Beam: The new versatile cryptocurrency

merina (46)in #cryptocurrency • 6 years ago (edited)

Since the first launch or implementation of Bitcoin by Satoshi Nakamoto in 2008 based on the idea of the electronic peer network system, the cryptographic and blockchain world has triggered an explosive production of thousands of projects, technologies and amounts of research work , which in one way or another are related to computer projects that are distributed to solve business problems and applied to all fields from medicine to the automotive industries.
Currently we know that technology is a great ally in our day to day so we must be aware of new trends, and for some years has been exponentially popularized the cryptocurrency issue creating new technologies relating to them.
Beam is one of them, born of the need to have security, privacy and profitability.
Each week we are encouraged to continue researching the growing world of the internet and its currencies and the world of crypts that started with Bitcoin and now has a hundred new coins. This week we will investigate about BEAM.

What is "Beam"?

It is a new cryptocurrency that is anonymous, and based on Mimblewimble that makes things simpler with the scalability and speed of the network.
Beam is a chain of blocks made up of smaller blocks than any other chain of blocks. It is based on Mimblewimble. Which makes it a faster, more efficient, safer network, with high levels of confidentiality and privacy of the user's available data in the system. Its innovative design makes it a confidential cryptocurrency for future generations.
It also offers various services, such as exchange for other cryptocurrencies in an easy, fast, secure and private way, since they do not require a third party for their verification, Something that caught my attention is the ability to make transactions that can be unlocked in the future.

Why use Beam?

Because it uses the Mimblewimble protocol that improves the blockchain with fast confirmations and good scalability in the long term. The transactions are 100% private.Because it gives control to users to know what transaction information is shared, and to whom it is shared with.It's untraceable and decentralized.Because it has multiple types of transactions in a private way with more security and confidence.
Besides that the blocks are smaller so it requires less processing, that is, less CPU is used for each transaction in the blockchain.

Use-Case

For about five years Alfredo has been in the world of cryptocurrencies, he has also gone that he has accumulated a great fortune. His intention is to continue storing his Bitcoins, but he has one drawback, which is the product of many transactions with other users who have asked him for advice in the cryptographic world, he worries that his fortune is on a public radar, and that someone can make a bad move or that they have knowledge of their purportedly private digital wallet.

You can not leave it in an exchange due to security issues and yet you can not leave it offline because you need to access your funds to invest and make purchases.
Then find Beam. An interesting and safe option to do private transactions and is not traceable. In addition he can use Beam for short-term investments without problems and online.

Conclusion:

With this research we must make improvements in our platforms and use for example this wallet that really seems well protected and private. In my opinion the accounts should not be so exposed because that is something that only concerns its owner, only when an account is a witness for example, that account should be opened for everyone to see their movements but otherwise be private.Beam can solve the problem of scalability and privacy with Mimblewimble.Comparing with other wallets online security makes Beam have long-term potential.Mimblewimble is the main base which makes Beam a cryptocurrency with so many benefits.The multiple types of transactions of private way makes that Beam spreading and giving more security options.To have confirmations and transactions without using a heavy Blockchain, users are more likely to use the Beam.Beam has Equihash mining algorithm.