First Ever Mimblewimble-Based Privacy Coin Beam Goes Live
HomeCryptocurrency NewsBitcoinist.com

First Ever Mimblewimble-Based Privacy Coin Beam Goes Live

Beam announced its live mainnet launch just in time for the 10th anniversary of Bitcoin. Based on the Mimblewimble protocol, the brand-new ...

Game Machine – the Easy Way to Invest in the Gaming Industry
Volinex Offers Crypto Community Solution for Major Debit Card Issue
The Future of the Digital Wallet

Beam announced its live mainnet launch just in time for the 10th anniversary of Bitcoin. Based on the Mimblewimble protocol, the brand-new cryptocurrency has a few lofty goals, and among them is to make cryptocurrency transactions “drastically” more confidential.


Another noteworthy aspect about the cryptocurrency that could end up rivaling Zcash and Monero is that Beam is the first ever project to implement the ‘Mimblewimble’ protocol. This was a widely applauded blockchain protocol proposed anonymously in 2016 (sound familiar?) with the goal of bringing privacy back to crypto transactions.

If it all sounds like a bunch of Harry Potter Hocus Pocus to you, that’s probably because it is. The Mimblewimble protocol derived its name from a spell in the children’s books that prevents people from spilling secrets.

Beam: First Project to Use the Mimblewimble Protocol

The main premise behind the anonymous Mimblewimble protocol is to offer crypto transactions that are significantly more confidential than those made with Bitcoin, Ethereum, or even “privacy” coins like Monero.   

Cryptocurrencies, Bitcoin in particular, originally emerged as a way of allowing for privacy-oriented value storage and transfer. However, as time went by, it became clear that Bitcoin was not as anonymous as people thought. Data leaks could easily lead to the mapping of public addresses using blockchain forensics. To tackle these issues, cryptocurrencies like Monero and Zcash appeared on the scene, but not without their own issues. To start with, while these coins have a strong inclination toward privacy, not all their transactions are ultimately private. And both blockchains face similar scalability issues.

Beam, then, is setting its sights on becoming the ultimate ‘storage-of-value’ and payment cryptocurrency, continuing the revolution set out by Bitcoin, through its focus on anonymity.

After all, true confidentiality and scalability for financial transactions is a requirement not just of institutions and investors, but individuals as well. Both of these factors are considered necessary for true mainstream adoption of crypto to occur.

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.

Combining Mimblewimble with Other Features

Beam will combine Mimblewimble with additional features in order to offer true privacy to users on its network. The Beam blockchain remains a distributed ledger that allows for decentralized validation of transactions. However, no observer can obtain any private information about the sender, receiver, or amount transacted.

Thanks to the Mimblewimble Transaction Cut-through feature, the blockchain size is expected to be between 3-10 times smaller than Bitcoin (if the same amount of usage is taken into consideration).

Another interesting feature about Beam is that users will have the option of opting in for audits of their accounts and transactions, which could be extremely useful for tax and accounting purposes.

Beam is brand-new on the mainnet and, according to its creators’ announcement on Medium, likely to contain bugs, defects, and errors while they work on implementing improvements.

As developers begin to add key features like atomic swaps with Bitcoin, mobile wallet, pool support, and bitcoin wallet integration, Beam has the potential to attract traditional crypto users that left the market due to privacy concerns, or who fail to see coins like Monero as an attractive option. Financial institutions are also likely to see the value in a blockchain that allows for private transactions for its customers.

Can Beam and MimbleWimble rival privacy-focused coins like Monero and ZCash? Share your thoughts below!


Images courtesy of Shutterstock

The post First Ever Mimblewimble-Based Privacy Coin Beam Goes Live appeared first on Bitcoinist.com.



from Bitcoinist.com http://bit.ly/2BYEyoe
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: First Ever Mimblewimble-Based Privacy Coin Beam Goes Live
First Ever Mimblewimble-Based Privacy Coin Beam Goes Live
https://bitcoinist.com/wp-content/uploads/2019/01/shutterstock_1208528641-640x400.jpg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2019/01/first-ever-mimblewimble-based-privacy.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2019/01/first-ever-mimblewimble-based-privacy.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy