My entry to Sponsored Writing Contest: BEAM (by @originalworks)

ashikstd (71)in #originalworks • 6 years ago (edited)

Hello Steemians

Hope, all are okay.
and I'm also good.

In this post; I'm gonna Participate to Sponsored Writing Contest: BEAM (by @originalworks).

Image Source

What is Beam actually?

"Beam is a truly anonymous store-of-value coin."

Beem is a solution system where it offers true anonymity and scalable peer to peer transactions.

Features.

As Confidentiality; All transactions are private. No information about transaction participants is stored in the blockchain.
As 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.
As Scalability; The “cut-through” feature of Mimblewimble helps to avoid excessive computational overhead, making the BEAM blockchain orders of magnitude smaller than any other blockchain implementation.
As Sustainability; Open source, implemented from scratch, community-governed, and backed by the Beam Growth Pool: 20% of block mining rewards goes to this pool to incentivize development and promotion of BEAM.
As 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.
As Compatibility; An industry-proven Equihash algorithm was selected to ensure broad adoption by existing GPU miners. BEAM comes with an extensive set of tools for running and managing mining nodes.

The whole system (Under the hood):

Source

Wallets’ owners create new transaction using secure channel either online or offline where Both wallets participate in signing the transaction using Schnorr protocol.
Wallet sends transaction to node where Each transaction contains a list of Inputs and Outputs represented by Pedersen Commitments, as well as explicit fees and kernels. Each transaction also contains non-interactive zero knowledge range proof to verify that the output transaction value is positive.
Transaction is verified by the node where Each transaction is verified with respect to the recent blockchain state which is stored as a Merkle Tree. The root hash of the tree is recorded in block header along with a proof of work. In addition, each node periodically creates compacted history to allow ‘fast sync’ of new and existing nodes.
Transaction is added to the mining pool where A block is mined every minute and is sent back to the node for verification and distribution.
Mined blocks containing the new transactions are sent to the known peers where A valid block that is extending the longest chain is accepted as a new Tip and propagated further until full consensus is reached.
Fast sync where When a new node connects to the network for the first time it can request compacted history containing only system state and blockchain headers. There is no need to retrieve the entire transaction history.

At last; I wanna say something about my research on this project and about the contest of @originalworks.

In the contest there were some rules where one rule caught my eye which is...

At least 70% of the submission must be original.

I needed to write about this project from the help of their official website and got some help from the post of @originalworks.
All I need to say is that, I'm not anyhow connected to this project so all the words that I've showed in this post.. somehow collected from some resources.
And this is my first entry to the contest of @originalworks.
I hope; my post will qualify for the contest