Beam has recently announced the launching of its main net right on time for the 10th anniversary of Bitcoin. Based on the Mimblewible protocol, the newly released cryptocurrency has a set itself up for some interesting goals, among them is to make cryptocurrency transactions more confidential.
Beam is the very first project to have implemented the Mimblewimble protocol, making it another interesting aspect added to this cryptocurrency. The blockchain protocol was originally proposed anonymously during 2016 with goals of introducing privacy back into the crypto transaction.
The main premise for the anonymous Mimblewimble protocol is to offer crypto transaction a significant amount of confidentiality compared to those made up of Bitcoin, Ehthereum, and Monero.
Cryptocurrencies originally made their appearance as a way of allowing for privacy valued storage and transfer. Although, as time went by, it became obvious that Bitcoins were not as anonymous as most people thought. Data leaks could easily lead towards tracking public addresses using blockchain-based forensics. In order to deal with these issues, cryptocurrency such as Monero and Zcash appeared on the scene, but not without their own set of issues. While these digital assets were strong towards privacy, not all of their transaction conduct remained private. Both also had issues with it came to scalability.
Beam decides to set its sights on becoming the best “storage-of-value” and payment cryptocurrency, continue the ongoing revolution originally launched by Bitcoin, through its steady aim on anonymity.
CEO of Beam Alexander Zaidelson said:
Sovereignty over one’s own information is a basic human right, and applies to all aspects of life, and especially to financial transactions… Everyone, from the largest institutional investors to the individual cryptocurrency holder, should have the right to decide on what to disclose and to whom.
Beam will combine Mimblewimble with even more features in order to offer true anonymity to users on its network. The Beam blockchain remains a distributed ledger that allows for decentralized validation of transactions. Although, no observer will be capable of any private information about the sender, receiver, or transaction.
The blockchain size is stated to be somewhere around 3-10 times smaller than that of Bitcoin, mostly thanks due to the Mimblewimble Transaction Cut through feature.
Even more, Beam will give users the option of opting in for audits of their accounts and transactions, which could be extremely useful during tax and accounting needs.