looking on the net I came across the news that the same day that we were all worried about the theft in Bitfindex, there was a fact that could be revolutionary for the Blockchain community, the publication of Minblewimble, a new cryptographic protocol, by a user who calls himself the "bad boy" of the saga of Harry Potter: Lord Voldemort, the author refers to himself as Tom Elvis Jedusor, name of the infamous character in the French edition of the saga created by JK Rowling.
Privacy and scalability are two big problems to solve in the original Bitcoin blockchain. In terms of privacy, it is enough to have an address, search it in a network block browser and in a few seconds we can find out how many bitcoins it keeps, when it received them and from which address they come, this is a problem if privacy is speaks, although it gives the transparency that many speak but we must bear in mind that many businesses are prosperous thanks to their level of security, on the other hand many users are not very comfortable with this way of handling the data of transactions and accounts. This gives transparency and therefore a certain level of confidence. It is true that it is not possible to know at a glance who the address belongs to, but it has already been shown that this and other data can be traced. There is really no total privacy in Bitcoin and by its natural form is always a reality
Now, scalability is the most talked about bitcoin, I can be 100% sure about that. The largest cryptocurrency is not ready to mass with its current capacity, but that is just what it is doing: increasing, little by little but unfailingly, its number of users. Right now, each block of its blockchain is only 1MB, which many question and point out as the cause of the problem, since by its nature is currently processing only an average of 7 transactions per second. What makes it heavy for the number of users who use the platform, millions of people are requiring much more capacity.
Looking around we see that Visa supports 56 thousand transactions per second. Without a doubt, Bitcoin is quite slow and you have to look for a solution
Looking for solutions comes the simplest, most natural idea if you just take a look (increasing the capacity of the blocks) that translates into the change of the original cryptocurrency protocol, which generates many unfavorable opinions among millions of users , generating the search for solutions that do not generate strong changes and is how Mimblewimble is born
What is Mimblewimble?
In theory, Mimblewimble gives Bitcoin network users a solid anonymity by encrypting the value of a transaction using & ldquo; Blinding factors. & rdquo; With this, Mimblewimble performs a CoinJoin type transaction when validating transactions with fictitious exit signatures instead of traditional transactional data.
The darkness in the identity of the entries and exits of the transactions Mimblewimble guarantees the settlement of anonymous transactions, since it leaves no trace of the amount stored in the transactions and the flow of the funds.
Using Mimblewimble, BEAM is created:
It is an immutable and incorruptible blockchain system like Bitcoin, Beam has also been designed with scalability and security in mind, based on the needs of the bitcoin blockchain and giving it solution with the use of the Mimblewimble protocol, where smaller blocks of data and taking into account the security of the users, granting blinding factors when validating transactions in order to deliver confidentiality to their users
Privacy:
The user has the last word on their data, the total control has been granted and this has the option to decide who shares the transaction data, you can also hide transaction data to achieve a level of security and confidentiality required, the use of Mimblewimble in its platform creates the possibility for the user to obtain options at their disposal when handling their transaction data
Scalability:
Using Mimblewimble smaller blocks of data are created which
create an efficient solution to the lack of scalability of bitcoin,
shorter blocks that move faster, which generates the possibility
of scalable peer-to-peer transactions.
Sustainability
Using 20% of the mining reward, the platform creates a reward that maintains a motivation for the community that helps create solutions that improve the platform through an open source that helps the integration of people who dedicate their time to improve the system, open source is generated from scratch with the support of Beam Growth Pool and community management
Usability:
Mobility is the missing barrier to definitively create a sustainable crypto-economy in the future, a cryptocurrency for daily use, to be able to make fast transactions in a secure manner, in order to deliver a means of payment and savings that can deliver a true commercial tool to the people
Through a wallet created for computers and mobile devices BEAM gives its users the mobility that is so much wanted in this type of technology, people and companies require the possibility of having their assets at any time and anywhere, to make payments regardless of the cost and size and quickly and safely
Compatibility
Thinking about the adoption and receptivity of the
miners of the world, an Equihash algorithm is already
guaranteed and tested in this type of work, which is
supported by a group of tools that make the handling
of mining nodes easier and better,
in comparison with other cryptocurrencies
Case of use:
Personal:
Juan was one of the victims of cryptocurrency robbery that occurred in the past, he remembers his bad experience and he knows that he must be careful with his transactions and his information, he knows that in this world of cryptocurrencies information is everything and can suffer again an attack on their wallets and since this happened the truth is not comfortable every time you want to buy something or want to invest
Juan meets BEAM and now he can think about what he wants to buy or invest without his bad past time coming back to his mind years ago, he knows that his transaction data is safe and only he gets the option to share that information with who want
Business:
A group of partners has created a very special product and is getting very good results, the purchases of your company are being made in cryptocurrency since the market where they obtain their raw material accepts this type of payment and is less tedious than the use of money current, for this part they are calm but there is a problem, the company does not want to share who their suppliers are and what products they use to make their creations, they are afraid of being copied by the competition, with a simple tracking of their transactions their movements and it would not be a secret his recipe so special
The partners know about BEAM through a video that @aerossone has posted on their YouTube account and now they can count on a secure platform to carry out their transactions quickly and above all in a confidential manner, so the business continues its safe and prosperous course
VIDEO ABOUT BEAM REALIZED BY @AEROSSONE
The confidentiality of the information
In the world of cryptocurrency, information is everything, in this new form of commerce and business, the material is stored as data, so these data are key to our security, revealing said information without having taken measures to protect it can cause losses. resources and business opportunities.
We are clear that one of the virtues of cryptocurrencies is their clarity in everything, being able to be transparent in many ways, but where is this healthy? If the information stored can be the assets of a person or business then we must have the option of knowing with whom we share certain information, I do not want to be the mystery man of the network, I just want my assets to be safe from attacks and traces that the end seek to harm me
Millions of people in the world place their assets in this type of technology, we all know that the future is in the cryptocurrency and the blockchain, but it is a natural feeling to want to be away from the looks of people who seek to harm us, they exist, they are there tracking and searching for the vulnerability of our data to snatch what for years has not cost to gather
Open conflicting opinions about hiding information in a blockchain but if that helps to protect people's assets then we will all agree that nobody wants to be an easy target, we all want to have control and know with whom we share information, to whom I let in my environment, to be able to be more sheltered and feel calmer
With BEAM, the possibility of confidentiality and safeguard parameters is created, giving the option of being able to share transaction information with whom we are calm, the option is available, now it is a matter of decision of each person to want or not to be seen
YOU CAN COMMUNICATE WITH THEM BY DIFFERENT WAYS
Beam YouTube
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Beam Facebook
Beam Github
Beam Twitter
Written by @aerossone for the @originalworks writing contest that is sponsored by BEAM
For more information about the contest enter here
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